Help!! 0% cards ending soon & reached a dead end

Debras_Angel

Having read this thread this morning I thought I may have a problem with a BT as I too have a lot of available credit, much more than nightstick.

I've managed to get one with the MBNA for 0% till next Sept and only 1.9% fee with available crdit of 12k. Don't know if you've tried them nightstick.

Fozmcfc and Michael1983l I think you've both made a good point about the amount of available credit, so I must close down some of my cards. I never use them once the BT has been payed off or moved so no reason not to close down.

PS I don't need the 12k, only a small percentage of this, so ot always makes me wonder why they give you so much when you have confirmed how much you want to transfer.

Cheers

Debs

nightstick

michael1983l wrote: »

You have too much available credit which is why your getting refused most probably. Also you mentioned you have been stoozing for a while, if you suck the devils !!!! for long enough, eventually you will have to swallow.

You're probably right in what you say and I thought converting the card debts to a loan was the right thing to do but I don't know where to go next in this saga. Maybe I'll bite the bullet with the Virgin & Halifax rates for a few months and then try again for a loan. I've set my debt free target at 3 years max & I'm determined to do it.:)

nightstick

Debras_Angel wrote: »

Having read this thread this morning I thought I may have a problem with a BT as I too have a lot of available credit, much more than nightstick.

I've managed to get one with the MBNA for 0% till next Sept and only 1.9% fee with available crdit of 12k. Don't know if you've tried them nightstick.

Fozmcfc and Michael1983l I think you've both made a good point about the amount of available credit, so I must close down some of my cards. I never use them once the BT has been payed off or moved so no reason not to close down.

PS I don't need the 12k, only a small percentage of this, so ot always makes me wonder why they give you so much when you have confirmed how much you want to transfer.

Cheers

Debs

Hi, Debs, I would have tried MBNA but they run the Virgin card so I doubt I'd qualify to move the debt to a different one of their products. I'm going to ask Barclaycard to reduce my limit on that card 'cos I only use it for certain purchases and pay the full balance each time. You're right though getting a good limit doesn't always work in your favour.

Hax

Does your BarclayCard have any BT offers on it? Mine has something like a 7.2% LOB offer - not as good as 0% - but it would be cheaper than when the full interest rates kick in. And you've pretty much enough available to transfer both your Virgin and Halifax cards over.

nightstick

Hax wrote: »

Does your BarclayCard have any BT offers on it? Mine has something like a 7.2% LOB offer - not as good as 0% - but it would be cheaper than when the full interest rates kick in. And you've pretty much enough available to transfer both your Virgin and Halifax cards over.

Hi, that's just what I thought but my Barclaycard is a 'Simplicity' account which I've had for a while, with a fixed 6.8% rate for life and they aren't doing any BT offers to that type of account. Maybe I should contact all three of my card providers and ask them to reduce my limits, I wonder what effect that may have?

Hax

nightstick wrote: »

Hi, that's just what I thought but my Barclaycard is a 'Simplicity' account which I've had for a while, with a fixed 6.8% rate for life and they aren't doing any BT offers to that type of account. Maybe I should contact all three of my card providers and ask them to reduce my limits, I wonder what effect that may have?

Are you sure you can't do a BT for that APR? I'd check with BarclayCard first and see what they can offer you - after all, they're the only provider with whom you have enough credit to offload all of your other cards.

I'd try that first before reducing all of your cards to the bare minimum as if you do that and still fail to get a new card then you would be truly stuck with what you have now.

(Just IMHO of course! )

neneromanova

nightstick wrote: »

Total income £ 32000

Barclaycard limit £7100 balance £160

Virgin limit £7800 balance £2800

Halifax One limit £5000 balance £4100

BoS loan balance £5500

No catalogues, store cards etc

Why not ring Virgin up and see if there's any deals for balance transfers and transfer the Halifax to them? that way the £4100 will be 0% for how every many months.

Debras_Angel

nightstick wrote: »

Hi, Debs, I would have tried MBNA but they run the Virgin card so I doubt I'd qualify to move the debt to a different one of their products. I'm going to ask Barclaycard to reduce my limit on that card 'cos I only use it for certain purchases and pay the full balance each time. You're right though getting a good limit doesn't always work in your favour.

I have the virgin card (not using it) but they've still approved me. Also virgin keep offering me 6.9% on balance transfers until the full amount is paid off. Have you tried them?

Debs

Degenerate

Hax wrote: »

Are you sure you can't do a BT for that APR? I'd check with BarclayCard first and see what they can offer you - after all, they're the only provider with whom you have enough credit to offload all of your other cards.

Indeed, the whole point of the Simplicity card is that it offers that same 6.8% rate for purchases and balance transfers, with no BT fee. Unless that facility has been removed for some reason, it should be possible to transfer £6230 (to take the balance up to 90% of the credit limit). You could then top this up by putting all your daily spending on the card and applying your income to pay down the higher rate cards. It shouldn't take long to get all your card borrowing on the Simplicity at 6.8%, this is a decent rate for the life of the balance.

nightstick

Degenerate wrote: »

Indeed, the whole point of the Simplicity card is that it offers that same 6.8% rate for purchases and balance transfers, with no BT fee. Unless that facility has been removed for some reason, it should be possible to transfer £6230 (to take the balance up to 90% of the credit limit). You could then top this up by putting all your daily spending on the card and applying your income to pay down the higher rate cards. It shouldn't take long to get all your card borrowing on the Simplicity at 6.8%, this is a decent rate for the life of the balance.

:T Great advice from Hax & Degenerate, I spoke to Barclaycard and did two BT's from my cards with deals ending. There was no transfer fee and the rate is 6.8% for life, just as you said, great result, thanks again:j