Advice on Balance 0% Transfer

Mondy

I need some advice on transferring the balance from two credit cards I currently have. I have the following:

M&S with £2600
Halifax with £1500

I want to move both to 1 card so I can pay it off on 0% terns and its easier to manage. I tried applying for a Virgin card and was declined for what reason I do not know. I the applied for a Tesco card and they only offer a max transfer of £3000 which is not enough, I need in the region of £4500 balance transfer. I already have an MBNA card which I am paying off so that's not an option.

So looking for some advice.

Thanks

HappyMJ

Mondy wrote: »

I need some advice on transferring the balance from two credit cards I currently have. I have the following:

M&S with £2600
Halifax with £1500

I want to move both to 1 card so I can pay it off on 0% terns and its easier to manage. I tried applying for a Virgin card and was declined for what reason I do not know. I the applied for a Tesco card and they only offer a max transfer of £3000 which is not enough, I need in the region of £4500 balance transfer. I already have an MBNA card which I am paying off so that's not an option.

So looking for some advice.

Thanks

You will have to apply for multiple cards then close the original cards so that at the end of the balance transfer period you can open new cards and continue balance transferring.

You may need to space out the applications though.

You've got £3,000 so pay off the M&S card and close it. Once the M&S card shows as closed on your credit report you can apply for another one to pay for the Halifax CC.

They do not allow you to get into too much debt. Although you say you will pay off the cards you can run up a debt again so that's why they won't give you the full amount you're asking for in one go as it would be unaffordable to give you effectively £9,000 of credit.

lufc7

Accept the tesco card and move over £3000 and pay min on the card whilst throwing spare cash at what is outstanding on your other cards. £3000 interest free is better than nothing. Also after 2 applications already I would wait a few months before applying a third time.

enjoyyourshoes

Don't use the new CC as they will charge you punitive interest on purchases and you have to pay the balance transferred balance before you can shift the new purchases.

Calculate the monthly amount required to eradicate the debt before the 0% period finishes and set up DD for this amount. Ensure you pay this every month.

Otherwise you will chasing yourself with yet another 0% deal etc etc

Mondy

lufc7 wrote: »

Accept the tesco card and move over £3000 and pay min on the card whilst throwing spare cash at what is outstanding on your other cards. £3000 interest free is better than nothing. Also after 2 applications already I would wait a few months before applying a third time.

I cancelled the Tesco application half way through when it showed as only offering the 3k. Would I still be able to apply again even though I didn't go through with it?

As for my credit score, last time it was checked (earlier this year) it was top notch so I don't think that should affect it. In terms of paying off the M&S and Halifax one how do I then set them to closed or is this just a case of waiting?

Cheers

[Deleted User]

enjoyyourshoes wrote: »

Don't use the new CC as they will charge you punitive interest on purchases and you have to pay the balance transferred balance before you can shift the new purchases.

This doesn't happen. You will pay interest on the purchases, but they will be the first to be cleared with any payment.

MallyGirl

you have to ask them to be closed - once they are at zero and have no trailing interest

Mondy

A quick search shows that closing cards can harm your credit score?

If I get the Tesco card and transfer the M&S balance and I pay off the Halifax one this will leave me with the following:

MBNA: £9500
Tesco: £2600
Barclycard: £250

I will pay of the remaining on the Barclycard as well and be left with 2z 0% cards. The question I still have is if I will be affected by re-applying for the Tesco card?

Just trying to consolidate my debt onto 2 cards rather than have it spread around on interest cards.

Thanks

[Deleted User]

Mondy wrote: »

A quick search shows that closing cards can harm your credit score?

Anything can harm your credit score. But no one sees it but you so that's ok.

Having high available limits would be more worrying to a potential lender.

Mondy

Ok and how do you close a card, not an option I see when logged in. Is it a case of calling and closing over the phone?

MallyGirl

yes - a phone call