Credit Card Shuffle Discussion area
Former_MSE_Andrea
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Comments
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I have two credit cards with £3500 and £3000 owing with Barclaycard and monument, my problem is as i discovered when I called to do a balnce transfer is that barclaycard took over monument and they won't do a balance transfer as they are run by one company.
My inital aim is to get rid of the monument card as the interest rate on this card is high.
I was considering capital one but I am not sure what deal to look for, and If I got a capital one card and the balance I am offered is lower than my debt is it really still worth it in the end then paying off three companies
any help and advice most welcome
thanks
Lottie0 -
I normally have an excellent credit rating but I messed it up a few months ago. I had quite large balances with MBNA and capital one but when their 0% offers ran out the cards I applied to only gave me limits of between £500 and £2500, so I had to apply for three cards instead of one. So many credit checks has messed up my credit history, my problem is the 0% on the new cards are only for 6 months so I need to start applying again soon. Will my credit history be suitably rested to allow me to get new credit ? Also how long after closing a credit account down should I leave it before applying to them again ?
Help ???Before you can be old and wise you have to be young and stupid0 -
Also how long after closing a credit account down should I leave it before applying to them again ?
A lot of companies won't accept a new application for 6 months after closure.
However, MBNA are behind a number of different cards (eg Abbey, A&L, Virgin) and allow you to have more than one. They will even shift credit limits - for example, if you had an Abbey card with a £5k limit and then applied for a Virgin card and were only given a £1k limit, you could close or reduce the limit on the Abbey card and shift it across without having to wait.0 -
According to my latest Experian report closed accounts are kept on file for 6 years, credit searches are kept for 1 year.
Of course it is up to each company that uses it how far back it wants to count these against you.0 -
I tend to have six cards activated at a time. 3 are 'live' and are maxed out at 0%. The other 3 are older cards which have no balance but are still active. Every 6-9 months a phone call to the unused card companies requesting "they close the account, unless they have any 0% rates to offer" is usually successfull, so I transfer the maxed out cards to these.
I do find that a least one will not offer any new deal so have to close and apply for a new card, but it restricts the cards I have to apply for to 1 a year. Seems to have worked for the last 18 months so far0 -
Got a 7.9% APR [glow=red,2,300]life of balance[/glow] deal on a standard NatWest Mastercard just by calling up customer services and asking what rate they had for transfers. Not great, but way better than their standard 17 or 18% APR.0
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Signed up for a lloyds 12 month 0% - Great0
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Lloyds TSB only offering 0% six months on web site, where did you get the 12 months deal?
edit: Ignore me - just found it :-[0 -
MM - don't spend on the Advance Card, whatever you do - only use it for 0% BT's. That's because they charge interest from the day an item is purchased, i.e. there's no interest-free period for purchases.
Mortgage Feb 2001 - £129,000
Mortgage July 2007 - £0
Original Mortgage Termination Date - Nov 2018
Mortgage Interest saved - £63790.60
ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)0 -
Applied for husband, as his Equifax file looks better than mine at present. He never gets his hands on these cards of course, I lock them away . Only intended to take the balance transfer offer then close anyway. Thanks for the advice though.0
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