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Author Credit card help
Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
11th Jul 05 at 10:21   View User's Profile U2U Member Reply With Quote
I just got a new credit card with Abbey I have 0% on balance transfers for 9 months.
It will also go against you if you get declined a credit card

I reckon if your sensible a loan will sort you out. But you will have to make sure you don't put the money back on the credit cards once you clear them. otherwise it could get bad
Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
11th Jul 05 at 10:29   View User's Profile U2U Member Reply With Quote
Yes

Id need a damn good slap if that happened, my colleage dud exactly that and has SO much debt now Id say what a tool but i know im gunna
Ian
Site Administrator

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Registered: 28th Aug 99
Location: Liverpool
User status: Offline
11th Jul 05 at 12:14   View Garage View User's Profile U2U Member Reply With Quote
You can be declined if you have too much credit available already - ie. if you have a limit of £5k on one card and you payed it off - why do you need another card?

Try and reduce your limits or as a less safe option, balance transfer on to your biggest card so its up in the thousands and near the limit, then apply for a 0%, BT to that and try and pay it off at 0%. If not then BT again in another 9 months.

Whatever you do DO NOT spend on the 0% card as payments you make will come off your balance transfer amount and NOT the spending amount which will be sitting there acruing interest at 14-15% until the 0% BT is fully paid off.

This is standard CC practise - the balance gets paid off the lower interest amount - but it can leave you with big interest charges for small purchases, which is where 0% schemes make money.

That and not timing the transfer in 9 months well as well....

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