Need Advice Please

Vixmilo

So last year when we were in lockdown and couldn't work I ended up having to take money transfers off an old virgin 0% card to pay my bills. I also already had a Tesco 0% card. 

Last week I had an email that the Tesco 0% period was coming to an end, so I applied for a Halifax balance transfer card, which I got but its only covering £2500 and I have £3000 on the Tesco card, which leaves me £500 that will now incur interest. 

Yesterday I received an email that the Virgin card 0% period is also now running out, this has £3100 on it. On the eligibility calculator I can take a card from Fluid, only for 9 months but it says 95% accepted. I am also eligible for a Sainsburys card for 29 months, but only 80% acceptance rate.

I am worried none of these will accept me incase my file hasn't updated after taking the Halifax card. I also just don't really know what to do for the best, apply for the shorter 0% period with a better acceptance rate, or apply for the longer 0% period with a lower acceptance rate? Also if I apply again for another card am I just going to be ruined with my credit rating and none will accept me?

I really just need someones advice please as I have no one to ask about this kind of thing and am really concerned.

Thankyou.

[Deleted User]

If 9 months is enough for you to clear the debt, then go for Fluid. Otherwise go for Sainsburys. Hopefully your files haven't yet updated with the new Halifax card.

If you can't get a further card, prioritise paying off the interest bearing balance.

Swoosh84

Bottom line, you don't really have much of a choice but to go for one of them. I'd personally take the risk on Sainsbury's, check out their eligibility calculator directly on their own site and see what this says.

Would avoid the Fluid one, mainly because its only 9 months unless you are in a position to pay it in full in 9 months. Otherwise in 9 months time you are going to need another balance transfer card and at this point you will have two hard searches on your report from both Halifax and Fluid.

J

jay1804

First check individual banks like Santander and nationwide (if your already a customer) they tell your estimated limit and acceptance rate.

Unless you can clear the balance in 9 months, i wouldn't recommended fluid unless you think you have have OT or a bonus coming up.

As you just got a Halifax card I wouldn't recommend going near LBG (Lloyd's, MBNA, ect). 

Also look out for any existing customer offers. 

Vixmilo

ok Thankyou all so much, I will take the risk with the Sainsburys then as theres no way I'm going to be able to pay it off in 9 months. So I will have the remaining £500 on the Tesco charging interest, the 0% amount on the Halifax and the Sainsburys and hopefully they can balance transfer most of it as I will then be paying 4 cards. Not ideal at all. 

Thankyou all so much for your advice and help.

Vixmilo

oh god, so I checked via Sainsburys directly and they are declining me! (soft search) Now I suppose my option is to do fluid? god Im in so much financial trouble I can see a way out of this!

MallyGirl

I think it is time you popped over the the Debt Free Wannabe section to see where they can offer advice. Even if you do manage to get another 0% it is a temporary solution but you still need to pay everything off in the end

Vixmilo

If I now go with Fluid, would I not get another chance to balance transfer in 9 months? Or should I go with Sainsburys via my credit club login as its listed there for me, although directly via their site its saying no. Not really sure where I stand now.

JamesPeter

Vixmilo said:

If I now go with Fluid, would I not get another chance to balance transfer in 9 months? Or should I go with Sainsburys via my credit club login as its listed there for me, although directly via their site its saying no. Not really sure where I stand now.

Sainsbury's own 'soft check' will be more accurate in relation to their credit cards than the generic 'soft search' on sites such as this. For example, I have read on here of people getting 100% 'accepted' on this site's soft check, only to be declined in the application for the card. Also the reverse situation of people getting a fat zero on the generic soft search sites, but being eligible on the relevant banks own soft search and have actually gone on to get the card.

As to being able to get another transfer card in nine months - who knows? Best to keep your payments up to date and see what happens then.

As has been mooted above, perhaps the 'Debt Free Wannabe' part of the forum is where you really need to be in your circumstances.

floppydisk1

 If you go with Fluid in 9 months time you will have 2 more hard searches, 2 more credit cards added on your file and will look like a higher risk to any and every lender.Credit and credit cards are harder to come by these days, use any fresh  search or card added to your file wisely. In 9 months you will still have credit card balance - as you said no way you can pay it off by then , you will have lower chance of getting a credit card and you will be in even more distress. Take the longest BT you can get and do you best to pay it off in that time.

Swoosh84

Sounds like Fluid is your only option at this point, truly a case of better than nothing. Again, don't just apply straight away, head to Fluid’s site directly and try their eligibility calculator. I think you need to also be prepared that the limit will be far less than you need.

Honestly, I have been there in the exact spot you are with multiple cards and nowhere to transfer it too. It's time to start thinking about where savings can be made so as much money as possible can be poured towards your interest-bearing debt.

My solution was to get rid of Live TV packages and TV license and use only Netflix, YouTube and on demand services, move onto PAYG mobile and switch every single service I had to the cheapest deal such as broadband and Gas n Leccy. Another big saving for me was switching to having my weekly shop delivered, it’s amazing how much can be saved by not having the temptation of various goods shopping in store.

J