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  • FIRST POST
    • Geworgie
    • By Geworgie 1st Dec 17, 1:14 PM
    • 5Posts
    • 5Thanks
    Geworgie
    0% Balance transfer advice needed please!
    • #1
    • 1st Dec 17, 1:14 PM
    0% Balance transfer advice needed please! 1st Dec 17 at 1:14 PM
    Hello!

    So we have a substantial amount of debt (32k) that we are working towards paying off at a rate of around 800 p/m.

    2 finance agreements
    1 overdraft
    1 car loan
    4 credit cards - 3 of which are 0% until 2019ish

    Our debt and spending is now firmly under control and as far as I can see it we're in the best position we can be... Almost!

    One of the credit cards is accruing interest on a balance of around 8500. We've had to just suffer this as we've been unable to get another 0% card so we left it and suffered the interest while our credit scores built back up again so we could apply again.

    I was looking today at 0% cards and I think our scores are good enough now that we will be accepted.

    My question is this; is there a way to know how large your credit limit will be ahead of applying? I'd ideally like one card to transfer the entire balance to although transferring even half to a 0% card would be an improvement...!

    Thanks.
Page 1
    • zx81
    • By zx81 1st Dec 17, 1:35 PM
    • 14,386 Posts
    • 15,174 Thanks
    zx81
    • #2
    • 1st Dec 17, 1:35 PM
    • #2
    • 1st Dec 17, 1:35 PM
    No.

    Take whatever limit you are offered, if you can get a card at all.

    Remember that your score isn't relevant in applying for credit (or anything else). The main issue will be your indebtedness and your income.
    • Geworgie
    • By Geworgie 2nd Dec 17, 8:11 PM
    • 5 Posts
    • 5 Thanks
    Geworgie
    • #3
    • 2nd Dec 17, 8:11 PM
    • #3
    • 2nd Dec 17, 8:11 PM
    Thanks!

    Managed to get a 0% for 32 months covering the entire balance so I'm happy with that!
    • chattychappy
    • By chattychappy 3rd Dec 17, 9:37 AM
    • 6,438 Posts
    • 3,395 Thanks
    chattychappy
    • #4
    • 3rd Dec 17, 9:37 AM
    • #4
    • 3rd Dec 17, 9:37 AM
    Thanks!

    Managed to get a 0% for 32 months covering the entire balance so I'm happy with that!
    Originally posted by Geworgie
    Brilliant. For an encore, you've got nothing to lose by sticking in a further application for a money transfer card. If successful, you might be able to knock back some of your other interest bearing finance. Perhaps use the eligibility checker first.
    • Weybridge78
    • By Weybridge78 3rd Dec 17, 4:29 PM
    • 93 Posts
    • 30 Thanks
    Weybridge78
    • #5
    • 3rd Dec 17, 4:29 PM
    • #5
    • 3rd Dec 17, 4:29 PM
    Brilliant. For an encore, you've got nothing to lose by sticking in a further application for a money transfer card. If successful, you might be able to knock back some of your other interest bearing finance. Perhaps use the eligibility checker first.
    Originally posted by chattychappy
    Strongly agree.
    • Geworgie
    • By Geworgie 4th Dec 17, 12:34 PM
    • 5 Posts
    • 5 Thanks
    Geworgie
    • #6
    • 4th Dec 17, 12:34 PM
    • #6
    • 4th Dec 17, 12:34 PM
    Thank you for that!
    Now we have the new cc all our finances are 0% now. Hoorah!! So we just crack on paying it all off.

    Spending it is much more fun!! 🙄
    • chattychappy
    • By chattychappy 4th Dec 17, 10:46 PM
    • 6,438 Posts
    • 3,395 Thanks
    chattychappy
    • #7
    • 4th Dec 17, 10:46 PM
    • #7
    • 4th Dec 17, 10:46 PM
    Thank you for that!
    Now we have the new cc all our finances are 0% now. Hoorah!! So we just crack on paying it all off.

    Spending it is much more fun!! 🙄
    Originally posted by Geworgie
    So the one CC covered all the non-0% debt? Or you got a second one..?
    • katie4
    • By katie4 5th Dec 17, 2:02 PM
    • 35 Posts
    • 7 Thanks
    katie4
    • #8
    • 5th Dec 17, 2:02 PM
    • #8
    • 5th Dec 17, 2:02 PM
    Thanks!

