50% chance with 'pros' or 95% chance without?

Iggybuhd

Hello people,

First-time post asking for your opinion(s) and/or advice. Apologies if this post is in the wrong place, I'm not exactly forum savvy !!!128580;

So, I have two bad-credit-esque cards both near their limits: CapitalOne - currently @ £650, and Barclays - currently @ £1900. I've not been very sensible with them in the past, but I've been gradually improving my credit file/score in general, and I'm keen to continue in the same vein. As such, I plan to apply for a 0% balance transfer card and transfer both of these balances on it to pay it off going forward.

My credit score - for what it's worth (from what I see on here, it doesn't mean much), is 'fair' on both Experian and Call Credit, and 'good' with Equifax. Using both Experian's free credit check service and CreditClub, it seems I have two possible/decent enough options:

Tesco CC - 0% fee & 0% up to 22 mths + potential £30 topcashback. 50% chance according to Experian comparison (Tesco don't currently have an eligibility function).

MBNA CC - 1.99% fee (~£50) & 0% up to 36 mths. No potential cashback. 95% chance according to CreditClub comparison & checked on MBNA eligibility checker.

So, it seems with the Tesco option I could potentially be £80 up (less ~£50 MBNA transfer fee + £30 cashback), but I have a lower chance of success, whereas MBNA I'd potentially be ~£50 down, but have a higher chance of success.

Answers [thoughts] on a postcard, please.

Thanks in advance guys.

[Deleted User]

Apply for the MBNA.

You're double counting the £50 fee in your calculations and also ignoring the much longer term on the MBNA promo.

Going forward, clear your balances in full each month. Revolving a balance on an interest bearing card marks you as high risk, regardless of any pretend scores you're given.

Nebulous2

Tesco are pretty tight with the 'up to' bit. Lots of people get offered less.

Ben8282

I would use the eligibility checker on the Capital One site and if all looks good at that point go with the Capital One card.

Iggybuhd

Thanks for your advice guys.

I already have a CapitalOne card, and although it's showing on the comparisons I've used as being pre-approved, it's only 0% for 6 months.

I seems MBNA is best choice at the minute, even if I do have to pay an initial transfer fee. Tesco may be a bit risky for me at this point in time... maybe I can aim for a fee-free balance card in the future when my credit file/score looks/is a bit better.

Thanks again for your time and efforts.

2ilent8cho

Deleted_User wrote: »

Revolving a balance on an interest bearing card marks you as high risk, regardless of any pretend scores you're given.

What do you mean by revolving a balance? Is that just not paying the card off in full or paying off in full and then spending on the card again?

[Deleted User]

Revolving means not clearing it.

binaryuniverse

I found Tesco are pretty generous with limits, and a bit easier to get, if you have a poor credit history.

I'd go for that, in the first instance. The 0% fee means that, even if you don't get as long a term as you thought, it hasn't cost you anything. You can get an MBNA, or something else after, with a lower fee, as you'll have paid a fair chunk off, hopefully.

Samsung_Note2

Thought MBNA were quite strict on lending...Tesco seem more flexible and reasonable starting amounts for me at least £1500.