Applying Credit Card Balance Transfer!

Benno1983

Hi.

I currently have a halifax credit card with £3500 on it. The Limit is 10K. The APR is 15.9%. I would like to transfer it on to a long 0% deal. Which ones would anybody recommend? I have an income of 16K. I have a 4k loan and no other debt. I had my credit score done last month and it was 999. Am I likely to be successful?

Thanks

B:)

Any

Did you apply for any credit in the past 6 months?

Is this your first card? Any fruther credit history?
I would probably try for the Virgin 16mths 0% BT. It is the longest 0% deal around.

izools

Yes the Virgin 16 month deal is a goer, however that credit limit is very high for someone on your salary.

If Virgin say no, I would recommend reducing your credit limit on your Halifax card (creditors don't like to see people "Exposed" to credit beyond 50% of their income as a rule of thumb), wait three months, and try somewhere else, possibly a Barclaycard Platinum Balance Transfer - they offer 15 months now I think and have repeat offers from time to time

Benno1983

I've only ever had the current card (halifax). I haven't applied for any credit in the last 6 months.

Do you think i will be successful with the Virgin Card?

Thanks

izools

It depends. You stand a good chance given what you've said about your status and history but as I say, they may be uncomfortable lending to someone on your salary who already has a credit line well above 50% of their annual income.

MBNA are good in so much as if they do say no, you can talk to an underwriter about why

stephane_2

Virgin/MBNA has a very bad reputation to increase interest rate hugely once the offer is over, they are quite strict in their lending criteria. I would suggest you go for Barclaycard which has either 0% for 15 months or 6.9% for the life of the balance transferred. Considering your income, you may find it easier with them, you should try Barclaycard website where without leaving a print on your report, they tell you what kind of card you likely to get with them. But before applying for another credit card, I would call Halifax and ask them to reduce your credit limit, then wait for your file to update with the new limit.

Any

I think Virgin is your best bet. They are quite happy to lend to people with good credit history.

I have two cards from them and they didn't blink an eye on the second application.

If they refuse you, then keep a low profile for a while.

I have to say - you did well to get £10k from Halifax. I didn't get that much. It is unnecesarily high. Once you BT I would probably close it. Once the Virgin BT is out you can apply with Halifax again then. I did the same after 6mths. Once you have good history with them they will accept you again.

izools

stephane wrote: »

Virgin/MBNA has a very bad reputation to increase interest rate hugely once the offer is over, they are quite strict in their lending criteria. I would suggest you go for Barclaycard which has either 0% for 15 months or 6.9% for the life of the balance transferred. Considering your income, you may find it easier with them, you should try Barclaycard website where without leaving a print on your report, they tell you what kind of card you likely to get with them. But before applying for another credit card, I would call Halifax and ask them to reduce your credit limit, then wait for your file to update with the new limit.

Having said that my mother has had an MBNA Platinum Plus for ten years now and the APR is still the same as it was in 2001 when the offer ended.

I think they have so many customers that it is inevitable we will see the ones that have their APR hiked come on hear to complain about it.

End of the day, if you demonstrate yourself to be a high risk, by not showing an ability to clear the card to £0 once a year or so, or only paying the minimum, etc, they'll raise your APR, same with any CC company

Anyway you can just rate tart from 0% offer to 0% offer until your balance is cleared

Any

stephane wrote: »

Virgin/MBNA has a very bad reputation to increase interest rate hugely once the offer is over, they are quite strict in their lending criteria. I would suggest you go for Barclaycard which has either 0% for 15 months or 6.9% for the life of the balance transferred. Considering your income, you may find it easier with them, you should try Barclaycard website where without leaving a print on your report, they tell you what kind of card you likely to get with them. But before applying for another credit card, I would call Halifax and ask them to reduce your credit limit, then wait for your file to update with the new limit.

Some people complain about the high interest rates. However I do not have the same experience. I keep changing cards and only go for offers and I find the opposite - constant repeat offers from MBNA.

Barclaycard has bad reputation doing exactly the same, plus changing statement and due dates. You are exposing yourself to risk with any card. I find that as long as your history is spotless, you will not find yourself in such a situation (lots of people who got their interest upped had problems getting another cards, which suggests that they weren't managing their cards properly).

stephane_2

Benno1983 wrote: »

Hi.

I currently have a halifax credit card with £3500 on it. The Limit is 10K. The APR is 15.9%. I would like to transfer it on to a long 0% deal. Which ones would anybody recommend? I have an income of 16K. I have a 4k loan and no other debt. I had my credit score done last month and it was 999. Am I likely to be successful?

Thanks

B:)

Having a credit limit of £10 + £4k loan, very unlikely that MBNA would give him a CC of at least 4K on an income of 16K. Maybe in a few months time once the credit limit has been reduced by half at the very least

Any

I don't know - I have £20k income and have about £18k available credit...

If OP can wait, then I most definitely would. If he wants to risk it, then MBNA is best bet.

Also there must have been a reason to get such a high credit limit in the first place - good stability? Same job/address for looong time? Very unusual to get £10k on first card...