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  • matron001
    • #2
    • 7th Jan 08, 9:40 AM
    • #2
    • 7th Jan 08, 9:40 AM
    Am new to this site, but I have just been turned down for an egg card to transfer a balance. I have an existing loan with them but have just transferred a balance to a different card.Am trying to sort out my finances at long last. I'm not sure what to do now. Is it worth me applying for another one? I checked my credit score and its good and I never miss any payments. Any advice would be appreciated.
  • Moggles
    • #3
    • 7th Jan 08, 5:21 PM
    • #3
    • 7th Jan 08, 5:21 PM
    Hi matron001

    Welcome to MSE & the credit card board!

    I checked my credit score and its good ...
    You don't say where you checked your credit score, but these numbers are generally of little use to most people.

    It's important to realise, there is NO universal credit rating/score applicable to all lenders and all products, as lenders assess us differently.

    Fortunately, there are ways to improve your chances of acceptance next time. For tips, which apply equally to all credit cards, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Manage and Improve your Credit Score* article, before you submit your next credit card application.

    Very best
    M
    People who don't know their rights, don't actually have those rights.
  • Moggles
    • #4
    • 7th Jan 08, 5:23 PM
    • #4
    • 7th Jan 08, 5:23 PM
    Today, the Hally launched a new balance transfer deal, which offers 0% on BTs for 15 months. A 3% handling fee applies.

    http://www.halifax.co.uk/creditcards/home.asp
    People who don't know their rights, don't actually have those rights.
    • Mutton Geoff
    • By Mutton Geoff 8th Jan 08, 6:49 AM
    • 957 Posts
    • 1,001 Thanks
    Mutton Geoff
    • #5
    • 8th Jan 08, 6:49 AM
    • #5
    • 8th Jan 08, 6:49 AM
    I've been looking at 0% BT cards over the last few days to build up my stooz pots. This is what I've seen on offer:

    Capital One 0% 1st November 2008 1.7%
    RBS 0% 13 months 2.5% (+24 Quidco)
    Natwest 0% 13 months 2.5% (+24 Quidco)
    Nationwide 0% 10 months 2.5%
    Barclaycard Platinum 0% 14 months 2.5%
    Post Office 0% 10 months 2.75% (+20.50 Quidco)
    Mint 0% to 1st March 2009 2.9%
    Virgin 0% 15 months 2.98%
    MNBA 0% 12 months 3% (+8.50 Quidco)
    Egg 0% 15 months 3%
    • liz545
    • By liz545 8th Jan 08, 10:57 AM
    • 1,713 Posts
    • 16,706 Thanks
    liz545
    • #6
    • 8th Jan 08, 10:57 AM
    • #6
    • 8th Jan 08, 10:57 AM
    I'm thinking about transferring my existing credit card debt (approx £2k on a virgin card & a barclaycard) to a lower lifetime rate, so I can clear them off. My current repayment totals £100/month, and I can afford this, I hope to be able to clear the debt in the next two years. Last year I got my credit reports after I was turned down for a card, but I haven't checked them recently. The problem was that I wasn't on the electoral roll at my new house, and I've moved a few times since uni; I can't get a free trial to Experian or Equifax since I've used them before, so is it worth me paying the £6.99 to see my reports before I apply, or should I just make the application and see what happens? I'd really like this to be the year that I manage my money, rather than the other way around, and this is one of the areas that's crucial to that, but thinking about my money often makes me feel anxious, and so I put off sorting things out! Also, is it better for me to apply for a card in-branch or online? I think the HSBC 2-year card is the one I'll apply for, if that makes any difference.
    Last edited by liz545; 08-01-2008 at 10:58 AM. Reason: questions, questions!
    2015 comp wins - 370.25
    Recent wins: gym class, baby stuff
    Thanks to everyone who posts freebies and comps!
  • Objd
    • #7
    • 8th Jan 08, 3:10 PM
    Anxious over money
    • #7
    • 8th Jan 08, 3:10 PM
    Hi just thought Id write to say I felt the same about monies too but decided to take bull by horns and follow Martins list one by one. Just started today - got my existing Barclaycard rate reduced as a goodwill gesture by Barclays after I asked what they could do before I moved balance. Then applied to Virgin as deal suited me and got accepted for 0% etc... to clear existing debt. Feeling very happy made the effort. Good luck with yours trust me its worth it.
  • PLBrael
    • #8
    • 8th Jan 08, 9:05 PM
    • #8
    • 8th Jan 08, 9:05 PM
    Could also be worth noting that Virgin are offering 40 towards the cost of your Virgin Media bill if you sign up for their card before the end of January. Also, I noticed today that the Post Office card currently offers 0% on the 1st and 2nd anniversary of your card for 5 months. I think there was a balance transfer fee of just under 3% applicable.
  • Moggles
    • #9
    • 8th Jan 08, 9:59 PM
    • #9
    • 8th Jan 08, 9:59 PM
    Originally Posted by liz545
    Last year I got my credit reports after I was turned down for a card, but I haven't checked them recently. The problem was that I wasn't on the electoral roll at my new house and I've moved a few times since uni.
    Presumably, you are on the electoral roll now though. If not, you'll need to register at your present address, before you submit a further application or woe will definitely betide.

