Balance transfer for the unemployed

confused5000

I've just left higher education and am looking for a job so on benefits. Does anyone know if it's possible to get a balance transfer while claiming benefits?

molerat

Any credit is based on your credit history and your perceived ability to pay the debt back - now what do you think the chances are of being able to transfer (which will be looked on as increasing) an outstanding debt whilst you are on transient unemployment benefits ?

confused5000

I guess that's a no then?

My credit history is excellent and apart from my interest free student overdraft and this credit card with a balance of £2700 I have no other debt.

I will wait till I find a job then.

Candyapple

How much are you looking to transfer? Is it credit card debt or overdraft(s) you are looking to clear?

What is your credit history like? Are you on the electoral roll? Phone contract? All past payments paid on time etc?

EDIT: Just seen your post above. The problem you will run into is when applying for a new card, even if you put unemployed down, chances are if you get accepted, you are going to get a very low limit card; definitely not enough to cover nearly £3k debt balance transfer.

confused5000

Candyapple
I have a mortgage and phone. Been living at this address for 6 years. Never been late for a payment. I'm looking to transfer all or some of my credit card.

InsideInsurance

How are you currently funding life?

If you are of independent means or have a partner thats paying your living expenses then there could be options

gittel

It sounds like you've got a good financial track record. If you want to have a reasonably good idea of whether you'd be accepted, I'd advise you to go to the credit card section on MSE and go to the credit card eligibility calculator, enter the requested information; that'll give you a better answer than any of us. But in my experience of credit cards, I think you've got a reasonable chance of getting what you want especially as you only want it for a BT of £2700. It might be a good idea to ask for a BT of say half that amount so that you've got the amount split over two cards and then transfer the rest to another card. You may want to look at Santander 123 Credit card - it's highly rated by MSE. No charge for BT and potentially long 0%

SuperHan

gittel wrote: »

It sounds like you've got a good financial track record. If you want to have a reasonably good idea of whether you'd be accepted, I'd advise you to go to the credit card section on MSE and go to the credit card eligibility calculator, enter the requested information; that'll give you a better answer than any of us. But in my experience of credit cards, I think you've got a reasonable chance of getting what you want especially as you only want it for a BT of £2700. It might be a good idea to ask for a BT of say half that amount so that you've got the amount split over two cards and then transfer the rest to another card. You may want to look at Santander 123 Credit card - it's highly rated by MSE. No charge for BT and potentially long 0%

Last time I checked, 123 required at least £8k salary. The OP doesn't have this, making his chances of acceptance much lower.

Paully232000

gittel wrote: »

It sounds like you've got a good financial track record. If you want to have a reasonably good idea of whether you'd be accepted, I'd advise you to go to the credit card section on MSE and go to the credit card eligibility calculator, enter the requested information; that'll give you a better answer than any of us. But in my experience of credit cards, I think you've got a reasonable chance of getting what you want especially as you only want it for a BT of £2700. It might be a good idea to ask for a BT of say half that amount so that you've got the amount split over two cards and then transfer the rest to another card. You may want to look at Santander 123 Credit card - it's highly rated by MSE. No charge for BT and potentially long 0%

He could give it a go, but when he comes to the application and puts in his occupation as unemployed with £0 salary his chances of being accepted are non-existent, unless he goes for a card which asks for household income and is living with someone who is working.

gittel

It soon stacks up by the time you add all benefits ie JSA + Mortgage Relief + CT relief + prescriptions + value of NI credits and whatever else the OP may be entitled to claim. If the OP is also able to generate any income from odd jobs - obviously declared - then that also adds up.

Paully232000

gittel wrote: »

It soon stacks up by the time you add all benefits ie JSA + Mortgage Relief + CT relief + prescriptions + value of NI credits and whatever else the OP may be entitled to claim. If the OP is also able to generate any income from odd jobs - obviously declared - then that also adds up.

I am not sure that any of that, apart from the JSA would be counted as income for a CC application. Why would it as it is not income that you receive.

Even the JSA part is debatable, as most CC applications state that you have to be in employment and earning a certain amount per year which is usually more than the JSA yearly amount.