0% Balance Transfer Credit Cards

jrm

I am up to my credit limit as far as new credit card applications are concerned, and can't risk another credit search. However, I was wondering, is it possible to apply for a balance transfer card only and if so does this mean the credit card company will do a search. I'm not actually applying for new creditas such only moving it from one provider to another. If possible what companies are best to approach?

nibelung

You will be applying for new credit, since the old card still has credit available when you transfer the balance to the new card. There's no way to avoid a credit check if you want to take out a new card, no matter what the purpose. Perhaps you could ask your current provider for a higher limit?

Clariman

A credit card company will still do a credit card search even if you only wanted to use a card for a balance transfer only.

If you have a card with some credit still available on it, call them up and ask what rate they would allow you to do a BT at. You might find you can juggle your debt between existing cards to lower the overall interest rate being paid.

Clariman

Angie8

AFAIK a search will always be done when applying for credit. How does the credit card provider know you are going to pay your bills on time if they give you a card? They don't, so therefore they have to do a check.

All companies don't use the same credit reference agency for their searches, so it may be possible to increase your chances of getting a card by picking a company who checks whichever of your files has the least amount of searches on, and therefore the better credit rating.

This thread is along a similar line and may be of help, I've posted a link to Martin's 'Who uses who' list near the bottom. http://forums.moneysavingexpert.com/showthread.html?t=118845

Another thing you could try is cancelling all of your unused credit cards, this in itself should increase your credit worthiness and perhaps persuade someone else to give you a new card. Check your credit reference files as well to see if there is anything on there which could be improved.

dishmop

I had an application turned down by HSBC today because:---

Your credit score was acceptable. However, we cannot accept your application because we are not happy with the way you have used your dredit card recently.

The information obtained from the agency "did not cause us to decline your application"

So what did then? Somebody with PMT or a bad hair day?

I think what the probelm is, is that I dont use it enough!!!!!!!!!

gardnt1

I had an application turned down to from Lloyds tsb platinum.....any one else with experience from them?....Letter explained all about scoring etc, but still was perplexed!
Had obtained credit score from experian before applying and it was 999/1000...damn good i thought....but perhaps too good? Granted i have high credit limit cards, but unused and was after the 0% deal..so why?
Rang them and told to write, so wrote....letter came back answering not one of the questions I asked!! HO HUM!

YorkshireBoy

gardnt1 wrote:

Granted i have high credit limit cards, but unused and was after the 0% deal..so why?

I think you've answered your own question here - you possibly have too much "available" credit that you could go out and spend tomorrow! Have you read the credit rating article here?...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650,

gardnt1 wrote:

Rang them and told to write, so wrote....letter came back answering not one of the questions I asked!! HO HUM!

They'll never tell you directly why they declined you, as they keep their scoring systems confidential. The closest I've ever had to a specific reason was given to me verbally - "over-indebtedness!" But then again I knew that from checking my CRA report.

However, LTSB often decline non-LTSB current account holders but, if everything else is OK, the rejection letter will invite you to appeal. The appeal letter should include 3 months bank statements and details of any savings you have.

gardnt1

thanks..... thought it might because of available credit! I am a LSTB account holder , but havent used it for 9 years since moving to smile.....not too bothered anyway as I dont 'need' card....just trying to take advantage.

thanks again.