Could do with some advice on a balance transfer

dannygn123

I have about £4500 debt on a tsb credit card and £3500 with tesco credit card. I think I'm paying about £90 a month with tesco and less with tsb. Clearing my tesco is my priority as the interest is higher. Looking at balance transfer I did a soft check on go compare and it said I'm pre approved for an 18 month interest free balance transfer. The form said how much is your share towards mortgage. Luckily my wife earns a fair amount more than me so she pays most of it. Do I just put the amount I contribute? Also it says the same when applying on virgin money website but it isn't clear if its the total household mortgage or just what I pay. Don't want to be in trouble for putting the wrong thing? 

Second question is dont know how much they will give me. Should I just put £3500 so I can at least clear my tesco balance? Or do I put all of the debt and see what they offer. I'm worried if it's a large amount how much will the monthly repayments be how will I find out? Really not sure the best way to proceed

Little_bit_taller

Hi Danny

Get yourself a login for the moneysavingexpert credit expert and it will tell you your best balance transfers etc and chances of getting them. https://www.moneysavingexpert.com/creditclub/

It is important to be truthful so put the amount you contribute. Try all your debt and then see what they offer you.

Would be good to hear how you get on!

dannygn123

Little_bit_taller said:

Hi Danny

Get yourself a login for the moneysavingexpert credit expert and it will tell you your best balance transfers etc and chances of getting them. https://www.moneysavingexpert.com/creditclub/

It is important to be truthful so put the amount you contribute. Try all your debt and then see what they offer you.

Would be good to hear how you get on!

OK thanks I will try that. So if I put all my debt and I don't like the offer can I then change it to a lower amount?

MorningcoffeeIV

dannygn123 said:

Little_bit_taller said:

Hi Danny

Get yourself a login for the moneysavingexpert credit expert and it will tell you your best balance transfers etc and chances of getting them. https://www.moneysavingexpert.com/creditclub/

It is important to be truthful so put the amount you contribute. Try all your debt and then see what they offer you.

Would be good to hear how you get on!

OK thanks I will try that. So if I put all my debt and I don't like the offer can I then change it to a lower amount?

The amount you put in won't change the limit they offer you.

dannygn123

MorningcoffeeIV said:

dannygn123 said:

Little_bit_taller said:

Hi Danny

Get yourself a login for the moneysavingexpert credit expert and it will tell you your best balance transfers etc and chances of getting them. https://www.moneysavingexpert.com/creditclub/

It is important to be truthful so put the amount you contribute. Try all your debt and then see what they offer you.

Would be good to hear how you get on!

OK thanks I will try that. So if I put all my debt and I don't like the offer can I then change it to a lower amount?

The amount you put in won't change the limit they offer you.

Ah so in theory they could offer me more than what I put 

dannygn123

I already have an account with mse credit club. It had my old address so entered a new one and it is saying they need to do further verification checks and can take 2 working days. Is credit club more accurate for telling me what offers I can get or is it the same thing if I use the balance transfer eligibility calculator on mse website and then I can just do it now without waiting for verification 

th081

You are applying for a zero deal so I would put all the amount you want for the balance transfer £9000 to give yourself some headroom as you can't transfer 100 per cent of the limit. If you get 8000 transferred you will have to pay in the region of 2.5% per month so  200 pounds but that will be all on the capital no interest. Plus they will charge you a fee of about 280 which across 18months means you are paying about 16 a month for the card.

th081

Use the eligibility on the cards website you are applying for that will be the most accurate. So the virgin site or MBNA erc

Nasqueron

Little_bit_taller said:

Hi Danny

Get yourself a login for the moneysavingexpert credit expert and it will tell you your best balance transfers etc and chances of getting them. https://www.moneysavingexpert.com/creditclub/

It is important to be truthful so put the amount you contribute. Try all your debt and then see what they offer you.

Would be good to hear how you get on!

Sorry but this is incorrect - MSE (or rather Experian) not only don't offer all the cards available as they generally only offer ones that they get commission on (nothing wrong with that as it's all upfront and someone has to pay the bills), but they also aren't as accurate as simply going on the provider's own site and using the soft check there. Experian essentially do a technical guess if you're likely to be approved, the lender knows what criteria they apply. Any of the sites - ClearScore, Credit Karma, MSE Credit Club have suggested chances of getting things but I was "100% pre-approved" for a Virgin one and got rejected after the initial application went for review

Nasqueron

dannygn123 said:

I have about £4500 debt on a tsb credit card and £3500 with tesco credit card. I think I'm paying about £90 a month with tesco and less with tsb. Clearing my tesco is my priority as the interest is higher. Looking at balance transfer I did a soft check on go compare and it said I'm pre approved for an 18 month interest free balance transfer. The form said how much is your share towards mortgage. Luckily my wife earns a fair amount more than me so she pays most of it. Do I just put the amount I contribute? Also it says the same when applying on virgin money website but it isn't clear if its the total household mortgage or just what I pay. Don't want to be in trouble for putting the wrong thing? 

Second question is dont know how much they will give me. Should I just put £3500 so I can at least clear my tesco balance? Or do I put all of the debt and see what they offer. I'm worried if it's a large amount how much will the monthly repayments be how will I find out? Really not sure the best way to proceed

My partner owns our house, she pays the mortgage, I pay a nominal rent and that is what I put on all applications

As above, you can ask for what you like, you will only get what the lender considers acceptable

Ignore the post about MSE credit club, just do a soft search directly on the Virgin site (or any other provider comparison sites mention). I go via TopCashBack website and see what offers they have (last time I looked it was Tesco and HSBC), so I did a soft search on Tesco, was approved, so applied via the cashback website link and got the card and a contribution to the fee!

dannygn123

I have just looked to apply on virgin money website. It asks for my income and total household income. It then asks for monthly rent/mortgage costs. It doesn't specify whether that is the total cost to the household or what I contribute to the rent. My wife pays most of it as she earns more than me and I just give her money each month. I don't know what it wants me to put if anyone can advise