Balance Transfer Credit Card 19 Year Old

RobGlover92

Hi,

I am in the process of buying a car for £2,000 and I am trying to make it so that I can pay low monthly payments, but not pay much interest.

The way I am intending to do this is to take out 2 credit cards:

1- The Mule Credit Card
2- 0% Balance Transfer Credit Card.

I am having a problem finding a credit card for step 1.
I am 19 years old in full time employment but I won't be accepted for any credit cards what-so-ever.
I have however, been accepted for HSBC's £2250 limit 0% Balance Transfer for 22 Months credit card.

So, my question is, wether or not there is a card that I can apply for and get accepted for, for which I can use for a £2,000 Cash Advance/Money Transfer.
I would then switch the balance of this card to the HSBC one.

Thank you for any help!

Ben8282

You say that you 'won't be accepted for any credit cards whatsoever' yet you have managed to get an HSBC card with a nice credit limit for a 19 year old and a nice long 22 month bt period so things can't be that bad.

RobGlover92

Yes I got the HSBC one which I am happy about, but that is only half the trick.

I need to get another credit card in order to make use of the Balance transfer, else having the HSBC one is useless.

My problem lies with the fact that I can't seem to get accepted for any other credit card.

I think I got accepted for the HSBC one because I fit all the eligibility requirements (which aren't too strict), where as on others I am declined due to the fact I am not at least 21 years old and I have no credit rating.

Tixy

Unlikely you will find one I think.
Who have you applied to and been declined by?

Is the hsbc card you've been offered just 0% on balance transfers or is it also on purchases?

If on purchases could you put your day to day spending on this card instead of using your wages, and maybe also ask friends family if you can buy their purchases on your card and them give you the cash at the same time. Perhaps in this way it wouldn't take long to build up the cash you need to purchase the car.
Also do you have some savings aside for the insurance? again could this go on your credit card instead and use some of those savings towards your car?

Aside from that option then I don't think there is a practical way to use this card to buy a car in cash.

RobGlover92

Unfortunately none of those really sound like valid options for my situation, as handy as they would be.

I've been declined for:
-barclaycard
-virgin
-breakthrough breast cancer (15 months 0% apr on money transfers if anyone is interested)

and a few others that I have forgotten the names of.

Aye it seems that way, the only practical way to use this HSBC card is to get another credit card, but I just can't seem to get one!

Tixy

Breast cancer card is issued by MBNA the same as Virgin, its generally not advisable to apply for 2 cards from the same issuer, if you were declined 1 you'll most likely be declined the others.

The only cards that offer money transfers to new customers are mbna backed cards and post office. Aside from that there are tesco and M&S who you do the equivalent thing by buying travellers cheques from them and paying them into your bank account, thereby you end up with cash.

As you've already had several recent applications you'll probably find you won't get any new card now. Its generally advised not to have more than 3-4 applications in a 6month period. Any more than then in the short term you are even more likely to be declined.

You might have had a chance at a post office classic card, but I don't think you'd be accepted for any of the others. And the recent applications could affect the chance of a post office card now.

I wouldn't try making any more applications at the moment and accept that this isn't going to happen in the short term.

RobGlover92

Argh that is gutting news, thanks for your help and advice everyone who offered it.

Fruit_and_Nut_Case

Can you get a friend or family member to make the purchase with their card? Then you can BT to your shiny new one. Bingo! Job done.

RobGlover92

Ah is that a possibility?
I heard somehwhere that there might be an issue with Balance Transferring from another Card Holder

Tixy

RobGlover92 wrote: »

Ah is that a possibility?
I heard somehwhere that there might be an issue with Balance Transferring from another Card Holder

Take a look at this from earlier today
Transfer DH's balance to my credit card?