Balance transfer info

Scottish79

I went through the balance transfer eligibility part on the site last night and it came up with 1 card , the virgin money card , 0% for 27 months and a 1.45% fee.

has anyone used this card to balance transfer or can anyone help with any info regarding a balance transfer??.....with my bank , I have cancelled my credit card last year and I continue to make a payment every month ( I never miss) , I’m currently paying a requested £115 a month and my balance is £3400 , it says on my letters it will take 4 years to clear with these payments......the interest is obv killing me hence I’m looking for a balance transfer to clear it quicker.

again looking for help or info on the that card or another balance transfer along with what happens when If I apply to that virgin card , will they offer me that deal as it says in their offer and will they cover the full £3400?

thank you for any info  

MallyGirl

no one can answer your questions - you just need to apply. Some cards give the full deal or no card, some give you a shorter deal if you don't qualify for the full deal.
Whether you get enough of a credit limit will depend on your income, outgoings, affordability profile.
Even if you can't transfer the full amount then getting some of it at 0% (with a 1.45% one off fee) is better than paying full whack.

Scottish79

Thank you , my credit rating is really good , it was 992 in one of those sites can’t remember what one? ... oh is there a chance they won’t offer me the full £3400 to transfer?

MallyGirl

your rating won't make any difference - your credit history will. If your history is full of evidence of well managed credit then that is good - a bankrupt can get a score of 999 but it doesn't mean that they would be offered a good credit deal necessarily.
You will be offered whatever they choose to offer - take it, even if it is not enough.

Scottish79

Thank you again for your help , if I apply and I’m accepted, do I need to take the card espn if it’s only half of the £3400?

MallyGirl

You don't 'need to' but surely some at 0% is better than none at 0% and the search will be there in your history. You could try for a second (additional) card if not enough limit offered but your opening post implied that only 1 card came back from the eligibility checker.
I would take what is offered even if not enough for the full balance - transfer what you can (likely to be limited to 90% of the allocated credit limit to allow space for the fee). Pay the minimum on the new card and throw everything you can to pay off the remaining 'interest incurring' old balance. Once that one is gone you may be in a better position to apply for another 0% card when the new one reaches the end of its offer

Scottish79

I will do that , thank you 😊 

Scottish79

I got accepted for the full amount , got the first email confirming I was successful etc and they said they would send a follow on email shortly to set up details on their site etc

does anyone know how long it takes as I got that 1st email before mid day

MallyGirl

I would give it a couple of days. You probably won't be able to do the balance transfer until you have the physical card in your hand and have activated it

Scottish79

Ah thank you for your help today 😊 hopefully they email etc arrives soon 👍