Is this realistic?

Natti_A

I have had a student credit card with RBS for the past 4 years, and since i graduated last summer i decided to apply for a new credit card and close the RBS one down.

Since i have a relatively limited credit history, and i have moved house multiple times in the past 2 years, i knew i wouldn't get a really low APR card. That was fine, I know i need to build up my credit history. In the end I went with Halifax as i have a number of accounts with them, and got their easy-rate card at 14.9% (not the "normal" APR which was 8.9% but its better than what i had)

My question is, in approx 2 months my 0% graduate overdraft will reduce by £500. I will be able to pay this back by then, and will have it all in a measily savings account to transfer on the 31st June. I know that there are 2 super-balance transfer cards on the market, realistically have i got a hope in hell of getting one of these? As i would rather put the £500 in a fixed rate savings account i have for 6mths (at 5% fixed), and then pay off the CC in full. I am probably being over-optimistic but your views are much appreciated!

I know the only real way to find out is apply, but i'd rather not have excess searches on my credit history!

Natti_A

Sorry, i will just add. The reason the OD money is not currently in that savings account is that withdrawls are strictly limited.... so i won't put the money in, if i need to take it out again relatively quickly!

Moggles_2

Applying for a couple of credit cards (Halifax and one other) will not affect your credit status, as long as you don't attract too many other credit checks in a short space of time.

Credit checks are viewed as negative only if you attract too many. Even then the footprints drop off your file after 12 months, so the effect is short-lived

You need:

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

Very best
M

CLAPTON

Simply using a credit card regularly and repaying on time will be sufficient to build a good credit history. As you have had a CC for 4 years I don't see why your credit history needs building... OK not good about the multiple addresses but nothing you can do about that.

I see no reason to close down the RBS card... 2/3 cards are pretty normal and you never know when one may be rejected for some ramdon reason.

A small number of credit searches won't hurt your credit rating so just try and see.

Natti_A

Do i need an amazing credit rating to get one of these "superbalance transfers" though? If so, no chance!

I have opened 3 current accounts in the past 3 months as well, i understand these leave one of these footprints as well. So that would probably count as a lot of credit checks? Only one of these has an OD of £250 (all Halifax Reward CA).

Moggles_2

Natti_A wrote: »

I have opened 3 current accounts in the past 3 months as well, i understand these leave one of these footprints as well. So that would probably count as a lot of credit checks? Only one of these has an OD of £250 (all Halifax Reward CA).

Might be an idea to check your credit reports to see what's on there. For help, see page 1 of the *How to obtain credit reports* sticky

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/ban...-score#improve

Natti_A

I've recently done a free trial with Equifax to check mine, and my credit report was average. No late payments/missed payments, and a recently paid off loan are all showing. The main problem being the multiple change of address' (moved out of uni, back to parents, to a flat share and now a house share in the space of 10 months! eek).

I have done all i can to improve it in the short term; i.e: registered on the electoral roll and i will try and stay where i am for the next 6 months or so.

Moggles_2

Natti_A wrote: »

I've recently done a free trial with Equifax to check mine, and my credit report was average. No late payments/missed payments and a recently paid off loan are all showing. The main problem being the multiple change of address (moved out of uni, back to parents, to a flat share and now a house share in the space of 10 months eek!). I have done all i can to improve it in the short term; i.e: registered on the electoral roll and i will try and stay where i am for the next 6 months or so.

How about those Halifax credit checks though? You say you've opened up three current accounts recently.

We cannot be certain which credit card providers search a particular agency's files (lenders do not disclose this information), but it's known that most use Experian. Your Experian report is available for just £2 per paper copy and arrives by post in 4-6 days, so might be an idea to see what's there.

Otherwise, I'd give it a go. What is there to lose?

To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 2.98% handling charge for BTs, 4% for overdrafts.

http://uk.virginmoney.com/credit-card-v3/

Natti_A

Thank you for the advice, i will order that one today then.

As long as my credit report isnt too bad from them i will apply, your right i have nothin to lose. I do not NEED the credit, it would just make sense for me to keep the money available making 5%.

Moggles_2

Natti_A wrote: »

As long as my credit report isn't too bad from them, i will apply. You're right, i have nothin to lose. I do not NEED the credit, it would just make sense for me to keep the money available making 5%.

Absolutely, every little helps.
Keep us posted

Very best
M