The Best Balance Transfers article discussion area

Moggles_2

Originally Posted by LosEndos
Been doing the CC shuffle for several years now and need to shift some 11k from Cap One and I was wondering if it is best to put the BT on the next application I make, or leave it until I receive the card?

Or put it another way, do you think that doing a BT up front has an influence on the credit limit you get?

It's best to keep your options open, IMO, and leave the balance transfer section of your credit card application blank or, if asked, state you may be interested.

Of course, you might want to commit yourself to a BT if you believe it could influence the credit limit eventually offered. IME, this is seldom the case.

Personally, I feel the possible advantage gained is outweighed by the disadvantages. An horrendous story involving LTSB and Capital One was posted on this thread last year. Incompetence on this scale is fortunately rare but, for peace of mind and to avoid unwanted partial transfers, I would wait until safe receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new card. There's usually a Freefone number for this

Moggles_2

Originally Posted by bricklayer1
At the time of application on the Virgin site, I don't think I stated I want the card for a balance transfer
Do you see a problem when I request a b.t?

Not at all. IMO, it's better to wait until safe receipt of your card & credit limit (Please see previous post #863 )

bricklayer1

Moggles wrote: »

Not at all. IMO, it's better to wait until safe receipt of your card & credit limit (Please see previous post #863 )

thanks Moggles you have been very enlightening on this
:T

spendaholicleo

My brother has offered to get me out of the mess im in by getting me a credit card. My debt is £7000 but he could only get 0% card with limit of 3600.00....he has a mbna card (paying interest) with a limit of £15000 which would be ideal for me.....He knwo I will pay he has all the evidence to give my mum and dad if I dont..ha....Should I do this or can he call mbna and ask for lower interest rate or a 0% card for himself and transfer...please help this is a minefield????
Thanks amarie

hampshirebabe

I want to apply for a new CC, either HSBC 2% for 2 years or citibank 4.9% for the life of the balance. When I tried the HSBC one it ask's if I'm registered for internet banking with first direct, which I am, but when it says log in, the FD details dont work, it's the HSBC log in page how can I get round that?
My other question is about citibank, I've got a shell citibank card, can I still apply for a citi platinum mastercard do you think?

samara

just barclaycard.

samara

thanks moggles for your valuable input(see post 851). I only have a barclaycard with about £1200 on it but want to balance transfer this to help me with cashflow.Will the actual act of the balance transfer have any impact on my score? As I'm unlikely to get a new card before the minimum payment is due on the b/card,will there be any impact form this( as the bt will be done after the mininum payment is made)? Can I bt other ,newer debts on the b/card after this £1200 one ?

Moggles_2

Originally Posted by spendaholicleo
My brother has offered to get me out of the mess I'm in, by getting me a credit card.

If I've understood your post correctly, your brother has applied for an additional credit card in his name, in order to settle your debt. Your brother needs to be aware that, in doing this, he becomes soley liable for the debt. If you didn't keep up the repayments, for instance, he couldn't ask the card company to charge you (or your parents) for any remaining balance.

My debt is £7000, but he could only get 0% card with limit of £3600.00

Presumably you are forking out lots of interest on your £7000 debt, so this card would still save you heaps. Provided that your brother agrees, I would transfer what you can. Meanwhile, try to pay off as much as possible of the remaining £3400. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process.

He has a MBNA card (paying interest) with a limit of £15000 which would be ideal for me. He knows I will pay. He has all the evidence to give my mum and dad if I don't. Should I do this or can he call MBNA and ask for lower interest rate or a 0% card for himself and transfer?

Oops. I can hear the ice cracking. As the cardholder, your brother must decide for himself whether to ring MBNA. The bank will not discuss his account with you.

Bear in mind that most 0% deals are aimed at new customers, not existing cardholders. A reduced rate may be negotiable. Your brother would be on firmer ground, if his balance was zero.

Moggles_2

Originally Posted by hampshirebabe
I've got a shell citibank card. Can I still apply for a citi platinum mastercard do you think?

Not a good idea, IMO, to apply for two credit cards from the same stable. It's not as though there's a shortage of lenders out there.

Moggles_2

Originally Posted by samara
I only have a Barclaycard with about £1200 on it but want to balance transfer this to help me with cashflow.

If Barclaycard is your first ever credit card, you will find it easier to get the cards and credit limits you want, once you have operated this and at least one other credit card for a bit.

Will the actual act of the balance transfer have any impact on my score? As I'm unlikely to get a new card before the minimum payment is due on the b/card, will there be any impact from this (as the bt will be done after the mininum payment is made)?

Only in as much as the available credit in relation to your income increases with each successful credit card application. AFAIK, the balance transfer itself has no effect on your credit rating.

Can I bt other, newer debts on the b/card after this £1200 one

Yes, you can