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    • Mapbroke
    • By Mapbroke 11th Jan 19, 12:20 PM
    • 17Posts
    • 18Thanks
    Should I apply for a personal loan to clear high interest rate credit card?
    • #1
    • 11th Jan 19, 12:20 PM
    Should I apply for a personal loan to clear high interest rate credit card? 11th Jan 19 at 12:20 PM

    I have a credit card that's up to about 3,000, and the APR is 49% a year. I have applied for a balance transfer card but been declined. My credit report shows that I am a candidate for a personal loan though, as I have a decent income and very little debt other than this one card.

    Would it be better to apply for a loan with a lower interest rate to pay off this card? My intention would be that I could then pay the loan off as soon as possible.

    Let me know if you need any more info - but any advice much appreciated! I am paying what I can on this card but mostly it is being swallowed up by the interest every month.

Page 2
    • Mapbroke
    • By Mapbroke 11th Jan 19, 2:10 PM
    • 17 Posts
    • 18 Thanks
    Everyone - you've been so helpful, I can't thank you enough. Feeling a lot more motivated that this is a problem that I can solve!
    • 20aday
    • By 20aday 11th Jan 19, 2:43 PM
    • 2,437 Posts
    • 1,042 Thanks
    I will say with Capital One you might not be able to balance transfer up to 95% of your limit.

    I did the same last year and could only move around 50% of the balance from another card.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
    • MallyGirl
    • By MallyGirl 11th Jan 19, 2:51 PM
    • 3,647 Posts
    • 9,051 Thanks
    even that would help though so still worth doing. Just don't spend the other 50% in that instance unless it is 0% on purchases.

    I guess, if the standard rate is lower than the Vanquis you could spend on it whilst paying more to the vanquis with the liberated cash but it will be slow
    • DCFC79
    • By DCFC79 11th Jan 19, 7:20 PM
    • 34,191 Posts
    • 21,604 Thanks
    Thanks - I don't think I would be accepted for this card though, it says for people with excellent credit rating and mine is poor at the moment.
    Originally posted by Mapbroke
    Well luckily lenders dont see the credit ratings, they see your history.

    Only you/ us as the customer can see the rating.
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