Ok, first my background, then a question:
My question
I'd like to have the debt from one of the cards (or at least a proportion of debt) transferred to a 0% balance transfer card.
Is there a rule of thumb (perhaps dept to gross income ratio) that I could follow to see if its worth applying for a 0% card, as what I don't want to do is apply, get declined, and have a credit search on my file?
N.B. Any answers on the specific question appreciated. I am aware that 'paying down debt' is the overall aim, so don't need reminding of that.
- I've a fair bit of credit card debt.
- I have fairly recently had a pay rise (approx 14%)
- My plan is to pay down my debts, but they are on (3) credit cards and it isn't something I can do immediately, so I want to make repayments as efficient as possible.
- Although I'm not at the limit on any of the cards, the APR on them is fairly high.
- I always pay at least the minimum on each card, and often more.
- I am already paying off the highest interest card first.
My question
I'd like to have the debt from one of the cards (or at least a proportion of debt) transferred to a 0% balance transfer card.
Is there a rule of thumb (perhaps dept to gross income ratio) that I could follow to see if its worth applying for a 0% card, as what I don't want to do is apply, get declined, and have a credit search on my file?
N.B. Any answers on the specific question appreciated. I am aware that 'paying down debt' is the overall aim, so don't need reminding of that.