balance transfer- which card might I get ?

markan2828

Hi everyone, I need to transfer my MBNA card (£12,000) and over 30% apr, to a better rate, and other than a couple of late 1 month late payments, (1 being in the last 6 months) I have perfect credit rating.

I know that there are many comparison sites out-there,(best of all of course being :money:!), I just wondered if any members knew of a card might not hold this against me

property.advert

Sorry but you are stuffed. You have late payments including 1 in the last 6 months and perhaps another 1 in the last year ? Why one earth do you not have direct debits set up ? or funded ?

You do not have a perfect rating, far from it. Also, is the £12,000 your limit or do you have a £25,000 limit and a £12,000 debt on it ? That makes a difference.

I don't think you will get a care giving you a £12,000 limit to transfer it and you might find the better cards don't want to know until you have a 12 month minimum perfect string of "0"s. I'd pull all your credit records first.

If you have a £12,000 limit with one card then surely you have a whole list of cards ? I know I had when I had limits of £10k and above on various cards.

What about a loan or overdraft with your bank ? They will likely not credit reference you as they (sued to) believe they knew more about you than they actually did !

If you could swap £12,000 at 30% to £12,000 at 10% then you'd be far better off. I guess you'll just blacken your account with footprints trying to get another card for a while.

Moggles_2

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, to make sure nothing else is working against you

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

To help you further, we would need to know which credit cards you have at the mo or have held recently. Also, whether you've applied for any credit card(s) unsuccessfully.

markan2828

thank you very much. I have 2 cards,the MBNA, and egg, with 7,000, was 10,000 limit, but they withdrew the card because of non useage.No missed payments on this, and no other loans or applications for years.

thanks again.

Moggles_2

If I've understood your post correctly, it sounds as though your two credit cards are close to their credit limits.

In addition to the number of accounts in use, lenders look at the extent their credit limits have been utilised. Maxed out accounts like yours make you look stretched, so it's wise to leave more headroom. If you have savings, I would certainly pay down the balance of your MBNA card and wait for this to show on credit files before you submit a credit card application. You'll be building a better credit history in the process and this, in turn, reduces the risk of further interest rate hikes.

To maximise the 0% period, 13 months at 0% from Halifax on BTs 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

speedbird1973

property.advert as is seems to always be the case.. is incorrect.

A couple of late payments in a year is NOT the end of the world.

Moggles is as usual correct. But if you have no searches. Give Halifax and Barclaycard a go. If it doesn't happen you have 6 months to pay what you can.. then try again.

markan2828

I appreciate this response,
sound advise.
Thanks.

markan2828

This seems bang on advise, I certainly feel better after reading
this response.

Thank you.

Moggles_2

speedbird1973 wrote: »

... if you have no searches, give Halifax and Barclaycard a go.

I wouldn't go for Barclaycard, personally.

B'card has figured quite prominently on the *Best Balance Transfer* sticky recently and rarely for the right reasons.

This lender currently turns away 50% of its applicants. Of those accepted, roughly a third do not get the card they applied for. Credit limits tend to be lowish too. Also, BTs are restricted to £5000 or 90% of your credit limit, whichever is lower. Just so you know

kindofaverage

Moggles wrote: »

I wouldn't go for Barclaycard, personally.

B'card has figured quite prominently on the *Best Balance Transfer* sticky recently and rarely for the right reasons.

This lender currently turns away 50% of its applicants. Of those accepted, roughly a third do not get the card they applied for. Credit limits tend to be lowish too. Also, BTs are restricted to £5000 or 90% of your credit limit, whichever is lower. Just so you know

hi moggles - what about virgin cc, are they good with giving high credit?

speedbird1973

Moggles wrote: »

I wouldn't go for Barclaycard, personally.

B'card has figured quite prominently on the *Best Balance Transfer* sticky recently and rarely for the right reasons.

This lender currently turns away 50% of its applicants. Of those accepted, roughly a third do not get the card they applied for. Credit limits tend to be lowish too. Also, BTs are restricted to £5000 or 90% of your credit limit, whichever is lower. Just so you know

I deal realise they were so fussy. However they only search equifax. so if you apply for an MBNA card which only searches experian.. it's kind off one search!