As Jalexa has said the it is that you are probably only paying the minimum amount and if this is the case there are two problems:

1) This shows on the enhanced reporting on your credit record (They can now see how much and a marker is used to indicate if it is a Minimum payment, and also another marker showing if you are on a promotional deal (0% etc).

2) You will take an extraordinary time to pay this debt off.

A guess at the breakdown of the payment into repayment and interest would be:

30 - 35 interest (assuming a 15-20% APR), and 5 - 10 repayment.

So on a reducing basis it would take a rough estimate of 75 months (15%) to 110 months (20%) to repay at this level!

Repaying your debts (clearing the card) is a positive thing for your credit record, and will show that you are able to handle debt.

HTH

Sparky.

CC74:

Based on what you have said that you are only making £40 (minimum?) payments. It's credit search working as the financial industry intends. From the moment any further credit was granted (until you cancel the old card) you have doubled your exposure but you have only demonstrated you can service half the debt. Why should any CCC take that risk for 0% (or 3% BT fee max)?

I don't think self-employed is the main issue. Try very hard to increase your monthly payments and try again in 6 months.

Hi all,

I'm self employed and have only recently started my business after graduating. I'm not on a massive wage as of yet, but would like to try and pay off my NatWest graduate credit card - rather than just wasting £40 or so each month that goes on interest.
I have £1950 on the card and would like to find a way to transfer this to a 0% card so I can make some sort of a dent on it during this 0% period.
I can't seem to find a card that is self employed friendly. Upon looking at my credit file, I have no missed payments or glaringly obvious problems apart from the fact that I'm self employed on a kind of low wage.
My partner is in a stable job with a good wage.

Is there any suggestions anyone has as to which route to take?
I am sick of not being able to budge from the limit of this card, but have been rejected from the few cards I've tried to apply for over the past year. I don't want to apply for any more as it will look bad on my record?

Any help or advice would be soooo great,

Thanks very much,

CC74