Balance transfer credit card with no credit history

MsSquirrel

Hi, I am trying to get a credit card to make a balance transfer from my partner's RBS credit card which is coming to the end of it's 0% interest period.
I applied for one with Halifax but got declined. I did an Experian report which told me this was because:

• The age of your accounts indicates lenders are likely to view you as higher risk
• You have no successfully settled credit account (I bought a kitchen on credit this year and haven't paid it off yet).

The Experian report told me that I was most likely to be accepted for Barclaycard Platinum with BT (18 months) because this is designed for people with limited credit history.

My QUESTION is: How long do I have to wait before applying for this card? As I believe you have to wait after you have been declined?

Any help much appreciated!! Thanks

BugsyBrowne

Ignore what Experian thinks you'll be excepted for they've no clue.

0% cards are normally dished out to those with a good history of managing credit cards etc with a good payment history.

Getting one with no credit history is unlikely but not impossible as your bank might chuck one at you as they know your history.

Experian_company_representative

The credit application footprints don't show whether you were accepted or refused but it's sensible to space out your applications to avoid looking a bit desperate. If you've not applied for anything else recently then it shouldn't really be a problem for you.

James

BugsyBrowne

Experian_company_representative wrote: »

The credit application footprints don't show whether you were accepted or refused but it's sensible to space out your applications to avoid looking a bit desperate. If you've not applied for anything else recently then it shouldn't really be a problem for you.

James

Are you telling a poster with No credit history that getting a 0% credit card shouldn't be a problem?

YorkshireBoy

BugsyBrowne wrote: »

Are you telling a poster with No credit history that getting a 0% credit card shouldn't be a problem?

Op hasn't got "no credit history", they have a "limited credit history" (quote from the Barclaycard website for the card recommended). Here's the eligibility criteria (although not guaranteed of course!) for the card in question...

Here is a guide to see if you could be eligible:

1. Have a current credit card, loan or mortgage, and have been paying all your bills on time in the last 6-12 months
2. You are 18 or older
3. You are in employment
4. You have not been declared bankrupt, and have no County Court Judgments or Individual Voluntary Arrangements (IVAs)

Please note that this is a guide and does not guarantee acceptance

OP would seem to be eligible on point 1, leaving just the other 3 to comply with to be in with a shout?

Barclaycard_Company_Representative

Hi MsSquirrel,

Our pre-eligibility checker might help you here.

This can help by giving you an indication of the which of our cards may be available for you. As this isn’t a full application it won’t impact your credit rating. You can find it here: https://letmechoose.barclaycard.co.uk/.

You can also check out our credit guidance and advice pages for more info, just visit: http://www.barclaycard.co.uk/personal/credit-guidance

If you have any queries you’re welcome to get in touch with us at [EMAIL="wr@barclaycard.co.uk"]wr@barclaycard.co.uk[/EMAIL].

Thanks,

Brendan

BugsyBrowne

YorkshireBoy wrote: »

Op hasn't got "no credit history", they have a "limited credit history" (quote from the Barclaycard website for the card recommended). Here's the eligibility criteria (although not guaranteed of course!) for the card in question...OP would seem to be eligible on point 1, leaving just the other 3 to comply with to be in with a shout?

Didn't realise the OP bought a kitchen

[Deleted User]

There's no better place than the MSE forums to buy a kitchen (cheap with amazing designs), especially in the early morning.

MsSquirrel

Hi all, thank you so much for your advice, much appreciated.

James it is good to know that the fact I got declined won't show up on future searches. And as the Experian report told me - I've only been searched 4 times, twice by Halifax and twice by Experian, so hopefully it should be okay to apply for another credit card now.

Bredan - thanks for sending details of the pre-eligibility checker. I have just done this and it has said that the only card suitable would be the Barclaycard Initial Credit Card, which doesn't seem suitable for my purpose as it's a high APR (34.9%) and only 0% for 3 months. I also don't think it's suitable for balance transfer? Does this mean it is not worth me applying for Barclaycard Platinum with BT (18 months)?

We need the terms to be longer than this as currently we are cash poor but asset rich (we have bought a house outright with no mortgage and my partner is renovating so not currently employed). This balance transfer just needs to last until my partner is back in work when we should be able to pay it off quickly (the debt is only £6500). We'd like the terms to be a min. of 12 months interest free, ideally 18 months.

Any further advice much appreciated. Thanks

BugsyBrowne

So Experian says with your current credit profile you should apply for the Barclaycard Platinum yet the Barclaycard Pre-application thingy says the Barclaycard Initial.

To the OP use this one at least it's accurate and it will give you an APR and rate and it won't effect your credit file unless you continue with application.
http://www.nationwide.co.uk/creditcard/balance_transfer_offer/apply.htm

Barclaycard_Company_Representative

Hi MsSquirrel,

Thanks for getting back to us.

You’re correct that the Barclaycard Initial doesn’t come with a Balance Transfer offer, I’m sorry that the card suggested doesn’t meet your needs.

Given the results of your pre-eligibility checker, which is our best view of your likelihood to be accepted, I wouldn’t apply for a Barclaycard Platinum at this time. I’m sorry that we haven’t able to help you further here.

If your circumstances change, you’re welcome to check our eligibility checker again in the future, however, we’d recommend you allow a minimum of 3 months between checks.

Thanks,
Brendan