BT multiples vs. credit rating - Please help!

Katmoo

Please help- I think I've got myself in a pickle.

Have been well used to card tarting for years now, always finding the longest 0% deals.

I thought my current one - HSBC - was due to run out at the end of August so I began to look around.

I applied for a Barclaycard platinum - 0% for 12 months with no fee which was sent to me via post as an offer. The letter said it was guranteed. When I applied the response I got was that this particular offer was no longer available (I was well within the closing date) but I could apply for 0% for 10 months, with a BT fee of 2% plus I had to spend £25 pm on the card! Obviously this isn't as good so I looked on MSE and applied for the Post Office deal - 0% for 6 months no fee. Yesterday I received a stack of paperwork back asking for more details, proof of income, statements etc. I have not acutally been advised that I can have the card yet.

Also in yesterday's post was an offer from Halifax, they have sent me some BT cheques out of the blue - I thought the account was closed as I asked them to do this several months ago- the card was cut up ages ago and had forgotten all about it - saying I can use up to 4 cheques before 23rd August, for 0% for 5 months. This is almost as good as the Post Office so I can avoid all the pain in the a**e paperwork.

What concerns me though is the following:

- how many pending / open applications will be on my file? Will this affect my credit rating, which has always been good as I always meet the payments in time?
- How many other credit cards from my past are still 'active'? even though I have instructed their cancellation? ie. I have been card tarting since at least 2002 so I've had a lot of different cards. ref Halifax outlined above.

To top it all in an inspriational moment I called HSBC this morning, to verify when the 0% period ends, and its the 23rd October!!! So I needn't have bothered doing anything anyway. Obviously I had a real dime bar moment, this shouls have been the first thing I did - lesson well learned- but where do I go from here? Stay with HSBC until Ocotber- or move to Halifax? or go with Post Office.

I think I may leave it until October and then re-assess the market, and perhaps in the meantime try and find out what's on my credit file? BUt I have no idea what you can do about any dodgy info on your credit file once recieved anyway.

Have I irrepairably damaged my credit score?
Thoughts would be appreciated....

Moggles_2

In yesterday's post was an offer from Halifax, they have sent me some BT cheques

Lucky you! I wish the Halifax would send me some 0% for 5 months cheques! Are you certain there's no handling charge?

Secondly, is your credit limit on the Hally card sufficient to settle any remaining balance from HSBC? The timing is not ideal, but it would give you nearly 3 months grace if needed.

This is almost as good as the Post Office

The PO deal is more flexible. You can request a fee-free 0% balance transfer at any time during the 6 month introductory period.

Two questions spring to mind:
When did you last check your credit report?
How many new credit cards have you applied for in the last 12 months?

Gopes

Katmoo wrote:

Also in yesterday's post was an offer from Halifax, they have sent me some BT cheques out of the blue - I thought the account was closed as I asked them to do this several months ago- the card was cut up ages ago and had forgotten all about it - saying I can use up to 4 cheques before 23rd August, for 0% for 5 months. This is almost as good as the Post Office so I can avoid all the pain in the a**e paperwork.

I think the 5 month halifax cheque deal does incur a 2.5% uncapped handling fee (so not such a good deal).

I also received these yesterday, however I might just have to dig them out of the bin and have another look when i get home.

Gopes

Katmoo

Thanks Moggles.

I don't know what the halifax limit is, I requested it to be closed down months ago.

There is no transfer fee on the Halifax cheques.

I have applied for 2 cards in the last month, just trying to secure a good 0% deal.

Credit report - absolutely ages ago, 2001 something like that (I think when I first took a mortgage out).

Thanks for your reply.

Moggles_2

I have applied for 2 cards in the last month

If HSBC, Barclaycard and the Post Office card are the only ones you've applied for in the last 12 months, you should be okay. All the same, for peace of mind, I would check your credit report asap.

There is no transfer fee on the Halifax cheques.

In the current market, that's a pretty good deal. Certainly worth a phone-call to the Halifax, IMO, to check your account is still open and, if so, your credit limit. You'll need to do this well before 23 August of course.

If your credit limit on the Hally card is sufficient to settle any remaining balance on the HSBC account, you're home and dry!

Katmoo

Thanks.

I sent the BT cheque off to HSBC to transfer to halifax yesterday, I sent it recorded so hopefully this will get actioned before the 23rd August (deadline).

How do you get the smilies on the posts?

Moggles_2

Congratulations!

Some lenders develop an extreme loss of hearing, when asked to close an account.

It's nice to know this syndrome has worked in someone's favour!

Cheers
M

:beer:

Moggles_2

How do you get the smilies on the posts?

I just clicked on one from the selection in the box on the right and inserted it in the message. This seemed to work for me, but there may be more to it

Perhaps, someone who knows will come along and help both of us!

Very best
M