    Managed to get a 0% for 32 months covering the entire balance so I'm happy with that!
    Originally posted by Geworgie
    can i ask who the card is with? thanks
    • Emmacansdale32
    • By Emmacansdale32 5th Dec 17, 4:45 PM
    • 2 Posts
    • 0 Thanks
    Emmacansdale32
    • #9
    • 5th Dec 17, 4:45 PM
    • #9
    • 5th Dec 17, 4:45 PM
    Hey could I ask who you got the new card with? In similar situation 😐
    • katie4
    • By katie4 5th Dec 17, 4:51 PM
    • 35 Posts
    • 7 Thanks
    katie4
    Hey could I ask who you got the new card with? In similar situation 😐
    Originally posted by Emmacansdale32
    Hi i asked as well advised it with mbna but i wasnt eligible
    • Emmacansdale32
    • By Emmacansdale32 5th Dec 17, 5:01 PM
    • 2 Posts
    • 0 Thanks
    Emmacansdale32
    Aaaahh OK. Thank you for the reply
    • Dobbibill
    • By Dobbibill 5th Dec 17, 5:36 PM
    • 2,542 Posts
    • 3,631 Thanks
    Dobbibill
    Thank you for that!
    Now we have the new cc all our finances are 0% now. Hoorah!! So we just crack on paying it all off.

    Spending it is much more fun!! 🙄
    Originally posted by Geworgie
    Now is the time to start snowballing the debt.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • Anthorn
    • By Anthorn 5th Dec 17, 6:41 PM
    • 3,278 Posts
    • 841 Thanks
    Anthorn
    Hello!

    So we have a substantial amount of debt (32k) that we are working towards paying off at a rate of around 800 p/m.

    2 finance agreements
    1 overdraft
    1 car loan
    4 credit cards - 3 of which are 0% until 2019ish

    Our debt and spending is now firmly under control and as far as I can see it we're in the best position we can be... Almost!

    One of the credit cards is accruing interest on a balance of around 8500. We've had to just suffer this as we've been unable to get another 0% card so we left it and suffered the interest while our credit scores built back up again so we could apply again.

    I was looking today at 0% cards and I think our scores are good enough now that we will be accepted.

    My question is this; is there a way to know how large your credit limit will be ahead of applying? I'd ideally like one card to transfer the entire balance to although transferring even half to a 0% card would be an improvement...!

    Thanks.
    Originally posted by Geworgie
    That's exactly what I've done recently. The 0% period is coming to an end but I haven't cleared the balance so I balance transferred it to another 0% BT card.

    In order to get an idea of the credit limit on a new BT card application or at least whether the limit will be enough make sure you fill out the card details of the card you'll be transferring. You'll get to know rather quickly whether you can transfer all that balance or only some of it. In the case that only some of it can be transferred that card account will still be open and there is not a lot to stop you applying for another 0% card to clear it other than the number of credit searches on your credit history.
    • Geworgie
    • By Geworgie 6th Dec 17, 12:20 PM
    • 5 Posts
    • 5 Thanks
    Geworgie
    Only applied for one card and it covered the balance. 🙂

    No need to apply for anything else now. Yey!
    • Geworgie
    • By Geworgie 6th Dec 17, 12:24 PM
    • 5 Posts
    • 5 Thanks
    Geworgie
    Now is the time to start snowballing the debt.
    Originally posted by Dobbibill
    I've been thinking about this and do try to employ the tactic where I can but as it stands we pay more than the minimum 100 p/m off each card, where the minimum balances are 50, 70, and 80 p/m.

    Would you now reduce these payments to the minimum and put the extra 100 or so towards another debt or would you leave it as it is and just pay off a bit more from the smallest debt as and when we can?

    Thanks!
    • Savvygranny
    • By Savvygranny 6th Dec 17, 12:38 PM
    • 1 Posts
    • 0 Thanks
    Savvygranny
    If you start another debt, it won't be long till you are back in a hole. Pay off the extra, but put it all towards the card with the earliest 0% end-date, then when that is clear move on to paying all the extra (plus the regular payment you no longer need to make) to the next earliest end-date. Only get into new debt if every other option is exhausted - you know how easily it builds up.


    OR if you are sure you can pay off all the cards before the zero balance expires, you could put some of the spare money into an instant-access savings account with interest - remember most "regular savings" accounts are actually instant access, don't let their name put you off and there are a few that pay you 5% on 100 per month.


    OR you could stick it in a regular saver account, then pay off a lump sum on one of the cards and keep the interest for a treat. You'll deserve one by then!
    • Dobbibill
    • By Dobbibill 6th Dec 17, 5:56 PM
    • 2,542 Posts
    • 3,631 Thanks
    Dobbibill
    I've been thinking about this and do try to employ the tactic where I can but as it stands we pay more than the minimum 100 p/m off each card, where the minimum balances are 50, 70, and 80 p/m.

    Would you now reduce these payments to the minimum and put the extra 100 or so towards another debt or would you leave it as it is and just pay off a bit more from the smallest debt as and when we can?

    Thanks!
    Originally posted by Geworgie
    Now that the CCs are at 0% I would focus on the overdraft - it's quite likely to be costing you more and is also a debt the bank can withdraw if they choose to.

    For other debts, you would be well place to consider playing with the figures in the snowball calculator to see which order will reduce the amount of interest you will pay.

    http://www.whatsthecost.com/snowball.aspx
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
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