New CC for Balance Transfer HELP

GeCon

Hi,

I have currently got £4,000 on my CC which I would like to transfer onto a different CC in order to get a better interest rate.

I have recently ordered myself my Credit Reports and:

• Equifax: Last search on 21.09.06.

• Experian: Last search on 21.09.06.

• Callcredit: Last search on 19.10.06.

I have read through all the articles about BT’s and am unsure now which one to choose. My biggest worry is that if I choose one and get rejected I won’t be able to apply for another one for 6 months as it will show on my credit file.

The ones to choose from are:

• Bank of Ireland Ulster Rugby MasterCard
• Morgan Stanley MasterCard
• Marks & Spencer &MORE Credit Card

Has anyone had any experiences as to who is more likely to accept someone? Also, as my last searches on Equifax and Experian were on 21.09.06, is it advisable to already apply again now or should I wait a bit longer as it has only just been 6 months (and 2 days)? I am now also on the Electoral Roll (since 10/2006). Is this okay or do I need to be on it for a certain time before it positively affects my credit file?

I am looking forward to your comments.

Happy_Bunny_6

I've got the Marks and Spencer "More" credit card

They gave me a massive £8000 credit limit on the 3.9% life of balance, which was enough for me to transfer all my debts to them.

I don't know why they are different but other cc's only gave me maximum of £2500 and some as little as £900
so they might be worth a try

GeCon

Happy_Bunny wrote: »

I've got the Marks and Spencer "More" credit card

They gave me a massive £8000 credit limit on the 3.9% life of balance, which was enough for me to transfer all my debts to them.

I don't know why they are different but other cc's only gave me maximum of £2500 and some as little as £900
so they might be worth a try

Thanks. Have just read in another thread that M&S card is not an option for me as I'm currently with HSBC and need to transfer from them. Apparently you can't BT from HSBC to M&S as they are the same card company.

YorkshireBoy

GeCon wrote: »

Have just read in another thread that M&S card is not an option for me as I'm currently with HSBC and need to transfer from them. Apparently you can't BT from HSBC to M&S as they are the same card company.

Not true! M&S sent out a notice of variation (effective 6th March 2007) in January stating...

"We will currently permit you to transfer an amount owed to another member of the HSBC Group to your account. Accordingly, the words "(who must not be a member of the HSBC Group)" have been deleted from the definition of Balance Transfer."

There are other changes which you should be aware of. There's a summary (possible introduction of fees and restrictions on BT amounts) on the stoozing site here.


Edited to add: Even if they wouldn't BT from HSBC, you could still make the transfer using the M&S travellers cheque loophole (for a 1% fee and 10 months 0%). However, you may feel that with the introduction of more and more BT fees, and lenders generally tightening up, you're better off with 4.9% LOB.

jay78

GeCon wrote: »

Hi,

I have currently got £4,000 on my CC which I would like to transfer onto a different CC in order to get a better interest rate.

I have recently ordered myself my Credit Reports and:

• Equifax: Last search on 21.09.06.

• Experian: Last search on 21.09.06.

• Callcredit: Last search on 19.10.06.

I have read through all the articles about BT’s and am unsure now which one to choose. My biggest worry is that if I choose one and get rejected I won’t be able to apply for another one for 6 months as it will show on my credit file.

The ones to choose from are:

• Bank of Ireland Ulster Rugby MasterCard
• Morgan Stanley MasterCard
• Marks & Spencer &MORE Credit Card

Has anyone had any experiences as to who is more likely to accept someone? Also, as my last searches on Equifax and Experian were on 21.09.06, is it advisable to already apply again now or should I wait a bit longer as it has only just been 6 months (and 2 days)? I am now also on the Electoral Roll (since 10/2006). Is this okay or do I need to be on it for a certain time before it positively affects my credit file?

I am looking forward to your comments.

6 months seems like a reasonable time to me. Was it a 'credit' search you had?