Looking for balance transfer

Mastivision

Hi

I am looking for balance transfer of my £940 from barclays.( £1000).

Last week i applied for the MBNA card and been told that after looking my profile they can see that barclays amount is close to its limit so they cant offer me card at this time.

Last month i did apply for asda card and was accepted instantly for £500 but they said they cannot increase my limit at present so apply after 3 months.

I am paying some time £50 and £70 each month for barclays but it doesnt seems to finish as interest is being charged around £20 each month.

I am paying on my other 2 cards ( Vanquias, Asda) in full apart from barclays please advice me regarding that.

I was thinking to try with Egg or Post office card.

Thanks.

GeorgeUK

I would advise not to do any more applications for a while.
Doing 2 within 3 months is ok, but if you have 3 within 6 months it could start to damage your credit score.

Can you not use the asda card for 500 BT? Is that at 0%?

Mastivision

GeorgeUK wrote: »

I would advise not to do any more applications for a while.
Doing 2 within 3 months is ok, but if you have 3 within 6 months it could start to damage your credit score.

Can you not use the asda card for 500 BT? Is that at 0%?

Yes it is 0% on BT for 9 months , can i transfer £500 to barclays .... ? and secondly does it effect on credit file if you are doing any BT...

Thanks for your quick reply.

Zebedee69

Hia,

Course you can BT 500 to ASDA.

Hang on though. Vanquis im assuming is at 29.9% or something like that.

Why not transfer that lot and get rid of one debt. Then concentrate realy realy hard on paying that off and paying off the barclays too.....

Sound like a plan?.......

GeorgeUK

Thanks zebedee - missed that bit about Vanquis. 29.9%? Have they lowered their rate then?

I would definately transfer whatever is the highest APR... probably.

Can you tell us the amounts you have on all your cards, the APR's and the limit on the card? You might be able to do a bit of shuffling or clear a card and get an incentive to not close your account. You might have a bit more room to manouver than you thought.

EDIT: The only thing that goes on your credit file is the credit check - that has already been done. You can do whatever you want after they have given you a credit limit. Doing a BT won't show on your file or have any adverse effects for you - except you've already lost a month.

Mastivision

GeorgeUK wrote: »

Thanks zebedee - missed that bit about Vanquis. 29.9%? Have they lowered their rate then?

I would definately transfer whatever is the highest APR... probably.

Can you tell us the amounts you have on all your cards, the APR's and the limit on the card? You might be able to do a bit of shuffling or clear a card and get an incentive to not close your account. You might have a bit more room to manouver than you thought.

EDIT: The only thing that goes on your credit file is the credit check - that has already been done. You can do whatever you want after they have given you a credit limit. Doing a BT won't show on your file or have any adverse effects for you - except you've already lost a month.

I have got £500 on Vanquis( 34.9%) using from last 4 months and paying in full and
£500 on Asda (24.9%) using since last month paid full whatever i used last month and my actual debts are

£940 with barclays (19.9%).

GeorgeUK

If you have no debt on vanquis and pay it off in full each month, i would continue to do this. Do you use the full 500 or more?

Asda - Use this card soley to do the BT. Do not use the card for purchases at all. transfer 500 (or 95% - whatever the terms say you are allowed) to the barclays card so that is reduced to around 440

Your cards should now read:
£440 with barclays (19.9%) pay as much as possible towards this as it is your highest interest
£0 on Vanquis( 34.9%) card to be used and paid in full each month
£500 on Asda (0%) for remaining 8 months

Hopefully i've understood you right.
Note - you will still need to make the minimum payments to Asda each month.

Zebedee69

Okay so the Vanquis is not realy an issue as you pay off in full every month. Thats fine....

I would BT from Barclays to ASDA 500 quid and pay that off and use your barclays as you used the ASDA. That way your getting 500 tucked safely in a 0% deal where you can pay it off nicely and perhaps with some smart budgeting you can use the Barclays as an everyday card and bring the balance down.........

My biggest gripe is you have a 0% offer sitting there not doing nowt lol!

Hows That?.............

Zebedee69

By christ George we both thinking on the same page....

Great MSE's think alike huh....

Mastivision

GeorgeUK wrote: »

If you have no debt on vanquis and pay it off in full each month, i would continue to do this. Do you use the full 500 or more?

Asda - Use this card soley to do the BT. Do not use the card for purchases at all. transfer 500 (or 95% - whatever the terms say you are allowed) to the barclays card so that is reduced to around 440

Your cards should now read:
£440 with barclays (19.9%) pay as much as possible towards this as it is your highest interest
£0 on Vanquis( 34.9%) card to be used and paid in full each month
£500 on Asda (0%) for remaining 8 months

Hopefully i've understood you right.
Note - you will still need to make the minimum payments to Asda each month.

Thanks very much guys really appreciate that.
so what i am gonna do now i am transfering my £500 or what ever my terms say from ASDA to Barclays and keep using Vanquis and paying back full each month so then i will have at least 8 months to payback to ASDA , but why should i still need to make a minimum payment to ASDA if it is 0% on BT for 9 Months.

Cheers

GeorgeUK

When we're right - we're right :beer: :rotfl: