The 18k Challenge

DontDoDebtKids

leon103 wrote:

7k Magic!!

I need to apply for one of these. But recently applied for a marble and Capital one card. Got rejected for both of these because well I think because I had a mint and Halifax cards with no balance. I have cancelled these this week. Do you think I will get a M&S card?

They are run by HSBC so will depend on 1) have you got any other HSBC cards and 2) how many credit searches you have done recently.

I find leaving 3m between credit applications helps increase your chances!

leon103

DontDoDebtKids wrote:

They are run by HSBC so will depend on 1) have you got any other HSBC cards and 2) how many credit searches you have done recently.

I find leaving 3m between credit applications helps increase your chances!

No don't have another HSBC and done 2 searches.

DontDoDebtKids

Have you ordered your credit file recently? Try https://www.annualcreditreport.co.uk for a free one. Check that everything looks OK on there and sort anything else that looks wrong.

Other than that, you probably want to wait until January before you apply for anything else! Lenders don't seem to like it if you keep applying for credit - makes you look too desperate.

Mirtos

Hello guys - I'm just checking in from an internet cafe! Don't tell my boyfriend or he'll kill me! (Not that I'm an MSE addict :eek:) Keep cracking on! See you when I get back.
xxx

leon103

DontDoDebtKids wrote:

Have you ordered your credit file recently? Try https://www.annualcreditreport.co.uk for a free one. Check that everything looks OK on there and sort anything else that looks wrong.

Other than that, you probably want to wait until January before you apply for anything else! Lenders don't seem to like it if you keep applying for credit - makes you look too desperate.

Yes done a credit check with them and it came out good. Never been rejected before. I think because I had 5k of unused credit they didn't want to lend anymore. I have cancelled them now. I will wait a while until I apply and I will check my credit rating again to make sure.

DontDoDebtKids

Hi all,

Exciting times here at DDDK central! I've been accepted for a £7000 3.9%LOBT M&S card so have transferred £7000 from my Capital One to my M&S card to leave me with a £7000 debt at 3.9% on M&S and a positive balance on my Capital One card.

I plan to close my Capital One card as soon as the balance transfer registers on internet banking and ask for a cheque for the balance to be sent to me.

Once I get the cheque, I am going to pay off my Egg Loan (£6,600) with the payment from Capital One and most of the balance of my current account! Yippee. It's 7.9% so by far the highest interest rate I am paying.

This also means that I take my debts under 15k. Coooooool.

Current situation, however, is:

Debt Totals

Egg: £6562.18
Capital One: £1901.88
Lloyds: £1919.06
Amex: £5715.22

Total: £16,098.34

Goals for this week:

1) When balance transfer hits Capital One card, ring them up to close it and get a cheque for the positive balance sent to me.
2) When cheque arrives, pay into bank ASAP (I'm very bad at this)
3) When balance cleared in account, get new settlement amount from Egg
4) Pay off Egg Loan

leon103

DontDoDebtKids wrote:

Hi all,

Exciting times here at DDDK central! I've been accepted for a £7000 3.9%LOBT M&S card so have transferred £7000 from my Capital One to my M&S card to leave me with a £7000 debt at 3.9% on M&S and a positive balance on my Capital One card.

I plan to close my Capital One card as soon as the balance transfer registers on internet banking and ask for a cheque for the balance to be sent to me.

Once I get the cheque, I am going to pay off my Egg Loan (£6,600) with the payment from Capital One and most of the balance of my current account! Yippee. It's 7.9% so by far the highest interest rate I am paying.

This also means that I take my debts under 15k. Coooooool.

Current situation, however, is:

Debt Totals

Egg: £6562.18
Capital One: £1901.88
Lloyds: £1919.06
Amex: £5715.22

Total: £16,098.34

Goals for this week:

1) When balance transfer hits Capital One card, ring them up to close it and get a cheque for the positive balance sent to me.
2) When cheque arrives, pay into bank ASAP (I'm very bad at this)
3) When balance cleared in account, get new settlement amount from Egg
4) Pay off Egg Loan

Well done.

A good bit of business there.

Mirtos

DDDK - I've just done this - don't get them to send a cheque, get them to BACS it into your account - it's MUCH quicker that way (just popping in - off again now!) :wave:

DontDoDebtKids

Mirtos wrote:

DDDK - I've just done this - don't get them to send a cheque, get them to BACS it into your account - it's MUCH quicker that way (just popping in - off again now!) :wave:

Cheers! Will do!

DontDoDebtKids

Hi all,

Balance transfer registered on Capital One's internet banking website so I phoned them up just now and cancelled my card!

Yippee :j

They insisted that I couldn't have the money transferred directly into my bank account and that, as it was such a large amount, they could send it back to my other card. Not what I wanted, so I opted for a cheque (which will take up to 21 working days!!!)

Oh well. More twiddling of thumbs then.