Balance transfer for the unemployed

B_G_B

confused5000 wrote: »

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?

The short answer is yes, it is possible. I have successfully applied for 4 credit cards in the last 2 years while on benefits only income (DLA and ESA) All applications online have had guidance notes with reference to what benefits can be included. The Nationwide Select card in particular came with 15 months 0% purchase and 26 months 0% balance transfer (although I did not need / use the balance transfer). This card, in my case, came with a £2000 limit and a 2.4% balance fee.


*Please note that I am grateful for DLA etc and only use the words like "small" and “only" in the context of this thread.

Candyapple

B_G_B wrote: »

The short answer is yes, it is possible. I have successfully applied for 4 credit cards in the last 2 years while on benefits only income (DLA and ESA) All applications online have had guidance notes with reference to what benefits can be included. The Nationwide Select card in particular came with 15 months 0% purchase and 26 months 0% balance transfer (although I did not need / use the balance transfer). This card, in my case, came with a £2000 limit and a 2.4% balance fee.


*Please note that I am grateful for DLA etc and only use the words like "small" and “only" in the context of this thread.

The difference being, with DLA and ESA you can, by conservative estimates, have £10k annual "income" which for some banks and card companies who require £8-10k salary, this would suffice.

OP is presumably on JSA. If he went the traditional uni route then he'll be no older than 21, so his JSA would be circa £2.7k. If he's older than 25, it would be circa £3.5k.

Not forgetting that he already owes £2.7k card debt and an unknown amount of overdraft debt (for purposes of this thread lets say it was another £2k) he would be wanting another credit card with at least £3.2k limit on it to a balance transfer. So OP would be looking to have £8k worth of debt in total. Most lenders would require you to be earning roughly £16k.

confused5000

Update: Have been accepted for a CC and have done a partial BT. Thanks for your advice.

Candyapple

confused5000 wrote: »

Update: Have been accepted for a CC and have done a partial BT. Thanks for your advice.

Thanks for coming back and updating the thread.

Out of interest, who was the card provider and what was your limit?

Did you put down unemployed or exaggerate your income?