Which 0% balance card to apply for?

magic57

I am planning to apply for a 0% balance transfer card. I understand that if I get rejected it will affect my rating.
So is it better to try for a card with such as Barclay card gold rather than the platinum in the hope they will accept my application rather than risking a rejection?

The platinium one wants an excellent credit score rating and the gold one says it will accept average.

I'm waiting a report from experian. I always pay my card on time but can't mange the full amount so I'm not sure I would have an excellent rating. I have had an unexpected expense recently so it has gone on my credit card.

Thank you to all you people who are always so helpful. :A

garynuman

Last month, I applied for a Barclaycard Platinum to do a balance transfer of £3500. I was accepted with a £7500 credit limit! - I was truly surprised.

I have a "fair" credit rating (before people start shouting :mad:; I know this is irrelevant as banks use their own scoring processess)

A credit search is likely to be undertaken on BOTH cards, so If you meet the criteria, I would personally try for the Platinum.

Fees on balance transfers are only 1.45% too instead of 3-5%!

Gaz

smithers1981

i too have a 'fair' rating 50/50 accepted declined on applications but i was accepted for Barclaycard platinum with surprising £10k limit go for it one application won't hurt.

magic57

Thanks for your replies.

If I go for the Platinium but don't get it do you think they would offer the Gold one instead?

We have recently had to lend some money to a close family member in trouble and were glad to help but it has left us in a bit of a financial mess. Now we are trying to sort it out as best we can hence the balance transfer idea.
I'm not very knowledgeable about these things so its great to have you guys around. :A

garynuman

magic57 wrote: »

Thanks for your replies.

If I go for the Platinium but don't get it do you think they would offer the Gold one instead?

I didn't think this is common-place.

Unless you arrange the application over the phone and ask, you'll probably need to apply again. This will likely generate another credit search which may be detrimental to your credit record. May be worth asking though.

Gaz

magic57

Thanks. I think I'll wait for the Experian report to see what rating they give. We have been at the same address for 20 years and have no CCJ's or anything. We are on the electoral role.
Fingers crossed. :A