Unoffical Existing Customer Balance Transfers

chrisjw37

Nationwide

12.9% APR (15.9% if not a customer)
and 1 years 0% on transfered sums

If you are an existing Nationwide credit card customer, you will be paying the old rate of 19.9% APR.
They can't change it; so close the account and re-apply 72 hours later.

I did and now have the same credit card, but at 12.9%

Much better.

shamrock_girl

Sorry if this is the wrong way to do this and don't know if I'm being especially stupid, but have just registered on site and can't see how to make new post?!
I would like to ask if you should keep credit cards that you no longer tend to use? I have about 3 different cards, trying not to use at all, but if I do, it's usually 1 card and I seem to recall that I read somewhere that it didn't do your credit rating any good if you kept them?

My other question is, if you are moving an ISA to another place, what is the best time to do this? I did this one time and the bank I was moving it to me sent me letters saying I had done it too early, so it looked as though I was having 2 ISA's open at same time?

schellinho

hi all, I just recieved 0% for 6 months to shift a balance to my existing halifax card.

udydudy

shamrock_girl wrote: »

Sorry...........
I would like to ask if you should keep credit cards that you no longer tend to use? I have about 3 different cards, trying not to use at all, but if I do, it's usually 1 card and I seem to recall that I read somewhere that it didn't do your credit rating any good if you kept them?

My other question is, if you are moving an ISA to another place, what is the best time to do this? I did this one time and the bank I was moving it to me sent me letters saying I had done it too early, so it looked as though I was having 2 ISA's open at same time?

Looks like you have 3 cards but you do not use them much. The reason forumites cancel cards which are not being used is to make sure that they do not get refused when applying for new credit(ensuring lower available credit). If you do not intend to apply for credit in the near term you do not need to worry. The flip side is that if you do not have credit on your credit file then a new lender will not be able to see how you manage credit.
my advice would be to use all three cards, one at a time if you prefer, and ensure you keep paying them off this way your lender will see that you are a responsible borrower and may offer increased credit limits or other forms of credit when you need it. If you do not use the cards at all they cannot see how well you manage credit. my OH was refused a loan because she did not have enough credit on her file. while as even though I have lots of credit availed I was given the loan at their best rate. The managers reasoning was that I manage my credit well so they prefer my kind of file despite high outstandings. funny how the banking system works.


About your ISA query, there is no time restriction on when you can move ISAs. The only restriction is that you can open only one new ISA(for new subscription) in a year(6th April to 5th April). But you can move your ISAs from other years any number of time and this does not constitute a new ISA. I personally used to have one ISA for every year and I used to move them around to get the best rate possible.

udydudy

Halifax 0% for 9 months on MTs and BTs with 3% fee.

shadybrady

Close or keep credit cards ?

I have seen conflicting stories on whether it is better to close paid off credit cards or to keep them.

On one side people say that if you keep them open then companies look at cards that you have and wonder why you need another credit card when you have others with no outstanding balances except for maybe one card debt you are wanting to transfer.

Others say that closing the cards is better so you can get new customer offers etc, whereas there is also the belief that if you close your empty cards then your 'available' credit reduces and gives you a bigger 'debt percentage'.

In other words if you have credit cards with a combined £30,000 available credit, and have a £10,000 debt on them then you have a 33% debt percentage, but if you close some of the cards and reduce your available credit to £20,000 then your debt percentage goes to 50% (£10,000 debt and £20,000 available credit) and this then reduces your chances of getting a new credit card.

I have chopped and changed cards over the years without any issue, and MBNA have always popped up with balance transfer offers at the right time, but these seem to have dried up recently and when I applied for a Barclaycard I was refused.

I only closed my Barclaycard in June 2011 and received a letter saying I would be welcomed back at any time, but last month they refused me and didnt give me a reason in the letter but just said contact equifax (who were useless) so i got my credit report from experian but I am still none the wiser.

My card breakdown is as follows :

MBNA - £9,000 debt / £11,500 available credit
Lloyds - £1,500 debt / £4,750 available credit
Natwest - £3,500 debt / £5,700 available credit
Marksies - £267 debt / £9,400 available credit

So my debt percentage in total works out at about 45% could this have refused me ?

Tried to get an existing customer balance transfer from Marksies but they are not interested in existing customers (a lot like other companies).

Any suggestions on why I was refused or ideas for balance transfers ?

Cheers

Shady

aliasojo

Just been offered RBS 12 month 0% / 3% fee on both Balance Transfers and Money Transfers.

gigabyte

LLoyds TSB Platinum have offered 0% for 9 months, 3% fee. MBNA Platinum 10.9 % until April 2013 with a 3.5% fee.

Both offered via online banking.

xyellowx

halifax 9 months 0%bt with 3% fee
virgin no offers (will try virgin one more time then close it)

btonyb321

I owe my co-op card £2000 I would like to transfer my money to another card. Firstly, does this mean I will have to pay the debt off without any interest for lets say 22 month. Then after that they will apply interest? Secondly, will my credit limit be reduced by the co-op on my first card on can I carry on with the same limit?