o% Balance Transfer - Poor Credit Ratin

nat8882

Hey folks,

I have a Barclaycard Visa and I'm currently on special repayment terms after a few months non-repayment (bad i know). My trouble with repaying was maybe about 2 years ago (if not longer) but I'm still on special terms - minimum repayment (obviously) and am being charged interest at a special rate of 9.9%.

I want to try to get my credit file in order as I'm looking to buy a flat with my partner in about 2-3 years time. I had hoped to close the account and move it to a 0% so I could hammer the balance abit and so the specialist terms wouldn't appear on my file.

I've got all my finances under control - I pay the minimum plus the month's interest every month - and don't miss any payments on anything anymore but am worried about going for a new card. I tried looking on Moneysupermarket and it said I have a "poor" rating and the only cards it would show me had no balance transfer offers and had rates at 30-odd%!

:eek:

Can anybody see a way out of these terms (I don't have £2,000 to pay off the card and can't really raise the payments by a huge amount to pay it off quicker) or am I stuck with it?

Nat

CannyJock

nat8882 wrote: »

Hey folks,

I have a Barclaycard Visa and I'm currently on special repayment terms after a few months non-repayment (bad i know). My trouble with repaying was maybe about 2 years ago (if not longer) but I'm still on special terms - minimum repayment (obviously) and am being charged interest at a special rate of 9.9%.

I want to try to get my credit file in order as I'm looking to buy a flat with my partner in about 2-3 years time. I had hoped to close the account and move it to a 0% so I could hammer the balance abit and so the specialist terms wouldn't appear on my file.

I've got all my finances under control - I pay the minimum plus the month's interest every month - and don't miss any payments on anything anymore but am worried about going for a new card. I tried looking on Moneysupermarket and it said I have a "poor" rating and the only cards it would show me had no balance transfer offers and had rates at 30-odd%!

:eek:

Can anybody see a way out of these terms (I don't have £2,000 to pay off the card and can't really raise the payments by a huge amount to pay it off quicker) or am I stuck with it?

Nat

Stucker than a stuck thing living in Stucksville, capital of the planet Stuck, suffering from Stucky syndrome.

For now anyway if you're chasing a 0% card.

Any amount you can raise the payments by will obviously help. You cleared out the cupboards and sold your shoes on ebay yet?

Forget about the 0% cards, and maybe look at the lower interest LOB transfer - although 9.9% isn't too high compared to others, you can still beat this with a low LOB rate.

Take a look at http://www.stoozing.com/lob.htm and see if you bank with or have some other financial association with any of these where you can go in and explain your situation to them in branch and explain you want to do a LOB transfer. Needless to say, cut up and destroy the other card after settling the balance in full and calling to have it cancelled.

Moggles_2

For tips to improve your chances of acceptance, have a look at the *Credit Rating* articles on the main site, especially Martin's *Manage and Improve your credit score* article to make sure no other factors, besides your payment history with Barclaycard, are working
against you.

I would also check your credit reports. This is the information potential lenders see when you apply for a credit card. You need to know what's on there and exactly when this dates from

Meanwhile, I would concentrate on paying as much as possible off your Barclaycard each month. Clearing the debt ASAP will reduce the interest you pay to Barclays and you'll be building a better credit history in the process.

nat8882

CannyJock wrote: »

Take a look at http://www.stoozing.com/lob.htm and see if you bank with or have some other financial association with any of these where you can go in and explain your situation to them in branch and explain you want to do a LOB transfer. Needless to say, cut up and destroy the other card after settling the balance in full and calling to have it cancelled.

These look like a good idea - I bank with First Direct so maybe they'll let me have a card (all my products are with them so they see everything!)

I'm guessing where it says in the notes "2 years, 2.5% fee" etc is how long they'll give you the LoB rate for, and the fee is charged on whatever balance is on the card?

YorkshireBoy

nat8882 wrote: »

These look like a good idea - I bank with First Direct so maybe they'll let me have a card (all my products are with them so they see everything!)

They may also externally credit search you, so may see any "arrangement to pay" agreement you have with Barclaycard.

I'm guessing where it says in the notes "2 years, 2.5% fee" etc is how long they'll give you the LoB rate for, and the fee is charged on whatever balance is on the card?

It's 5 years, with a 2.5% BT fee.

Are you OK with the 3% minimum payment, which will start out at around £62 per month?