0% interest balance reshuffle, can I please pick your brains...

TheNibbler

I'm doing my (every 18 months or so) reshuffle of credit card balances moving them on to new 0% balance transfer cards.

Its unfortunate that a lot of my current 0% deals have finished at the same time so although my current debt is not rising, I have needed to apply for 2 new CC cards this month. I did get them though.

I'm nearly done but have £3k left on a Lloyds card I'm getting hammered on interest on. Next payment is due beginning of Dec so I'm anxious to move that balance before then.

I just applied for a 33 months Sainburys card, applied for a 3k balance transfer but all I got at the end was a reference number and a vague promise they'll be in touch within 5 working days.

I'm annoyed at myself because I've just seen a virtually indentical 32 month offer from Tesco with a promise of an answer in 90 secs. I wish I had applied for that instead of the Sainsburys one.

Ok so here's where I'd like some expert's advice!

1. Sainsburys delay: Is that standard practise that they make you wait or is it because I've already asked for a couple of CCs this month?

2. Considering the above, would it be a bad move to apply for the Tescos card?

3. When they say how much credit you've applied for in a month, does it go by calendar month or say 30 days from your last application? So for example, if I applied for a card Nov 15, should I wait until Dec 1st or Dec 15th before applying somewhere else?

Would hugely appreciate some advice here!

grumbler

TheNibbler wrote: »

3. When they say how much credit you've applied for in a month, does it go by calendar month or say 30 days from your last application?

Who are 'they'?
What counts is the number of applications (credit searches), not the amount or credit you applied for, although every new card increases the total amount of credit available to you thus negatively affecting your credit scoring unless you close old accounts.

Re the timing, the searches remain in the files for 6 months IIRC. I think this depends on the lender, how many recent months they take into account. I don't think that generally it's just one month, either calendar or 30 days.

TheNibbler

Thanks Grumbler.

When I say "they" there was something on the Sainburys application that said "have you been refused credit this month" so I wondered if it was a month to month thing and perhaps I've overdone it a bit in Nov.

What you said about 6 months or makes more sense though!

I have a Barclaycard now on £0. I was going to keep it for emergencys but maybe I should cancel it, maybe that will help my credit situation?

YorkshireBoy

TheNibbler wrote: »

I'm annoyed at myself because I've just seen a virtually indentical 32 month offer from Tesco with a promise of an answer in 90 secs.

Don't be fooled by that. It's no different from Sainsbury's!

You WILL get answer from Tesco in 90 seconds, and it will be one of the following:

1. You're accepted
2. You're rejected
3. We need a bit more time to think about it.

You got the 3rd from Sainsbury's, and you could get the same from Tesco.

TheNibbler

Ha cheers YorkshireBoy, feel better now.

I'm fully expecting to be declined, not the end of the world, its the hope I can't stand!

I rang up Barclaycard yesterday pretending to cancel account (it's on £0), hoping they'd chuck me a cheeky 0% balance transfer offer to get me to stay..ha they called my bluff, didn't give me anything! I kept the card, figured 2 years of regularly paying it looks good on my record.