They will assess affordability taking your loan repayments into account. Assuming you can afford them comfortably it shouldn't be a problem.
Credit card trap
- Thread starter trigg_27
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They will assess affordability taking your loan repayments into account. Assuming you can afford them comfortably it shouldn't be a problem.
That depends on your disposable income. Debts and loan repayments will be taken into account as to affordability IMO.
EDIT beaten to it again
I've got a few interest free balance transfers/money transfers ending in a few months and yesterday applied for a Virgin 30 month interest free credit card and got £6k credit limit easy, will sort me out for 30 months nicely. Only 0.55% fee too! Which is basically nothing.
yes I advise to apply for a new 0% at least 6 months before the old runs out so you have plenty of time to get things changed over.
If the OP has been scared off, thats sad, I meant no ill feeling with my comments was just trying to advice.
Moving debts from a 0% card to a consolidation loan which is interest bearing, financially doesnt make sense although I dont know if when applying for a mortgage thats seen as preferable behaviour, as at least a loan is steady expenditure per month so the bank knows the liability of it.
If the OP has been scared off, thats sad, I meant no ill feeling with my comments was just trying to advice.
Moving debts from a 0% card to a consolidation loan which is interest bearing, financially doesnt make sense although I dont know if when applying for a mortgage thats seen as preferable behaviour, as at least a loan is steady expenditure per month so the bank knows the liability of it.
Just as an update on this for anyone interested, after several months I've managed to reduce the outstanding balance on this card to 3600. Still getting charged around £100 a month in interest though so it's been a real struggle to make a dent.
However, my credit score has improved enough so that a soft check shows I can get a 0% balance transfer for 12 months for £2600 of that, which would reduce the interest to around £30 a month and give me the breathing space to make real progress.
I've got a new credit report due in a couple of days. Do you think it would be worth waiting for that before applying for the balance transfer card to see if it leads to a higher balance offer, or would it not make any difference?
However, my credit score has improved enough so that a soft check shows I can get a 0% balance transfer for 12 months for £2600 of that, which would reduce the interest to around £30 a month and give me the breathing space to make real progress.
I've got a new credit report due in a couple of days. Do you think it would be worth waiting for that before applying for the balance transfer card to see if it leads to a higher balance offer, or would it not make any difference?
Soldato
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I've got a largeish balance but got an excellent credit score and just been accepted on a 36 month Barclaycard BT deal.
You're doing the right thing trying to improve your score to give you access to the best offers.
ALWAYS set up a direct debit when you first get your new card, and be careful when switching bank accounts etc to make sure the payment happens. Don't ever go over your limit. Biggest mistake i made was going over my limit, which ended my deal immediately. I was in deep water nearly ending up in your boat, having to refinance it across 3 different cards.
Its also good to have lots of available credit in name. If you are using 90% of your credit, it doesnt look good to a lender when making a new application. Once you've got your BT, either leave your old card active, or leave it 6 months for your credit record to settle down and get another card. Dont burn your bridges though, always close accounts so that you have the option of applying for new customer offers in the future. E.g Historically I've never been offered a good limit with Halifax, so I just leave that one open with a zero balance. This shows on my record as always having a large amount of available credit which is favourable to lenders.
You're doing the right thing trying to improve your score to give you access to the best offers.
ALWAYS set up a direct debit when you first get your new card, and be careful when switching bank accounts etc to make sure the payment happens. Don't ever go over your limit. Biggest mistake i made was going over my limit, which ended my deal immediately. I was in deep water nearly ending up in your boat, having to refinance it across 3 different cards.
Its also good to have lots of available credit in name. If you are using 90% of your credit, it doesnt look good to a lender when making a new application. Once you've got your BT, either leave your old card active, or leave it 6 months for your credit record to settle down and get another card. Dont burn your bridges though, always close accounts so that you have the option of applying for new customer offers in the future. E.g Historically I've never been offered a good limit with Halifax, so I just leave that one open with a zero balance. This shows on my record as always having a large amount of available credit which is favourable to lenders.