Credit Card

[MoneyWorries83]

My mam kindly let us use her credit card a few years ago now to get a second hand car on when we were desperate, the card had a £0 balance at the time and we make the monthly payments. Last year my husband got made redundant and we had to use it (with my mams permission) for emergencies food etc. Anyway the minimum payment now is £130 per month which I pay but the interest is £80 every month. My question is, would the bank my mam has the credit card with change her to a different card or deal with less interest so we can start making a dent in the balance without needing to do a whole new credit check etc? She is now retired and only has her state pension so if they wanted to do a whole new check on her circumstances as a new application I doubt she would pass the checks now. We are unable to get a credit card in our names as our credit is terrible. I don't want to approach my mam to do this until I am sure the bank would offer her a better deal without treating it as a new application. Iyswim.

You can't move balances with the same lender even if it was a different card (i.e. A new application)

Your mum could to try and make an arrangement with the lender to freeze/ reduce the interest but this could well have an adverse affect on her credit rating though.

In theory, yes its relatively easy to transfer the balance on one credit to another (which you / she would have to apply for). You can use one of the comparison websites to check deals, beware however some will charge a fee to move which may or may not impact how good a deal appears to be on offer.

However, every application will go through some form of credit check.

You (or she) can check your own credit history to see if there's anything likely to put off a future lender. Are you aware of anything on your mum's record that would be a problem? The applications for new cards can often be done online, with an instant decision.

However, do just watch who you tell this story to ..... I'm not sure her credit card company would be too pleased to know someone else is using the card (.even with her permission).

drquin the OP said her mum had now retired and probably wouldn't pass a credit check and their own credit status was terrible so a new application isn't an option.

You might be better off converting the balance into a loan and ditching the credit card. Interest rate would be a lot lower.

There's some oddly unhelpful replies on here- You can't get a loan without a credit check and if their credit rating is terrible that's not an option.

The OP is clearly in a shit situation but there's no magic bullet if they are not able to secure alternative credit.

I think your mum has a chance of getting a different 0% credit card that the balance could be transferred to if her credit rating is ok. You won't know what limit until you apply and it might not be that much as her income is lower now.

Some banks would be open to converting CC to loan. They will want to get their money back. Less interested, though not uninterested, in the interest.