Would we be accepted for this credit card ?

loobyloo168

Hiya,

I apologise if im posting in the wrong place but here goes.

My partner has £5200 on a credit card that started off with Intelligent Finance with a interest rat of 8.9% It was recently transfered to halifax by IF but the interest rate is now 16.8%.

We want to balance transfer and was thinking about the Barclaycard Platinum Credit Card with Long Term Balance Transfer at 6.3% for 3 years. We oay £200 a month so it would definalty clear it in this time.

I was lookin on the suitable for bit and it says

Excluding a mortgage, your debt on credit cards or store cards is less than 10% of your income

He earns about £30000 a year so obvioulsy this debt is more than 10%, would he be turned down for it straight away, or might they give it.
He doesnt want to apply and be rejected as this affects future applications. He has never been refused finance before and only has this credit card, a £6000 loan and £1500 DFS credit agreement.

Any advice appreciated.

LeeSouthEast

I had over 10% when I applied, and was accepted. I didn't even know of that requirement, so it might be new?

izools

I would suggest trying an MBNA card, i.e. MBNA Platinum or Virgin, as they offer a longer balance transfer period with less stringent credit limits.

Barclaycard are getting tighter with their credit limits especially as of late, so if you have a large balance I would avoid them.

Also barclaycard only allow you to transfer upto £5,000 so my guess is anyone with credit card balances of more than this is heavily frowned upon by their underwriters.

If MBNA are no good, then Egg would be worth a punt, too. Your choice, I'd err on the side of MBNA

loobyloo168

izools wrote: »

I would suggest trying an MBNA card, i.e. MBNA Platinum or Virgin, as they offer a longer balance transfer period with less stringent credit limits.

Barclaycard are getting tighter with their credit limits especially as of late, so if you have a large balance I would avoid them.

Also barclaycard only allow you to transfer upto £5,000 so my guess is anyone with credit card balances of more than this is heavily frowned upon by their underwriters.

If MBNA are no good, then Egg would be worth a punt, too. Your choice, I'd err on the side of MBNA

He had an MBNA card before the Intelligent Finance one, would he be able to go back to them ? I thought you cold only have them once ?

Rob71

loobyloo168 wrote: »

He had an MBNA card before the Intelligent Finance one, would he be able to go back to them ? I thought you cold only have them once ?

Depends when he took the card out - I assume it's been cancelled for a while - say 18 months?

In which case apply away. If not, if the card is still current, don't bother. Go back to looking @ BarclayCard...

loobyloo168

Well he had the IF card since 2007, so he should be ok, we dont get anything from them anymore.