What are the repayments with these figures - PLEASE!?

[peckarollover]

Im trying to work out the following.

What the monthly minimum repayment would be on a credit card :

2% paid back per month (minimum payment)
15.9% APR
5700 balance

2% paid back per month (minimum payment)
6.9% apr
4800 balance

Card 1:

In month 1 you would pay £114 as minimum repayment

You would be charged interest of around £74

So your balance would reduce by £40.

Card 2:
In month one you would pay £96 respectively.

You would be charged interest of around £27 . So your balance would reduce by £69.

The monthly minimum payments would reduce by £1 and £2 respectively in month 2.

Mint are offering 0% APR on purchases and balance transfers at the moment until July 2006, may be worth considering transfering would save you a lot of money!

I'd deffo move to 0% balance transfer and keep moving it. It's worth it - we've done it! It's a bit of a faff swapping over when the time runs out but worth it whenyou look at how much interest you pay otherwise!

Something has gone wrong for us somewhere along the line recently as we have always done the 0% shuffle but have started getting refused

I am trying to decide whether to stick with the cards or move it to a 7.4% loan at the bank.

These are just 2 of our 4 credit cards all with big balances but the loan is for 12000 so cant pay them all off with it.

Have you checked who underwrites hte cards? Many of them are MBNA and you can't switch balance from one MBNA card to another - it's not always obvious that is is MBNA though. That might be teh problem.

I also tried a low life of balance with amex and got refused

When we moved banks they messed up and we subsequently missed a payment on a few things - it was all rectified but i have a feeling its lodged against us.

Also think our total debt is a bit big and scares them (as it does me)

does anyone know which cards MBNA underwrite then?

Look here:

www.fool.co.uk/news/Comment/2005/c050412d.htm

Applying for too many cards can also affect your rating. Best to keep it to one every couple of months if you can. Each search will show on your record.

Well I only tend to swap at the most every 6 months would that be ok?

Have you tried to get a loan with egg or cahoot as they do very good interest rates and they may offer you more than 12000? You can apply online and get a decision.

Every six months sounds fine. Have you checked your available credit to income ratio? That may be where its going wrong.

it's not my finances that are going wrong lol I just joined the thread!

Pecka - I transfer balances every 6 months too. I was warned to make sure even though you transfer the balance alway ensure you cancel the card with no balance on it! If not it sits on your credit profile as available credit. I was refused because of this. I had 2 credit cards with limits of £3000 each still 'open'. I had no idea as I had cut up the cards and binned them months before!

You probably know this already but its worth checking any cards you have that might not be cancelled yet.

Sorry! I was replying to two people but ran it all together!