Trying to clear a card to save

Always_Wondering

I currently have a balance on a card in my name, I'm paying £200 month, way above min payment to try and get the balance down asap. But it could go down faster with no interest. Don't think I can get a new card myself at moment due to getting a new phone contract.

Hubby has no card and is thinking of getting one with long 0%. His credit score is 999.

How can we take advantage and get my balance to his new card? By still paying £200 I would pay it off well within the end of his 0% period and pay no interest.

Does he need a MT card or BT card or something else? Do we need to avoid having cards with the same lender?

Any help appreciated, I'm sure theres a way to kill my balance faster and more effectively.

jimbo26

You should look at eligibility checkers to see if you can get a 0% balance transfer card. Having a new phone contract won't make any difference.

[Deleted User]

He'd need a balance transfer card for the cheapest way, although an MT would also work.

Get him to try an eligibility check. His 999 score doesn't mean anything and if he has a thin file, he'll be viewed as higher risk.

The card will need to be from a different stable to your card (unless it's an MT).

Always_Wondering

jimbo26 wrote: »

You should look at eligibility checkers to see if you can get a 0% balance transfer card. Having a new phone contract won't make any difference.

Checked my credit report and its gone down in score since getting a new contract so guessed it was that. Mind you I'm busy switching and changing landline & broadband as well as gas & electricity. So maybe a combination has reflected on file. Nothing left unpaid etc

Always_Wondering

Deleted_User wrote: »

He'd need a balance transfer card for the cheapest way, although an MT would also work.

Get him to try an eligibility check. His 999 score doesn't mean anything and if he has a thin file, he'll be viewed as higher risk.

The card will need to be from a different stable to your card (unless it's an MT).

Can he balance transfer? The exisiting balance we want to pay off interest free is on my card. His eligibility check is showing 100% for both MT & BT cards.

Because the balance is on my card I thought he would have to get a MT to his bank account then transfer the cash to my bank account then I pay my CC balance off.

[Deleted User]

Always_Wondering wrote: »

Checked my credit report and its gone down in score since getting a new contract so guessed it was that.

You can ignore the change in score. A phone contract is nothing to worry about.

[Deleted User]

Always_Wondering wrote: »

Can he balance transfer?

Yes - very few cards prevent BTs between different names.

Always_Wondering

Deleted_User wrote: »

Yes - very few cards prevent BTs between different names.

Wow! I thought they wouldn't allow BT for a different name to his. If it works its going to get it paid off in no time and interest free. Thank you for your help :T

MallyGirl

There have been a couple of examples recently where they said no to a BT for debt in a different name. Tesco definitely don't allow it. I have done BT to husband's Halifax from First Direct, no problem.
I would not do it as part of the application. Wait till he gets the card then do it via online banking. This usually only asks for the 16 digit card number although I did a recent BT from HSBC online and it did ask for the name on the card - no idea if it would have been rejected if not a match.

[Deleted User]

You'll want to wait for the statement, so as not to reduce your longer term BT balance which is already on the statement.

Always_Wondering

Deleted_User wrote: »

You'll want to wait for the statement, so as not to reduce your longer term BT balance which is already on the statement.

Sorry I don't understand this, doesn't take much to confuse me.