Debt/Loan Eligibility questions

BrassicWoman

I'm confused, I cannot see what you are consolidating. You have only one debt and you are just looking to move it?

Start paying a lot more than minimum. Do you know what the interest rate is and how steady has the exchange rate been? You don't want to shift currencies and make it worse!

Candyapple

falafel wrote: »

Thanks for your reply earlier. My wife just did the credit check on Noddle. It comes to '639 and 5/5' - i know the score doesn't mean anything, but there are no real holes in the report. 1 credit card, 1 phone bill and 2 bank accounts. Still showing as 30% elgibility as the highest. Maybe there isn't enough credit history?

It could be if everything else seems to be ok. As I stated above, try for a money transfer card instead.

BrassicWoman wrote: »

I'm confused, I cannot see what you are consolidating. You have only one debt and you are just looking to move it?

Start paying a lot more than minimum. Do you know what the interest rate is and how steady has the exchange rate been? You don't want to shift currencies and make it worse!

$15k Canadian is roughly £8.5k. That's easily do-able on a 0% card with their salaries individually. I would imagine the Canadian debt is incurring interest and regardless of favourable exchange rates that having it cleared and paid off and the debt transferred to a 0% card in the UK would be a lot easier plus the benefit of having it one place and not having to worry about possibly keeping open a Canadian bank account just to pay money into it to pay towards the debt, or worse still, using a UK bank account and paying foreign exchange fees for making payments to the Canadian loan company thus incurring extra costs.

falafel

Candyapple wrote: »

It could be if everything else seems to be ok. As I stated above, try for a money transfer card instead.

Thanks a lot for your replies and suggestions. It seems when I do the eligibility tests for balance transfer credit cards or the loans they come up with 80% chance. So perhaps it is to do with my wife not having enough credit history over the last few years. We will probably just try to do this from my name then.

The suggestion of a balance transfer card is actually probably ideal, as I guess if you pay it within the 30 months (or stipulated period) you basically have borrowed for free?

One last question - Can you transfer balance from an overseas credit card (mastercard) into a UK 0% mastercard in the same way as it would operate if both UK cards? I assume so with probably some FX transaction fee?

Thanks again

[Deleted User]

falafel wrote: »

Can you transfer balance from an overseas credit card (mastercard) into a UK 0% mastercard in the same way as it would operate if both UK cards? I assume so with probably some FX transaction fee?

No. UK only.

You really do need a money transfer card, not a balance transfer card, as mentioned a few times above.

falafel

Right, i see the difference (money v balance transfer card )now!
Cheers

lizphilip8

"Have you got any loans in the past?"

This question is mainly asked to judge your ability to repay. You can even mention about a contract mobile phone you probably would have brought in the past.

If you have gotten a loan and paying it on time, its a good thing.

falafel

So ended up getting a moneytransfer card (VirginMoney - 25 months @ 0%) with a credit limit of £8,800 in my wife's name. Interestingly though, despite the MSE eligibility check saying she was not eligible for this card, she was eligible to get the card from Virgin.

Thanks for all suggestions/comments/help