Balance Transfer

Flying_Solo

If i open a new CC that has a 0% BT offer...

I undestand that i can only transfer across 95% of new limit.

what if my current balance exceeds this new limit?

Is it worth doing the transfer ?

sistafromanothermista

Definitely! it's worth having as much on 0% as you can. Then you only pay interest on the outstanding amount!

Flying_Solo

thanks. i thought so. im nervous about applying as im not sure ill get accepted or not.. grrrr so stressful!

sistafromanothermista

Whcih card are you thinking of transfering to which card?

Flying_Solo

well its one of the most basic ones as i feel in my current situation I will not get accepted on some of the better deals so im thinking of going for one that ive seen on this site..

its a capital one..

Capital One Balance Credit card.. offers 0% BT util June 2013.

exponential

I just got declined for that particular card!

Wanted to transfer my existing Barclaycard Initial balance.

Funny because ive just received a (pre-approved) cap one visa @ 34% yet I get declined for the Bal Transfer card????

My credit score is low btw.

sfax

exponential wrote: »

I just got declined for that particular card!

Wanted to transfer my existing Barclaycard Initial balance.

Funny because ive just received a (pre-approved) cap one visa @ 34% yet I get declined for the Bal Transfer card????

My credit score is low btw.

You generally need a good credit rating for the best 0% cards. The higher the risk you represent to the lender, the higher the interest rate

exponential

sfax wrote: »

You generally need a good credit rating for the best 0% cards. The higher the risk you represent to the lender, the higher the interest rate

I just assumed that, with them offering me their classic card, I would be able to get the balance transfer card.
Pointless getting their classic for a balance transfer when there is no 0% offer? Unless having two credit cards would further increase my credit rating??

Flying_Solo

Well. I went head an applied. Got a message saying doing further check or something along those lines... So not a no... Not a yes either... So now I wait! Fingers crossed.... I coul really use the tranafwr right now... At least of the main chunk!

exponential

Flying_Solo wrote: »

Well. I went head an applied. Got a message saying doing further check or something along those lines... So not a no... Not a yes either... So now I wait! Fingers crossed.... I coul really use the tranafwr right now... At least of the main chunk!

Don't want to put a downer on anything but that is the same thing they did to me.
I passed the initial, online stage but then was rejected for the card itself.

I could also do with a 0% BT at the moment but as there isn't any other CC provider who offer 0% BT to people with a poor credit score/rating........ guess I have to take it on the chin.

Flying_Solo

Yeah. I figure it's a 50 50. I also know of people that got the same message and got accepted so I guess we shall see..... I haven't applied for anything else and if this is rejected then ill just suck it up for now until I start my new job that will give my income a boost.

We shall see.....