Phase 2 of my grand plan

stevewatersheddings

YorkshireBoy,

Great explanation although it took a couple of reads for me as a new stoozer to get through it !! Another thing learned you really got to dig deep with the Ts and Cs.
Experience i suppose and knowing what to look for. Thanks.

What is the secure link for underneath ? I cant get that to work.

Understand your point on maintaining the credit level on LTSB for the next provider.
Im going to with Plan A now.

Big thanks for your help

Steve

YorkshireBoy

stevewatersheddings wrote:

What is the secure link for underneath ?

It's a link to the Abbey T&C's where I copied the info from. Try the link later, or tomorrow, or go direct to the 'apply now' page and click T&C's at the top of the page.

NB: I forgot to add in my earlier post that, as a cash transaction, an SBT will attract it's 22.9% APR interest from the day the transaction is posted to the day it is repaid (that's the cherry on top of the icing I mentioned earlier!!).

My understanding is that the only way to SBT with an MBNA card now is to write a cheque.

mrsw

YorkshireBoy wrote:

It's a link to the Abbey T&C's where I copied the info from. Try the link later, or tomorrow, or go direct to the 'apply now' page and click T&C's at the top of the page.

NB: I forgot to add in my earlier post that, as a cash transaction, an SBT will attract it's 22.9% APR interest from the day the transaction is posted to the day it is repaid (that's the cherry on top of the icing I mentioned earlier!!).

My understanding is that the only way to SBT with an MBNA card now is to write a cheque.

My other half has been offered 6 months 0%, £50 capped fee, for BTs on his A&L card. His revised T&Cs include the money transfer definitition (same as the Abbey T&Cs quoted above). However, the MBNA customer advisor has told him that he can BT from a bank account (she called it a cash advance) and, he will not incur any interest, just the handling fee. He has double-checked with the MBNA supervisor. Should he take their word for it, or could they be mistaken?

stevewatersheddings

I just received a letter from the Abbey this morning saying they hadnt received my signed application form. I rang them up and again they confirmed they had not received the form and that they would be sending a new form off for me to sign.

When i asked her to confirm the credit limit she confirmed 6.5k as on the previous application form. I think I said a throw-away jokey comment about the credit limit and then she apologised and confirmed she could now authorise upto 12k !! How come the sudden increase in credit limit ? Is this common ?

My first reaction is magic!! more money to stooze away.
However, im a bit conscious that there may be a negative side to this increase. Any advice folks ?


Cheers,

Steve

YorkshireBoy

stevewatersheddings wrote:

However, im a bit conscious that there may be a negative side to this increase. Any advice folks ?

Check the credit agreement closely (small print bottom left by the signature box) when it arrives - it may detail the original limit. If it does, don't sign it - request another one with the correct details.

I know the credit limit helps, but does the delay help you as well? Perhaps time to get Egg Money up and running?

stevewatersheddings

Will check the small print as soon as it arrives. Thanks.

Sorry, after our last messages i took your advice and applied for Egg money online and got immediate approval for 8K. I'm now waiting for the card to arrive, i think 5-7 days were quoted.

So as soon as that is activated i can BT from the Egg Money to the LTSB 10k.
Then i can drop the credit limit to 1k as discussed previously.
In parallel, i can credit cheque the 12k from the Abbey.

I'm now starting to organise my plans for paying the minimum payments.

Cheers again,

Steve

pardal51

stevewatersheddings wrote:

...applied for Egg money online and got immediate approval for 8K. I'm now waiting for the card to arrive, i think 5-7 days were quoted.

So as soon as that is activated i can BT from the Egg Money to the LTSB 10k.
Then i can drop the credit limit to 1k as discussed previously.
In parallel, i can credit cheque the 12k from the Abbey.Steve

hey Steve, if you don't mind me asking, what level of income are you on, roughly?

cheers!!!

YorkshireBoy

Steve

These are cracking limits for a first-time stoozer!

You don't have to wait for/chase up the cheques now that Egg Money is nearly ready. Just BT from Egg Money to Abbey.

