Credit Card - Your help, please?

Stefanie

Bit of a novice to all this, so I was hoping someone would be able to help?

I was hoping to get a credit card with 0%, so I could move across some money off of one of my others! Now I don't want to apply willy nilly so I need some guidance. On experian my score came out as 779 which is fair - where do I stand a good chance of being accepted?

Thanks in advance!

Stef

Moggles_2

It depends what is meant by "fair".

Lenders launch these market-leading cards which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

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/banking/credit-rating-credit-score#improve

To help you further, we need to know which cards you have at the mo or have held recently.

Stefanie

"Fair" is what experian says!! I have a HSBC card, Mint and Marbles! It's the marbles and mint ones I could do with binning, the interest rates aren't good!!

The only other debt I have is my mortgage. I pay all of them ontime.

Moggles_2

"Fair" is what Experian says!

Unfortunately, that's no more than a rough guide.

Credit reference agencies are there to provide your credit history. The actual process of credit rating is done by their clients, the lenders. None of us - including the CRAs - knows what criteria are used by individual companies. Lenders do not disclose this information.

For more info, please see above link

13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted.

http://www.halifax.co.uk/creditcards/pluscard136.asp

Money_Man

Stefanie wrote: »

Bit of a novice to all this, so I was hoping someone would be able to help?

I was hoping to get a credit card with 0%, so I could move across some money off of one of my others! Now I don't want to apply willy nilly so I need some guidance. On experian my score came out as 779 which is fair - where do I stand a good chance of being accepted?

Thanks in advance!

Stef

Your Experian score means absolutley nothing, its just a clever marketing tool to make people part with their cash. The advice offered by Moggles is spot on!

CannyJock

Stefanie wrote: »

I have a HSBC card, Mint and Marbles! It's the marbles and mint ones I could do with binning, the interest rates aren't good!!

I pay all of them ontime.

Best offer for a 0% deal is the Virgin Money card, 0% on balance transfer for 16 months with a 2.98% fee. Full list of offers on the stoozing site (supported by MSE) http://www.stoozing.com/0fees.php

Whichever balances you transfer, remember to close the cards and check they're shown as settled on your credit report - not just binning them - it'll also help if you aren't able to clear the balance before your 0% period runs out and you need to move the balance on again.