Balance transfers on 0% cards

tryingtosucceed

I'm trying to sort out my life (finally) and am looking at one issue at the moment. I have a Halifax CC with a balance of @ £1300. I want to transfer this to a 0% card so that I can get it paid off at £100 per month. However, my current Experion credit score is poor at 714 so I won't get accepted for one of these cards. My wife has a (more or less) perfect credit rating and can get 0% cards (you know where this is going). Wonderful wifey is prepared to get a card and have my balance transferred onto it but will the card conpanies allow this?

stephane_2

If you or your wife can get a card then you'll be able to transfer the balance as long as the new card is not issued by the HBOS Group....

tryingtosucceed

stephane wrote: »

If you or your wife can get a card then you'll be able to transfer the balance as long as the new card is not issued by the HBOS Group....

Thanks for the quick reply. :T She's just been offered an MBNA (?) 0% card so it sounds like this would work?

EDIT: If we went ahead and did this and my credit card limit was back to zero, would my credit score improve in any way?

stephane_2

That will work with MBNA.....first stop wasting your money on experian or equifax credit score...it is a number generated out of thin air and means absolutely nothing. Each potential lenders will have many different criteria before granting credit to someone, such as how many active accounts you've got, ratio debt to income, if you are using all of your limit or close to it, payment history (late/missed), electoral roll, time at address, employment etc....and many others which we will never know...so repaying your credit card debt is only a small part of it.

stephane_2

If you have not made any credit application within the last few months, then you could have tried yourself...you had nothing to lose, even if rejected it would only show a search which after 6 months will have almost no impact at all on your file

JimmyTheWig

Yes, no reason that the cards have to be in the same name. You can transfer a balance from anyone's card to your own. (Though quite why you'd want to pay the credit card balance of some bloke down the pub, I don't know...)

The only thing to be aware of is that the debt becomes your wife's. From what you've said, that doesn't sound a problem and so all should be fine.

stephane_2

JimmyTheWig wrote: »

Yes, no reason that the cards have to be in the same name. You can transfer a balance from anyone's card to your own. (Though quite why you'd want to pay the credit card balance of some bloke down the pub, I don't know...)

The only thing to be aware of is that the debt becomes your wife's. From what you've said, that doesn't sound a problem and so all should be fine.

As long as the cards are not issued by same company....