Which card next?

FloFlo

Hubby earns £16000 approx so doesn't qualify for some of the cards.

He already has Halifax One, Virgin White MBNA, HSBC. All just about to finish 0% end of Oct with a total of £5500 needed to transfer to new 0% card.

What would be his best option to get the 0% and big enough credit limit?

Thanks

BugsyBrowne

FloFlo wrote: »

Hubby earns £16000 approx so doesn't qualify for some of the cards.

He already has Halifax One, Virgin White MBNA, HSBC. All just about to finish 0% end of Oct with a total of £5500 needed to transfer to new 0% card.

What would be his best option to get the 0% and bug enough credit limit?

Thanks

All depends on his credit rating.

FloFlo

Credit rating is very good / excellent with experian and equifax.

izools

Given his high debt to income ratio, the Creation Mastercard:

http://www.your-application.co.uk/netfinancecertegymicrosite/creation/Welcome.aspx?responseCode=DIR006

FloFlo

izools wrote: »

Given his high debt to income ratio, the Creation Mastercard:

http://www.your-application.co.uk/netfinancecertegymicrosite/creation/Welcome.aspx?responseCode=DIR006

Never heard of these - are they sub-prime?

Aren't there any mainstream lenders to consider? Would he stand a chance with Egg?

izools

FloFlo wrote: »

Never heard of these - are they sub-prime?

Aren't there any mainstream lenders to consider? Would he stand a chance with Egg?

No they are very much prime and have a very good balance transfer offer - better than Egg - but their credit scoring is more lax than most, and asking for £5500 borrowing atop £5500 on a £16000 salary is a big ask.

The creditors won't be too interested that he will be doing a transfer, rather how much total credit is available to him.

You could try egg first and then go for the Creation card if no joy.

FloFlo

He has been accepted for Egg with a £3500 limit so I think pay off the virgin mbna and the hsbc mastercard. Virgin may well come up with another offer once the balance is nil and then transfer the Halifax one onto the virgin. If Virgin don't come with an offer then he'll have to close it and apply elsewhere.

izools

FloFlo wrote: »

He has been accepted for Egg with a £3500 limit so I think pay off the virgin mbna and the hsbc mastercard. Virgin may well come up with another offer once the balance is nil and then transfer the Halifax one onto the virgin. If Virgin don't come with an offer then he'll have to close it and apply elsewhere.

I'll garantee you that Creation will stump up the rest if he applies before the Egg card appears on his credit file (takes a few weeks to show up).

Oh, by the way, Egg search Experian and Creation search Equifax so it'll only be one search on each credit file

Pantera_Fan

izools wrote: »

I'll garantee you that Creation will stump up the rest if he applies before the Egg card appears on his credit file (takes a few weeks to show up).

Oh, by the way, Egg search Experian and Creation search Equifax so it'll only be one search on each credit file

It would potentially be an unnecessary search for the creation card as one of the criteria of this is an annual income of atleast £20000.

FloFlo wrote: »

Hubby earns £16000 approx so doesn't qualify for some of the cards.

Application does only ask for total household income though so not sure how strictly this would be applied if your household total is above £20k but individual isn't. They must do employer checks although they don't ask a lot of infomation about them either!

To get the extra credit needed I would try santanders 0% for 13 months. If he has a good record you should be accepted with that level of debt to income. Terrible customer service if you need to speak to them but once DD set up etc shouldn't be a problem plus offer regular 0% deals to existing customers. They require a min income of £7,500 so easily met income criteria.

FloFlo

Total household income is £42,000 so any that require household income should be ok.