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Money Transfer Eligibility

domevans8
Posts: 17 Forumite

in Credit cards
I'm pretty new to the idea of using a money transfer as I have spent the last 18 months or so planning on getting a personal loan for a car purchase, just to see the interest rate fluctuate between 11-14% for a £7500 loan, which is higher than I'm willing to pay. So I've waited and saved so that I'm now looking at borrowing less. My credit limit is now upto £5000, and I have used that card responsibly, no missed payments etc, and I would probably be looking at money transferring around £4000 and paying that off within 2 years. What is the likelihood that I'd be accepted for this? I.e. can I money transfer a large % of my credit limit? There doesn't seem to be as much information out there in comparison to personal loans. I've read that using a large proportion of your credit limit doesn't look great on your credit file, but I won't be seeking any credit or loans for a few years anyway (not getting a mortgage any time soon).
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Comments
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Impossible to say without a lot more information, but the fact you only have the one card with a modest limit and are only being offered very high rate loans, you might struggle to get a decent offer in a money transfer card, especially currently.0
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You can look and see if anyone has any money transfer options available. I would suggest looking direct at lenders when applying, after trying one of the many checkers that will give you a idea on if you will be accepted.
You can transfer the vast majority of the balance available, they will tell you the % you can take, as fee's etc will differ between lenders.
As to credit file. Do not worry, it's really only history that lenders are worried about.Life in the slow lane0 -
My credit card is with lloyds and they have a money transfer option, so I would most likely go through them to begin with until the introductory rate expires and balance transfer any remaining credit over to a new one. So I wouldnt actually be applying for a new credit card I don't think. I've done an eligibility checker and there a few good ones with 95% chance. I was mainly wondering whether I'm likely to be allowed to transfer close to my credit limit, so thanks for your help🙂0
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If you already have a card with Lloyds, then you're unlikely to get another, even if they don't have an absolute policy.
You'll need to look elsewhere.0 -
domevans8 said: I was mainly wondering whether I'm likely to be allowed to transfer close to my credit limit, so thanks for your help🙂
I have a offer from Halifax & when looking at it, it gives me the max figure that is available to request.
If you have that money transfer option via your card then have a click into it and see what it says.
Is the loan interest rate 11-14% with lloyds?Life in the slow lane0 -
If you go onto the mbna site and do an eligibility check, it will give you an indication on acceptance but also, estimated credit limit etc - this will be done using a soft search on your credit report. If you proceed past this point then a hard search will be done as you will progress to a full application.There are some other card providers that do the same but there are not as many with offerings of a money trasnfer card.0
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Deleted_User said:If you already have a card with Lloyds, then you're unlikely to get another, even if they don't have an absolute policy.
You'll need to look elsewhere.0 -
born_again said:domevans8 said: I was mainly wondering whether I'm likely to be allowed to transfer close to my credit limit, so thanks for your help🙂
I have a offer from Halifax & when looking at it, it gives me the max figure that is available to request.
If you have that money transfer option via your card then have a click into it and see what it says.
Is the loan interest rate 11-14% with lloyds?
And yes that's the rate, its at 13% currently for a personal loan of 7500, but now I only need approx 5000, the rate is even higher as its now that higher APR bracket1 -
maxximus75 said:If you go onto the mbna site and do an eligibility check, it will give you an indication on acceptance but also, estimated credit limit etc - this will be done using a soft search on your credit report. If you proceed past this point then a hard search will be done as you will progress to a full application.There are some other card providers that do the same but there are not as many with offerings of a money trasnfer card.0
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Update: So I have checked my eligibility on MBNA and a few other eligibility check tools.. MBNA says I am not eligible and a few tools are showing 60-80% chance of a few with shorter/no 0% interest period. On my Lloyds app I cant tell if it is a generic page or whether it is tailored to me. Mine shows 0% apr for 12 months with a 4% fee option, or a 48 months at 4.9% with 0% fee. Is anyone with a lloyds credit account able to see if this is the same for them? If its different then I'd assume it's tailored to me and I'd be more confident in getting accepted..0
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