    I can't get a free trial to Experian or Equifax since I've used them before, so is it worth me paying the 6.99 to see my reports before I apply or should I just make the application and see what happens?
    If you have any doubts about your electoral status (or anything else), it's worth spending 2, IMO, to have one of the leading CRA's reports - either Experian or Equifax - posted to you. These can be ordered online and usually arrive within 3-4 days.
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Originally Posted by liz545
    Is it better for me to apply for a card in-branch or online?
    This varies between lenders. Some launch deals exclusively for online applicants, other offers are marketed solely in-branch or in shops and yet others are offered by post or telephone only.

    Most MSEs find online applications convenient, but it's your choice really.
    People who don't know their rights, don't actually have those rights.
    • Mutton Geoff
    • By Mutton Geoff 9th Jan 08, 9:57 AM
    • 957 Posts
    • 1,001 Thanks
    Mutton Geoff
    Virgin are offering 40 towards the cost of your Virgin Media bill if you sign up for their card before the end of January

    Virgin told me this offer has been extended to the end of February 2008.
    • Jo4
    • By Jo4 9th Jan 08, 1:18 PM
    • 6,666 Posts
    • 4,773 Thanks
    Jo4
    My friend has approximately 5,500 of debt on credit cards at a rate of 5.9% pa except for 895.81 which is at a rate of 2.9% pa. They are currently repaying 230 a month but their payments will increase in September and therefore they will have all the credit card debt repaid by Christmas 2008.

    I was wondering since they will pay the debt off in 1 year should they consider applying for a 0% card which has a transfer fee or should they stay with the cards they have? Which is the cheaper option and how do you work it out? :confused:
  • pyewackett
    HSBC CC 2.9 for 24 months deal
    Hi All
    Hope others can benefit from this. Online yesterday for new customers only saw a BT deal of 2.9% for 24 months with a 2.5% fee. In the post this morning as an existing customer got offered a lousy 5.9% for 6 months! Called up and pulled the loyalty card and they gave me the better deal straight away!
  • deborahwaine
    Balance transfers
    I need to transfer from a card which runs out of 0% interest in March. I have another card due to run out of same in July. Do I transfer card one to card two then wait till June to find another 0%,or transfer card one next month then card two as the interest free period runs out? Which will be the cheaper method?:confused:
  • Moggles
    Originally Posted by Jo4
    My friend has approximately 5,500 of debt on credit cards at a rate of 5.9% pa except for 895.81 which is at a rate of 2.9% pa. They are currently repaying 230 a month, but their payments will increase in September and therefore they will have all the credit card debt repaid by Christmas 2008.
    Is s/he really sure they can clear this debt by the end of the year? By my reckoning, they'll need to double their repayments in September, then double that figure again!

    I was wondering since they will pay the debt off in 1 year should they consider applying for a 0% card which has a transfer fee or should they stay with the cards they have? Which is the cheaper option and how do you work it out?
    If s/he has a good credit history and is in a position to apply for a 0% balance transfer card, I would go for it. Even with a 3% handling fee, the new card would save money over the year.

