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    • DaveyLou112
    • By DaveyLou112 10th Jan 18, 4:04 PM
    • 1Posts
    • 0Thanks
    Credit Card Application concerns
    • #1
    • 10th Jan 18, 4:04 PM
    Credit Card Application concerns 10th Jan 18 at 4:04 PM
    Back in 2002 I racked up some serious debts and although I have managed to pay off debts of 25,000, I still have a Barclays Credit Card with a Balance of 7800. I am desperate to transfer this to benefit from a 0% interest rate, but when I look at the applications it doesn't allow me to complete my details accurately.

    Issue 1.
    From April of last year I registered my new business and it is Limited Company so the employment status of Self Employed doesn't apply. I am a business owner so technically not employed.
    Issue 2.
    If I was to put myself down as Employed (Which I could as I am registered to be paid a salary). As it's my first year of trading I am only paying myself the minimum salary of just over 11,000, however I do pay myself company dividends when additional money is required. Thus means when they are asking for accurate salary information I can not provide this,
    Issue 3.
    I have seen a great deal with HSBC, however they can not gaurentee that I will be able to transfer the whole amount over to the new card.

    Over the last 2 weeks I have followed saving tips and I have saved the following:
    Sky + BT = 852 saving per year
    O2 = 288 saving per year
    Car Insurance = 143 per year
    ........also planning on changing our Utilities for a saving of around 280 per year
    ........also recieved 2000 back on missold commision on credit card.

    Total: 3563 per year

    I'd love to add the credit card to the list, any advice?
Page 1
    • venison
    • By venison 10th Jan 18, 4:39 PM
    • 2,177 Posts
    • 2,325 Thanks
    • #2
    • 10th Jan 18, 4:39 PM
    • #2
    • 10th Jan 18, 4:39 PM
    If you declared in income of 11k you would probably not get enough limit to BT 7800. Remember that anyone you apply to will see your debt of 7800 v an income of 1100.
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