What's your Credit Eligibility Rating?

5 steps for EVERYONE with credit card debt to slash costs... includes special 0% POOR CREDIT deals

Boost creditworthiness | See who'll accept you | Repay the right way | Get help if you can't cope

Banks are institutions that'd lend you an umbrella when the sun shines and ask for it back when it rains. Perversely, those in most need of cheap credit are the ones who find it hardest to get. Yet remember, a rejection from one lender doesn't mean others will automatically reject you too - our top balance transfer deals below aren't just for 'prime customers'.

Each lender credit-scores you differently based on its own list of what is a profitable customer - and some target those with worse histories, as it means they can try and make more from them (don't worry, we've ways you can take advantage but avoid the costs).

Step 1: What's your Credit Eligibility Rating?

We live in a mass credit world - acceptance is based solely on the data. So it's always important to know where you sit in the credit get-ability league tables, and how to climb the ladder.

A few weeks ago, we launched our new, free MSE Credit Club, leading on our unique Credit Eligibility Rating which does just that, diagnosing how strong your real-world credit power is. It does this by looking at a typical credit score, then adding on top what they miss - your affordability score and current market conditions. That way, you get a truer picture of whether you're likely to be accepted, and it includes bespoke tips to improve things.

You can register or log in direct to the Club or, easier, via the MSE App (iOS | Android). Then as well as the Credit Eligibility Rating, you also get your TransUnion credit score & detailed credit file, your affordability scores, mortgage affordability calculator and cards & loans product eligibility calcs, as well as bespoke tips on how to improve your credit.

Step 2: Got existing credit or store card debt? Check if you can shift it to up to 29mths interest-free (or up to 16mths 0% if poor credit)

The key weapon to tackle existing card debts is a 0% balance transfer, where you get a new card that pays off debt on existing cards, so you owe it instead, but interest-free over a set period. This means more of your repayments clear the actual debt, not just mostly cover interest.

- Find the best card you'll be accepted for. Our Credit Card Eligibility Calculator shows acceptance odds for top & poorer credit history deals.
- In the MSE Credit Club? Use its eligibility calc without entering info.
- Checking DOESN'T impact your ability to access credit. It's a soft not a hard search, so you see it on your file, but lenders can't use it to assess you.
- Go for lowest fee within 0% time long enough to clear debt. Longer balance transfers usually have a bigger one-off fee to transfer. So if you've a choice and can clear your debt quicker, go for a shorter deal to minimise fees. Unsure? Play safe, go long.

Below we'll run through the top deals to show you what's out there, first for those with stronger credit scores and then for those with poorer results...

Next, let's move on to the poorer credit deals. The big difference here is the 'go-to' rates - the APR they move to when the 0% ends are much higher, and could be higher than the cards you currently have.

If it is higher than your current card ONLY, move an amount you're sure you can repay within the 0% period. If it's the same or lower, shift as much as you can.

Got a balance transfer? Follow the Golden Rules...

1. Clear debt before the 0% ends. Pay it off or balance-transfer again before the 0% ends or you'll pay the rep APR.
2. Never miss the minimum monthly repayment. Or you can lose the 0% rate. One route is to set up a Direct Debit for at least the minimum, then try to make additional manual payments to clear down the debt.
3. Don't spend/withdraw cash on the card. It usually isn't at the 0% rate, so will be expensive and it's best not to build up more debt.
4. Check how long you've got to do the transfer. If you don't do it as part of the application, you've normally 30 to 90 days.
5. Doing a poor credit transfer? This should be seen as an indication to be careful with your finances. Try not to borrow any more, and do a budget.

What you often ask us about balance transfers...

So let us try to pre-empt some of your questions. Martin's been talking about this for over 20 years, so in that time he's had them all. Hopefully, we're covering what you're thinking about...

Q. Should I apply if my best eligibility score is only 20%? Cutting debt costs is important (usually only trumped by a mortgage application), so go for it. While 20% odds are low, it means it's likely two in 10 who apply will succeed, and it could be you. And if you're rejected, barring a minor credit file application mark, you're no worse off. So the upside massively outweighs the downside.

Q. What if the credit limit I get isn't high enough for all my debt? If you get accepted for a card but the credit limit isn't big enough, the application's already on your credit file - so shift as much of your highest APR debt as you can to the new card (usually 90% of the credit limit). Then once done, use our eligibility calculator to see your chances of acceptance for other providers' cards to move the rest.

Q. Can a balance transfer hurt my credit score? Shifting a balance from one card to another isn't recorded on your credit file, so you're free to balance transfer as many times as you like. However, a footprint is added to your file every time you apply for a new credit card. Multiple applications, especially close together, and high outstanding debts, even at 0%, can affect your ability to get further credit.

Yet don't let that put you off. This isn't a flippant application. Cutting expensive debt costs is one of the reasons you try to keep a high credit score - so you can do it. If you like, it's 'worth spending your credit score on'. See our Credit scores guide for full information.