Now this is NOT advice but, having got an unnecessarily high £8K limit on Egg Money, I'd be contemplating applying for an Egg Green card as well...

Benefits
1. They may swap £7K of your Egg Money credit limit over onto the Egg Green card.
2. You can then (S)BT from your current account for 6 months 0%, for a £50 fee.
3. If it's up and running before the end of this month, you'll get 2 anniversary offers (2006 & 2007) of 5 months 0%, with no fee to pay.
4. You get 3 (S)BT's totalling 16 months at 0% (with one £50 fee) - for the price of 1 extra credit search.
5. You have a 'secondary' route to the stooze pot, should card providers start to decline BT's from Egg Money.

Drawbacks
1. You could destroy your credit rating - short term at least. But then again, would you need to apply for anything else for a while anyway?
2. Egg could automatically decline you. However, just tell them (in your appeal, or before you even apply) that you mistakenly applied for Egg Money, but can now see that it will help you budget monthly so you'd like to keep it. You'd meant to apply for Egg Green as you have a £6.5K BT requirement (loan/overdraft), so could they transfer £7K of your limit across until you've made a dent in the £6.5K debt?
3. Egg Green might not get opened in time, meaning that you only qualify for one more anniversary offer in January 2007 (instead of one in December 2006 & another in December 2007).
4. You sit with an unused £7K limit on Egg Green for 1/2 the year waiting for the anniversary offer to come around - not wanting to reduce the limit for fear of not being able to get it lifted again in time for the anniversary month.


Like I said at the beginning, this is NOT advice, but something for you to think about. You might decide to leave the Egg Money limit at £8K and apply for Egg Green sometime in the New Year. You could transfer the £7K (and maybe more?) over then. Alternatively, you may decide to reduce the Egg Money limit to £1K, wait for it to show on your CRA report, and then go for another BT card to feed your Egg Money stooze pot.

Finally, you've had a great start to your stoozing career. Don't mess it up by poor attention to detail once you start repaying your debt.

Best of luck.

stevewatersheddings

Like i said, i'm very new to credit cards, so i have no feeling for what are good limits and bad. I set a nice-to have target of about 20k (pardal51 - less than half of my income - self employed) and it seems to have been achieved without problem.

I've read your "advice" on the Egg Green card and its very interesting reading. Having the anniversary offers, extra SBT advantage for 1 search and fallback plan if card providers start rejecting Egg Money BT's are major plus's and tempting. I'm slightly wary about the effect on my credit rating but more the timing issues i guess however I think the Egg application excuse would be feasible.

Having said all that, i'm going to take it one step at a time until ive gained a bit more credit card experience. i dont want to over-'egg' it !! (couldnt resist sticking that in). I've got 22k to stooze with for starters, which is more than i targetted so i've got a big smile. i'll probably get started using the Egg Money account to BT both Abbey and LTSB and then drop its limit to 1%.

on your final point, phase 3 is already in preparation to make sure all minimum payments are met and i dont get caught out.

Cheers again,

Steve

pardal51

stevewatersheddings wrote:

I've read your "advice" on the Egg Green card and its very interesting reading. Having the anniversary offers, extra SBT advantage for 1 search and fallback plan if card providers start rejecting Egg Money BT's are major plus's and tempting. I'm slightly wary about the effect on my credit rating but more the timing issues i guess however I think the Egg application excuse would be feasible.

steve, have just spoken to Egg CS. i should receive mine by wed 21/12, so I suppose yours should arrive soon too. Interesting enough the guy i spoke to said that if I want to increase my CL that's fine (either online or when activating the card) and he put me on hold to speak to his manager to find out whether another credit search would be carried out. He confirm verbally "NO"; therefore following YB "advice" maybe a good idea to raise CL and then apply for Egg green (that's what I'm thinking in my situation).

I just received a letter from the Abbey this morning saying they hadnt received my signed application form. I rang them up and again they confirmed they had not received the form and that they would be sending a new form off for me to sign.

Take the new form straight to any Abbey branch. That was the advice of HSBC's CS, as I'm in the same situation with them. This will speed things up

good luck