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| The independent answer to your debt problems | login join |
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Dave
| 08-05-2007 09:30 AM |
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Joined: 08 May 2007 Posts: 4 | Hi , I've been transfering the balances on my credit cards to save paying any interest on my loans but I'm running out of card companies to swap to and I want to avoid the interest - How can I carry on doing this? Can anyone help? Thanks |
| DW George | 08-05-2007 11:12 AM |
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Joined: 01 May 2007 Posts: 174 My Profile | Yes Dave eventually you will run out of CC companies. Credit card surfing has been a popular activity for a lot of people. Some do it for fun and some do it because they have to, but now it's getting harder with fees circa 2.5% for balance transfers. Key things to remember when surfing is to close your accounts as soon as you have moved on to the next one. It's not good enough to just leave it with no balance, you need to call the CC company and close the account. Doing this means you can go back to them after normally 9-12 months. CC surfing will have impact on your credit scoring but the market is so competitive that until recently, the CC companies wanted you regardless of how many times your have swapped cards. The CC companies are tightening up on their lending criteria so make sure your not left with a hefty APR after the introductory period. If you are finding it difficult to move then speak to your current CC company and try to negotiate a lower interest rate or threaten to take your debt elsewhere. Good luck |
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Dave
| 10-05-2007 03:10 PM |
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Joined: 08 May 2007 Posts: 4 | Brilliant cheers DW George. I'll give that a go mate, thanks for your help. |
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UpToMyEyesInIt
| 15-05-2007 12:36 PM |
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Joined: 12 May 2007 Posts: 5 | I've reading some of the threads in tis forum and found them quite interesting. I have tried credit card surfing a couple of times but stopped because I thought i would damage my credit rating. Was i right to do so? |
| DW George | 15-05-2007 12:52 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Upto Many people do credit card surfing as a great way of getting 0% interest on their outstanding balances. Now its getting a little more expensive due to 2.5% charge on balance transfers but this is still cheaper than high street rates. Card card companies bizarrely want your kind of custom because eventually you will get fed up moving around and eventually stay with one credit card provider. Your credit score will be quite good as with all credit card surfers you only pay the minimum balance, which rates quite highly with credit card companies. Since they make the most amount of money from min payers. With CC surfing you need to be organised and plan ahead. Sourcing your next credit card to move to before your current deal runs out. But that's all. It's really quite easy and ironically may help improve your credit rating. Surf's up dude! |
| mallorca | 19-06-2007 09:56 AM |
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Joined: 28 May 2007 Posts: 17 My Profile | UpToMyEyesInIt - it will not affect your credit rating but you will find the amount of junk mail you get will go through the roof you will also get around 5 credit card applications a week. Have fun i managed to do it for two years and paid no interest but it can be a pain in the ass. |
| paladin | 26-06-2007 11:40 AM |
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Joined: 06 Jun 2007 Posts: 77 My Profile | UptoMyeyesinit Sometimes it worth holding on to a card or so because the credit scoring takes into account the difference between the balance and available credit. This will have a positive effect on your score if this is high. Make sure you don't hold too many cards though and also make sure you clear your balance. Paladin |
| DW George | 26-06-2007 08:45 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Check out this link on how to improve your credit rating. |
