left it too late for balance transfer?

youngsod · 6 February 2006 at 3:33PM

I fear I may have left it too late to apply for a new card to take advantage of Balance transfer. Any suggestions?

I've £2750 in debts on 0% Cards. Both have their zero interest periods due up on 1 Mar, so it's time to sort them out.

I originally intended to transfer the debts to a new card, but I think I've messed it up. I applied online for a RBS card (no fee balance transfer as I have a current account with them). However, I didn't get an instant result, and have to wait up to 10 days for an answer. Given that it will also take 2-3 weeks to organise a balance transfer it looks like i've blown it in this respect.

To be on the safe side, i'd be looking at making electronic payments to the 2 Credit Card companies on about the 21st, and I can't see the balance transfers taking effect before then.

Of course what I can do is pay the balances off in full as the cash is in a high interest a/c, but that's not the point is it? :rotfl:

Any suggestions as to how to go about this?

lipidicman · 6 February 2006 at 3:36PM

It depends if you think a few days interest is worth it in order to avoid paying it all back now (it wont be much and there shouldn't be any other charges) as you wont miss the date by that much

Bloke_with_a_simple_life · 6 February 2006 at 10:11PM

Maybe I'm being a bit too pesimistic, too cautious - but there comes a point when the debt you have on the cards need to be repaid.

Do you need to repay the debt from your savings? Well.... if the interest on the card is less than the net interest received on the savings, I would not repay as it would be costing me less than I was receiving - I would be better off!

If the interest on the cards is greater than the net interest, I would repay as it is costing me more to service the loan than I am getting in interest.

Looking at your original post, it looks as if you have already been declined recently by Barclays (all be it for a bank account). I would be thinking.. "mmmm.... doesn't go well for the RBS credit card application and that 0% BT".

I think the point is to quit whilst you are ahead, and before the odds are too stacked against you.

youngsod · 7 February 2006 at 2:33PM

Cheers for the reply.

I'm just confused as to why my credit score has taken a slip.

Improving an oddly low Credit Score

I am Mr prudent with cash. In fact the only time i've been in trouble with my bank was getting ticked off for keeping too much in my current account!

Bloke_with_a_simple_life · 8 February 2006 at 12:36AM

Hello again,

Just looked at your other post...

1. The value of your house will not impact on your credit rating. Forget that as a possible good thing.

2. Do you know how many applications your ex-wife has been making or what she has registered at your address? How many CC / debts does she have? Do you know?

3. Maybe you are making too many apps too soon and not in keeping with your normal patterns. Cannot provide guidance on this one.

May be worth while checking with Experian / Equifax / CallCredit what is coming up on their records at your address.. see if they can give an insight into what your wife is doing etc. Did you ever apply under joint names for loans / credit cards etc? Could she be using yout joint address to get credit and you are potentially feeling the backlash? I think a bit more nose-ing about on your part is needed!

Good luck!

youngsod · 8 February 2006 at 1:11PM

You are right about not keeping with normal application patterns, but blame that on discovering stoozing combined with suddenly having to deal with my own rather than joint finances.

I'll apply for just the one 0% card, and leave it at that. In the meantime i'll get off my backside and cancel old cards.

How do I go about getting more info from experian? I think that it's the case that there have been a rash of applications against the address.

Sad though it is, I'm quite proud of my pridence with money. Heck, the only loan I've ever had was my student loan and that got paid off 5 years ago. I'm about the only one of my friends with no debt and with savings. Looks like me old mum brought me up ok after all!

Thanks for all your help, it's most appreciated!

Douglas

Bloke_with_a_simple_life · 8 February 2006 at 8:34PM

Experian... a link to their Credit Report Product - do not buy permanently -
http://www.joincreditexpert.com/freecreditreport/?sc=410022&bcd=freecreditreporexp22

or https://www.experian.com for the homepage

but
1. subscribe - but do not use the Credit Card you have your BT on - use one which is either 0 balance or already got a retail balance over just in case.
2. make use of the free offer.. check your report (take prints etc)
3. Report any corrections to them and confirm when the corrections will be made
4. check the corrections/notes
5. Cancel after you immediatley use it and before the 30 days is up(and check the refund etc goes back on your card in a couple of days)

May be advisable topost same stuff to Equifax - most companies report to both bureaus - so the corrections will need to be replicated (their home page http://www.equifax.co.uk/)

Maybe even a similar check on call credit too (http://www.callcredit.co.uk/corporate_scripts/index.asp)

Good luck!

Experian_company_representative · 8 February 2006 at 11:27PM

youngsod - a glut of credit applications can affect your credit score, so be careful and in future make sure you investigate any credit refusals before applying elsewhere. If you still share financial links with your soon-to-be ex, her financial information could impact on your credit scores. Check out Experian's free guide 'Relationship breakdown' (see below) for useful advice on breaking these links during such a split.

youngsod · 9 February 2006 at 12:06PM

I've never been refused (I think that would give me a coronary), just had them not given immediatly over the web. As for Barclays I have my suspicions that it was more to do with not wanting to give me the £100 freebie.

Time to be a little more circumspect I think, or rather just be a little more savvy. That and get off my backside to cancel old cards.

Douglas

left it too late for balance transfer?

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