    Have a look at the Minimum Repayments calculator on the main site.(Don't be put off by the name.You can enter more than the bare minimum payment required)

    If you play around with the above figures, you'll see it's definitely worthwhile transferring these balances
    People who don't know their rights, don't actually have those rights.
    • sammy452
    • By sammy452 9th Jan 08, 3:08 PM
    • 78 Posts
    • 94 Thanks
    sammy452
    Hi
    Am new to the site and needed some advice.
    I have a barclaycard with 3500 on it (limit 5600) and Halifax with 3800 on it (limit 7900). I am paying 26.75% interest on Halifax so really want to get rid of this one. Spoke to Barclaycard about tranferring Halifax card at 6.9% life of balance but will only increase limit to 7000. Barclaycard suggested transferring all monies to Halifax and then transferring back to Barclaycard to take advantage of 6.9% for total debt. This sounds to good to be true and wondered whether I will come unstuck down the line if I take this route?
    I am a housewife so have no big income, therefore can't apply for other cards as far as I am aware?
    Any advice would be gratefully appreciated.
    Thank you.
  • Moggles
    Originally Posted by pyewackett
    Online yesterday, for new customers only, saw a BT deal of 2.9% for 24 months with a 2.5% fee [HSBC]
    This one's mentioned in Martin's *Best Balance Transfers* article

    In the post this morning as an existing customer got offered a lousy 5.9% for 6 months! Called up and pulled the loyalty card and they gave me the better deal straight away!
    Congratulations & thanks for the tip
    People who don't know their rights, don't actually have those rights.
    • Jo4
    • By Jo4 9th Jan 08, 3:45 PM
    • 6,666 Posts
    • 4,773 Thanks
    Jo4
    Is s/he really sure they can clear this debt by the end of the year? By my reckoning, they'll need to double their repayments in September, then double that figure again!



    If s/he has a good credit history and is in a position to apply for a 0% balance transfer card, I would go for it. Even with a 3% handling fee, the new card would save money over the year.

    Have a look at the Minimum Repayments calculator on the main site.(Don't be put off by the name.You can enter more than the bare minimum payment required)

    If you play around with the above figures, you'll see it's definitely worthwhile transferring these balances
    Originally posted by Moggles
    Sorry, forgot to say that they are upping their payments in May by 300 a month and then they are upping them again in September by another 320 a month. Does that make any more sense?

    I must attempt to find out how much they could save.
  • bram01
    Thanks for the new article. There's just one part I must take issue with:

    Q. How much should I pay off each month?

    A. As much as you can, even 0% debt is still debt. The more you repay, the faster the debt disappears. Especially important is that you try and pay more than the set minimum. For more on that and tips on how to do it, read the Minimum Repayments: Danger! article.
    Surely if the debt is 0% then the best action is to pay off the minimum amount each month and put the rest in a high interest savings account until the end of the 0% deal*. That way you can earn money on your debt thus reducing it further. Plus, if you pay tax but have a flexible or offset mortgage, use that instead to reduce the amount of mortgage interest you pay, which is then tax free. At the end of the 0% simply drawdown the over-payments to clear the card debt.

    * I know you mention stoozing in the linked article, but surely it applies even if you're trying to clear an old debt too.
  • Moggles
    Originally Posted by deborahwaine
    I need to transfer from a card which runs out of 0% interest in March. I have another card due to run out of same in July.
    Do I transfer card one to card two, then wait till June to find another 0%?
    Not a good idea, IMO. You would extend the 0% period on your first balance by 3-4 months at most and you could incur two balance transfer fees in the process.

    ... or transfer card one next month, then card two as the interest free period runs out? Which will be the cheaper method?
    If you mean, transfer the balance on card one to a new card (let's call this card three) next month, then transfer the balance on card two, when the interest free period runs out in July, to card number four then, yes. This would produce the longest 0% periods in which to pay off your balances
    People who don't know their rights, don't actually have those rights.
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