Scared to apply for a balance transfer card

JBR1990

Hello,

I have had a Lloyds Credit card since 08 slowly racked up my debt on it until I was near the limit and then cut it up and started paying it off. I have been paying it off but am shocked at how much interest I am being charged (nearly 15%) which it making it hard to make a massive dent in it.

I've started looking at getting a balance transfer card - Barclays seem to be the best for me, followed by Halifax - but was sent in to a panic by Halifax on the phone when they said I might not be able to get the card right away (also looking to switch current accounts). I have done both an Experian and Call Credit report and scored 980 and 3/5 respectively. One of the positives they mention is that no one has searched my credit report in over a year.

I want to apply for the Barclays card but am worried that the limit I need (£4,500) will put them off and the words of Halifax are ringing in my head and worrying me. I don't want to apply, get rejected and then ruin my credit report by having a search done on it.

Advise please if you understood any of that ramble!!!

Thank you!

BugsyBrowne

Experian credit score is nonsense so take no notice of that crock of sh*t.

It depends on your salary as you already owe 4.5k you will asking for another 4.5k which is then 9k.

What's your salary?

[Deleted User]

Your report won't be ruined by one search. Go for whicherever one you think you stand the best chance of getting and see how it goes.

JBR1990

I'm on £27500. I'd be cancelling the Lloyds card as soon as possible after.

I have read a lot of peoples annoyance at credit reports - guess the only way to really view how lenders see you is trial and error!

BugsyBrowne

JBR1990 wrote: »

I'm on £27500. I'd be cancelling the Lloyds card as soon as possible after.

I have read a lot of peoples annoyance at credit reports - guess the only way to really view how lenders see you is trial and error!

Have you done their PRE approved credit check yet?

As above one search won't hurt I think you will be accepted.

fozmcfc

Apply and let us know how you get on.

I was nervous about applying for my first balance card as I had never ever done a balance transfer at all.

Even if you don't get it, one search won't hurt and even if you only get offered a smaller limit than you really want, it is still worth transferring and then working down the balance on the Lloyds card.

I wasn't sure I would get a card, but I applied for a Virgin card a few years back, got 16 months at 0% at it was a godsend, bye bye £3500 from my Egg card at 21.9%.

Good Luck.

leicsmarkyr

Don't bother applying for the Halifax card as you cannot transfer balances inhouse, i.e. Lloyds to Halifax

jason1231972

Selective and well-spaced applications, whether you're successful or not, won't do any harm in the grand scheme of things. If there's potentially money to be saved, it's often a case of 'why not?'.

ses6jwg

Both Nationwide and Barclays offer competitive balance transfer cards and both allow you do a pre-credit check with an idea on credit limits.

Worth a go.

redpete

JBR1990 wrote: »

I don't want to apply, get rejected and then ruin my credit report by having a search done on it.

I really don't think a single search will make a big difference.

If you don't apply you definitely won't get the account, if you do apply you might get a lower limit, or you might get rejected and make it ever so slightly more difficult to get another.

JBR1990

Thank you everyone for your responses, feeling a little less nervous now. Going to take the plunge and let you know how I get on. Thinking Barclays is the best one to go for first off!!! Eak!!!