Applying for a balance transfer card...

Carole450d

Hello,

I'm new to the forum so my apologies if I have posted this in the wrong section (perhaps it should be in the students section).

I would like some advice regarding balance transfer cards please (as the title might suggest!)

Basically, I'm a full-time mature student with a part-time job and I have an outstanding debt of £1100 on a 0% interest card; It's my mother's card but I am the one paying it off. I want to transfer the balance to a 0% card in my own name (perhaps a mere formality, but I would like to be self-reliant) and my questions are these:

1) Do I fill in the form as a 'full-time student' or 'part-time worker'? (In my experience you can usually only put one or the other, not both).
2) What sources of income do I put on the form i.e do I put down my SLC loan and/or wage? (Obviously SLC loan is higher than wage. Yearly income from both amounts to roughly £13000).
3) How likely is it (obviously in your own opinion as nothing can be definite) that a full-time uni student would get a 0% card with a £1100 credit limit?

I have recently checked my credit reports and everything is hunky dory! I just don't want to risk rejection if it's an impossible situation/silly thing to do.

Many thanks for any help!

Caz. x

Tixy

Hi Caz and welcome

Its a difficult question and I imagine you won't find it easy to get one. However there are things that might help - do you have other credit accounts? (ideally a few but not loads!) are they operated well? no late payments/defaults etc.

How long have you been at your address (if you have moved a lot due to being a student that may go against you).

Does your own bank offer a 0% card (check out the list http://www.stoozing.com/0fees.php) if so they may be the best place to try, also you could talk to them informally in branch to see whether they think its likely before you do a full application.

Alternatively are there are 0% overdraft student accounts available to you that you could transfer the debt to? It probably won't hurt to try one application, the key is not to continue trying over and over if you are refused.

Carole450d

Tixy wrote: »

Hi Caz and welcome

Its a difficult question and I imagine you won't find it easy to get one. However there are things that might help - do you have other credit accounts? (ideally a few but not loads!) are they operated well? no late payments/defaults etc.

How long have you been at your address (if you have moved a lot due to being a student that may go against you).

Does your own bank offer a 0% card if so they may be the best place to try, also you could talk to them informally in branch to see whether they think its likely before you do a full application.

Alternatively are there are 0% overdraft student accounts available to you that you could transfer the debt to? It probably won't hurt to try one application, the key is not to continue trying over and over if you are refused.

Thanks for your reply.

I've had an Egg Money card for 18 months which I've managed perfectly and have always paid on time. I've missed one or two payments on a Capital One card that I used to have (we're talking 2005/2006 here) though I checked through my Experian and Equifax credit reports earlier today and that card account doesn't seem to be on them anymore.

I've moved around a bit but for the past 3 1/2 years have been living with my parents and everything I've applied for has been assigned to their address, however I will be moving into a rented flat (not student accom) in July.

I believe my bank is offering a 0% card but it is their platinum edition card which I highly doubt I'll get, but like you said, it may be worth having an informal chat.

I stupidly spent my entire student overdraft last year so that's definitely not an option (it's the next thing to pay of after my cc!).

Many thanks again.

izools

I would put your employment status as Part Time with your Gross Annual income of £13,000 into the income field.

Student is a higher risk than part time worker AFAIK.

You could use this Barclaycard link to see what cards they might give you, which would give you something to go on if you wanted to apply elsewhere:

https://letmechoose.barclaycard.co.uk/

This performs a "soft search" (A credit search that doesn't leave a footprint) so gives a rough estimate of what cards you are eligible for given your credit file and current circumstances.

Good luck, and keep us posted!

Carole450d

Thankyou for your reply izools.

I was thinking of doing that but I was worried that I'd get found out and turned down as I'm not being 100% honest on my application and that it would look odd having a salary of 13k as a part-timer.

izools

You wouldn't be lying about your employment, and wouldn't be lying about your income - what is there to find out? If they asked you to prove you are employed - you can do this. If they ask you to prove your income - you can do this (bank statements).

They won't though. I've never been asked for proof of income or employment by any of the 10+ credit card companies that have approved me over the years.

Let us know what the Barclaycard pre-application checker comes back with

Good luck!!

Carole450d

Just did the Barclaycard checker and it said I'm 80-90% likely to get accepted but it's for their platinum card which sounds too swish for a student!

izools

Ha! There you go then. Do it!

(I've had two barclaycards approved over the years neither required proof of ID / income / employment).

Get you out, credit score guru

izools

Also - my employment status is part time however my annual income (gross) is over £15,000 because of disabled working tax credits and disability living allowance.

No one has questioned this yet. Including Barclaycard

Carole450d

Thankyou izools, you're a star!

Just applied for and got the Barclaycard. 5 working days it'll be here, woo!

izools

There you go. Plush Platinum in your student wallet.

Stay sensible Can we ask what limit? Or would that be too nosy?

(Remember to click "Thanks" )