Q. What if the eligibility calculator says 'no chance' for all cards? That makes things difficult. Our calc is only an estimate based on the info we get from firms, but it likely means rejections from all those we include. There is still good practice though, and the next three steps - paying the right way, rebuilding your creditworthiness, and possibly getting debt help - are all important for you to read.

Step 3: Ensure you pay off debts the right way

Some try to repay their biggest debt first, or spread repayments equally. However, it's the debt with the highest interest rate (APR) that's growing most quickly, so that's the priority to pay off.

Once you've moved all your debt to where it's cheapest, list all your cards and loans in order of APR (it's more complex with loans, as there can be early repayment penalties). Then focus all spare cash on clearing the highest rate debt, paying just the minimum on all others. Once it's clear, focus on the next highest rate, and so on. This will get you debt-free quickest.

The only exception is if you've a 0% card soon to end that'll go to a hideous rate (higher than any other debt). In that case, you may want to push to clear it first.

It's worth noting you can sometimes use existing cards to move debt to where it's cheapest. Some may give you 0% deals for a short time, yet even if not, if you've two cards, one that charges 20%, one 30%, and you're not at your credit limit, you may be able to ask the 20% card if you can shift some debt from the 30% card to it. That would help. Ask your lender. See the credit card shuffle for how it works.

Step 4: Ten tips to rebuild your creditworthiness

These won't help you today, but trying to build yourself a history as a better credit citizen can mean in future you're eligible for cheaper deals that will accelerate your debt cost-cutting and hopefully minimise debts too.

You'll find bespoke tips in the MSE Credit Club, which will also explain and show you your credit utilisation, disposable income ratio and debt ratio, all of which are key to understand. Yet there are also some general tips to try to make yourself more attractive to lenders, though there's no universal fix - as just like when you're on the pull, different people/lenders fancy different things. Yet in general...

i) Get on the electoral roll. If not, getting credit's tough, as it can cause ID and tracing issues, so sign up to the electoral roll (you can still opt out of the 'open register' to avoid junk mail). See help for foreign nationals, as that can be trickier.

ii) Use consistent answers on every application (eg, job title). Evidence of stability's good, so don't alter your job title or put different bank or mobile numbers down (unless they've changed). Too much variance can also trigger rejection from fraud checks.

iii) Never miss or be late on repayments. Use a Direct Debit to be sure, even if just the minimum (then manually repay more on top).

iv) If you don't have credit, get crap credit and use it well. Lenders credit-score you to predict your future behaviour based on your past. That's why people are rejected due to past bad behaviour, but equally, no data is a problem too. If so, you'll need to get a credit rebuild card or something similar, then use it for a while to build data (always repay IN FULL though to avoid interest).

v) You can hold hands, snog, live with or marry who you like... just be careful if you get joint products. Even marriage won't link your credit file with someone else, ONLY joint products (mortgage, loan or even a bills bank account with flatmates) can, then lenders can assess their history too. So avoid if they've had issues. If you're no longer with someone you were linked to, see how to de-link your finances.

vi) Ensure you time it right. Major problems, such as county court judgments, defaults or bankruptcy, stay on your file for six years. Applications for products stay on for one year. So if you're nearing a point where things will soon lapse (your credit file will tell you), try holding off applying until they do.

vii) Buy now, pay later (BNPL) is increasingly appearing on credit reports, so timely repayment matters. The three credit reference agencies now add data about firms like Klarna and Zilch, so on-time repayments should boost your credit history, while late repayments may harm it. See how BNPL works.

viii) Don't do little applications just before big ones. Too many applications too quickly can be negative, so space out and prioritise applications, eg, if you're soon applying for a mortgage, don't apply for trivial things like cashback credit cards in the month or two before.

ix) Don't withdraw cash on credit cards. It's expensive & evidence of poor money management. See Withdrawing cash abroad.

x) Payday loans can kill mortgage applications. Payday lending is less common these days, but as well as being dangerous in its own right, some mortgage lenders won't lend to anyone who's had one recently. Related: See our free First-time buyers' or Remortgage guides for full help on mortgage acceptance.

Step 5: Struggling to cope? Get free debt help

The solutions above all involve you being in a functional relationship with your debt, ie, you can afford to repay and you just want to cut the cost. But for some, a different tack is better - full help in our Debt crisis help guide, but Martin has three questions to help you decide which route is right...

- Do you struggle to meet minimum monthly payments?
- Is your total debt (not mortgage/student loan) over 1yr's salary?
- Do you have sleepless nights or depression/anxiety over debt?

If you answer 'yes' to any of these, forget the solutions above, and instead get free, one-to-one debt-counselling help from Citizens Advice, StepChange, National Debtline or CAP (which gives emotional support too).

They're there to help, not judge. The most common thing we hear after is: "I finally got a good night's sleep." Just go for it, read inspiring stories in our Debt-free wannabe forum, and also see our Mental Health & Debt guide.