balance transfer advice please

shabbina

My husbands interest free period has run out and hes applied to a few different companies for cards but he keeps getting refused. I think his cred historys gotten worse. So I was wondering if I managed to get a credit card could I use it to pay off his card? Would we get the same benefit by doing that? Or can I transfer his balance on to mine?

thesaint

You can transfer his balance onto your card. Don't tell your card company that you are doing this, let them assume that you are transferring from one of your cards.
Tell your husband to stop applying for credit and get a copy of his credit report and find out why he's being refused.

tom188

Yes you can (if not officially) transfer to his account. Try MBNA/Virgin/HSBC/CapitalOne for a long deal for yourself or alternatively a low rate life of balance card such as M&S &More
Remember you will then be personally liable for the debt instead of your husband.

Applying to for lots of different cards will have dented your husbands credit score and he should not apply for any more for at least six months as these searches will stay on his record for a year and any more searches will do more damage.

In the interim he should ring up the credit card company and see if they will reduce his rate or give him another special offer - this will sometimes happen.

shabbina

I dont mean to sound thick but you say "not officially" so how do I do it? Ive never had a credit card so I will need to apply for one. How can I transfer his balance onto mine ? What do I need to do?

shabbina

Also is there a minimum salary requirement for some card such as the ones that are called platinum etc?

CLAPTON

firstly are you sure you want your husbands debts. if you transfer it to your card it will be your debt and not his and you will be legally responsible for repaying it.

if you have never had one then think carefully before you get one...as your OH has discovered its very easy to spend on them but a lot more difficult to repay the money.

however, if you did have one you simply ask your CC provider to do a balance transfer; that is you provide the 16 digit CC number and how much and they pay that money to the card and debit your card.
often they charge 2.5 % as a fee.
if the CC has a decent website then often you can do this online.

but be careful

shabbina

shabbina wrote:

Also is there a minimum salary requirement for some card such as the ones that are called platinum etc?

.............

tom188

shabbina wrote:

.............

Yes sometimes

Normally this will be stated in the product description before you apply.

Some providers appear to be more picky than others though.

Platinum these days is more of a marketing gimmick than anything else to make you feels "special" and use the card more.

YorkshireBoy

shabbina wrote:

.............

The short answer is yes.

However, you'll need to check out provider websites or give them a ring to ensure you don't waste an application.

A word of warning though...don't expect to get automatically accepted, or be given a decent limit straight off because...

1. You haven't had a card before so may not have any 'history' of credit management.

2. If you are financially associated with your partner (via a mortgage or joint current account etc), his debts will be taken into consideration by the lender when they assess you.

3. It sounds like you may not have a 'high' salary.

Also, as has been pointed out already, do not apply for lots of credit at once - you'll damage your credit rating for months to come.

Finally, re your proposed balance transfer request, be aware that some providers do ask for the 'name' on the other credit card (as well as the standard 16 digit number and card provider) - HSBC being one of them.

shabbina

Can u recommened a safe card to apply for. Btw my salary is not that 'low' either.

thesaint

YorkshireBoy Quote:
Originally Posted by shabbina
.............

The short answer is yes.

However, you'll need to check out provider websites or give them a ring to ensure you don't waste an application.

A word of warning though...don't expect to get automatically accepted, or be given a decent limit straight off because...

1. You haven't had a card before so may not have any 'history' of credit management.

2. If you are financially associated with your partner (via a mortgage or joint current account etc), his debts will be taken into consideration by the lender when they assess you.

3. It sounds like you may not have a 'high' salary.

Also, as has been pointed out already, do not apply for lots of credit at once - you'll damage your credit rating for months to come.

Finally, re your proposed balance transfer request, be aware that some providers do ask for the 'name' on the other credit card (as well as the standard 16 digit number and card provider) - HSBC being one of them.

YorkshireBoy,
Would it be possible for the OP to bypass the HSBC rule of the name on the card by her husband applying for a card for his wife(additional cardholder) and then trying to do a BT?