Easier way to get long term balance transfer card?

rocktron_amp

I tried the MSE eligbility card checker.

It seems that I can no easy get a balance transfer card with enough of long period to pay off credit cards.

My salary has not really increased in a 2 years. Pitiful £2K. 

I used to be a contractor Outside IR35 (IT Software Consultant), but gave up contracting in 2021/2022. Closed my LTD business and I went permanent. I am in my fifties and I am wondering what else I can do? My issue with contracting was that I wish I had 12 month end-to-end business and it would have stay like forever (!!). I am still in the IT Software Consultant business, the salary funds are just not stacking up as it used to.

I heard lots of idea already from folk: start a side business, teach at a college, make extra income and find another paying higher permanent job (in this economy). But that is luxury.  

Anyone figured how to get those long term 28 month balance transfer cards on less than stellar credit?

Brie

One way to get a card is to improve your credit record.  So you need to look at that to see what's the problem.  CCJs?  Missed payments?  Not on the electoral role?

The other way is to cut down on what you owe and MIGHT owe to creditors.  Do you have a credit card with a high limit that you are keeping "in case"?  Do you have a large overdraft you are not using?  Likewise if you want a BT card you sound like you are already using a lot of credit and are looking to avoid having to pay too much interest (which is fine).  But if your available credit (not just the bit you're using) exceeds what a bank thinks you should have then they are not going to give you another card.  So can you reduce some of your limits or cancel a card you're not using?  Do that and you may not look quite as risky.  

And if none of that works than you have to look at the other side of why you need a BT card.  Because you don't have a balanced budget.  You might want to pop over to the debt free wannabe board and look for the statement of accounts (SOA).  Fill that out and you might spot where your problems are.  If you like pop a copy back on that board and the helpful people will suggest where you can improve your situation or where your money traps are.  

Best of luck with it - it can take a while but it can work!

DullGreyGuy

rocktron_amp said:

I heard lots of idea already from folk: start a side business, teach at a college, make extra income and find another paying higher permanent job (in this economy). But that is luxury.  

Having to work a full time job plus a second part time job is not what most would call a luxury! That, to me at least, would be able to go part time and still maintain the same lifestyle. It may be a pipe dream to actually generate a second income stream or you may decide its life/work balance is more important than doing a 20 hour evening/weekend job on NMW.

rocktron_amp said:
My issue with contracting was that I wish I had 12 month end-to-end business and it would have stay like forever (!!)

If all contractors were guaranteed endless work there would be no perms and day rates would be massively lower. The reason we get paid more is because of the risk we take, that they can terminate your engagement without notice etc. A successful contractor needs to be good at what they do but also good at securing new clients. The most successful contractors I know I wouldn't necessarily say are the best PMs, BAs, Developers etc that I've known, some of those struggle securing their next gig. 

rocktron_amp said:
Anyone figured how to get those long term 28 month balance transfer cards on less than stellar credit?

Look at your CRA records, ignore the nonsense score but look at the markers, on the electron role? missed payments? just paying minimum payment? CCJs? Even paying just £1 above the minimum payment is a step up.

Assuming all is correct then it's a matter of time for above minimum payment payments to show through, missed payments to become historic etc. Personally find that Clear Score's pre-application checker tends to be more accurate and they're "guaranteed" acceptance items always have been what they said. 

MBNA have been very generous to us recently but its all about how you match with their idea of what good is and others may find some random other lender is much better for them because they look like the type of customer that that lender is looking for.

Nasqueron

Even if you can't get 28 months, 14 months is still more breathing room to reduce interest and pay off more capital - then try again in 12 months and see if the situation is better with less debt

fergie_

As others have said, its often better to grab what you can, but take into account the fees. For example 3% balance transfer fee for 12m could be better value than 5% for 24m.

If you are able to pay down some of the balance over 12m, it should be easier to get a new card and the fees charged are likely to be less overall.

rocktron_amp

So in short, there is no way to force a longer term balance transfer card.

I don't have CCJs

I never missed a mortgage payment.

~Thee cost of living has spiraled out of control.

The loss of IR35 income means that my overall income reduced 33%.

My other half does not work. So my salary covers it all.

I am worried that I might lose my job in 2025.

I hear horror stories of contractors on the bench for 6, 9, and 12 months.

I gave up contracting in 2021 to become employed.

If I lose my job in 2025, I have very little savings. Do we sell our house? Do we get on the streets?

granted there are no extra incomes, even working Amazon warehouse won't help. I understand I messed 2014 to 2020.

What is this SOA you speak of?

BrotherUuurgh

My two pence is to try Barclaycard. Similar to you i could've done with a long term 0% BT and the other night just happened to be on Clearscore and it said I was "pre approved" for a BC BT card. Thought it couldn't hurt to try and got accepted with enough limit to transfer two high APR cards to 0% for 30 months. I've a default on my report from 4 years ago, 60-70% utilisation of available credit and two high interest loans, but otherwise perfect repayment history. I clear a bit more in wages per month but it could be worth a try? I think I read on here to try their own elegibility checker. Like me, can't hurt to try. 

northwalesd

rocktron_amp said:

My other half does not work. So my salary covers it all.

Could your partner work?

rocktron_amp said:

What is this SOA you speak of?

Statement of affairs - a list of income and outgoings. Something like this one https://www.lemonfool.co.uk/financecalculators/soa.php You can format that for MSE if you wish to post on the debt free wannabe boards for example.

born_again

rocktron_amp said:

So in short, there is no way to force a longer term balance transfer card.

I don't have CCJs

I never missed a mortgage payment.

~Thee cost of living has spiraled out of control.

The loss of IR35 income means that my overall income reduced 33%.

My other half does not work. So my salary covers it all.

I am worried that I might lose my job in 2025.

I hear horror stories of contractors on the bench for 6, 9, and 12 months.

I gave up contracting in 2021 to become employed.

If I lose my job in 2025, I have very little savings. Do we sell our house? Do we get on the streets?

granted there are no extra incomes, even working Amazon warehouse won't help. I understand I messed 2014 to 2020.

What is this SOA you speak of?

The only way to even hope of long term transfers is a lower available debt to income. Even then you are at the whim of providers & the risk level on debt they are prepared to take on.

As others take what you can get & work hard at paying off ASAP. 
Balance transfers should be used to speed up the reduction of your debt, not simply reduce how much you are paying each month.

I suggest you look at the debt section.
https://forums.moneysavingexpert.com/categories/debt-free-wannabe

Great non judgemental advice👍 

You do not need to worry about selling your house to pay off unsecured debts. Also do not secure CC debt against house or take out consolidation loans. As they rarely work. Just mean more debt over a longer period.