Question about moving debt to another cerdit card

dllive

hi guys

Ive not been in this position before so not quite sure how it works.

Ive got £1600 on my credit card. I want to transfer it to a 0% card. Ive used the MSE card eligibility checker. The best 0% '100% pre approved' card I can find is Virgin, which is 0% for 12 months. However, theres a 1.5% transfer fee.

The eligibility checker says Im '70% chance of approval' for a 0% card for 19 months with 0% transfer free.

My concern is that if I go for the '70% chance' one and dont get it that it will affect my credit rating. What would you do in my position?

Thanks

Nebulous2

I'd go for the better offer - but that's me, you need to do what you think is best. 

You haven't said who the better offer is from, but they may have an eligibility checker on their own site, which is likely to be more accurate than the MSE one. 

I'd also do what I thought was best for me, without letting the CRA tail wag the personal advantage dog. If you haven't been applying recently one hard search isn't going to disadvantage you. 

dllive

Thanks @Nebulous2 . It was Virgin that had the 0% transfer fee. I will see if they have an eligibility checker.

MrFrugalFever

dllive said:

hi guys

Ive not been in this position before so not quite sure how it works.

Ive got £1600 on my credit card. I want to transfer it to a 0% card. Ive used the MSE card eligibility checker. The best 0% '100% pre approved' card I can find is Virgin, which is 0% for 12 months. However, theres a 1.5% transfer fee.

The eligibility checker says Im '70% chance of approval' for a 0% card for 19 months with 0% transfer free.

My concern is that if I go for the '70% chance' one and dont get it that it will affect my credit rating. What would you do in my position?

Thanks

Firstly, it will cause your credit rating to dip…..but seen as it’s only you and the CRA broker that sees it I wouldn’t worry!

1 or 2 hard searches is not going to be the end of the world or stop you from obtaining credit.

Use the lenders own website and eligibility checker rather than MSE credit club.

cymruchris

Go to the Virgin credit card website as they have a direct eligibility checker which is more accurate. Who provides the second card you're looking at?

denow

Have you checked your eligibility for the Santander Everyday CC? 21 months 0% with no fee