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Balance/Money Cards
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tomxlisa
Posts: 538 Forumite
in Credit cards
Anyone know any good balance or money transfer cards available at the moment, been offered some credit cards but not much used to be right now where a balance or money one would be, need something that will be accepted for someone with a good credit history but still has some flaws on there file?.
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Comments
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The links provided by eskbanker are an excellent starting point, you can also just do a Google search and there are numerous "price comparison" type aggregators that will give similar information.
As always, every lender will have their own particular lending criteria, so it's worth starting off with some eligibility checks (ideally on the lender's own website) to get a rough idea without leaving a hard search on your file. And if you get declined by one lender, another may accept you - but only do eligibility checks to start with, don't go making loads of actual applications.tomxlisa said:need something that will be accepted for someone with a good credit history but still has some flaws on there file?.Also, it depends what the "flaws" in your credit history are. Some may have a negligible effect, some may raise big red flags for any lender. And do bear in mind, it's not only your credit history that counts - income, existing debt and affordability also play a big part.1 -
Just shows the usual cards like capital one, ocean etc which I’ve had and got rid of, can never understand why I don’t get approved for the other names like Tesco, MBNA, Virgin etc, maybe it’s the default on my file but it’s like 4/5 years old now.eskbanker said:0 -
tomxlisa said:
Just shows the usual cards like capital one, ocean etc which I’ve had and got rid of, can never understand why I don’t get approved for the other names like Tesco, MBNA, Virgin etc, maybe it’s the default on my file but it’s like 4/5 years old now.eskbanker said:A default showing on your credit history is probably a big red flag to many prime credit card lenders (more so than say just one or two missed payments etc) even if it is four or five years old.Applying for a balance transfer card with the default still live on your credit history might be indicating to them that you have ran up credit again and is giving them the jitters.The default will drop off your credit history six years after the date of default, so it could be worth applying in a year or so, after the default has dropped off (if you can wait that long).Otherwise, for now at least, you maybe stuck with the sub-prime lenders who are currently offering you cards.
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Agreed - this is important because MSE doesn't list them all, often because they are similar deals to othersCliveOfIndia said:The links provided by eskbanker are an excellent starting point, you can also just do a Google search and there are numerous "price comparison" type aggregators that will give similar information.
As always, every lender will have their own particular lending criteria, so it's worth starting off with some eligibility checks (ideally on the lender's own website) to get a rough idea without leaving a hard search on your file. And if you get declined by one lender, another may accept you - but only do eligibility checks to start with, don't go making loads of actual applications.tomxlisa said:need something that will be accepted for someone with a good credit history but still has some flaws on there file?.Also, it depends what the "flaws" in your credit history are. Some may have a negligible effect, some may raise big red flags for any lender. And do bear in mind, it's not only your credit history that counts - income, existing debt and affordability also play a big part.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Yes that default is clearly doing more damage than I thought it was as it’s years old now so it seems I’ll have to wait until that drops off to get any real decent prime offers, clearly must be the reason why I keep getting offered the same cards from the same lenders which was frustrating, will just have to be even more patient.Gandalf644 said:tomxlisa said:
Just shows the usual cards like capital one, ocean etc which I’ve had and got rid of, can never understand why I don’t get approved for the other names like Tesco, MBNA, Virgin etc, maybe it’s the default on my file but it’s like 4/5 years old now.eskbanker said:A default showing on your credit history is probably a big red flag to many prime credit card lenders (more so than say just one or two missed payments etc) even if it is four or five years old.Applying for a balance transfer card with the default still live on your credit history might be indicating to them that you have ran up credit again and is giving them the jitters.The default will drop off your credit history six years after the date of default, so it could be worth applying in a year or so, after the default has dropped off (if you can wait that long).Otherwise, for now at least, you maybe stuck with the sub-prime lenders who are currently offering you cards.0 -
You did mention a CCJ too when the state of your credit history was discussed a couple of months ago in another thread:tomxlisa said:
Yes that default is clearly doing more damage than I thought it was as it’s years old now so it seems I’ll have to wait until that drops off to get any real decent prime offers, clearly must be the reason why I keep getting offered the same cards from the same lenders which was frustrating, will just have to be even more patient.Gandalf644 said:tomxlisa said:
Just shows the usual cards like capital one, ocean etc which I’ve had and got rid of, can never understand why I don’t get approved for the other names like Tesco, MBNA, Virgin etc, maybe it’s the default on my file but it’s like 4/5 years old now.eskbanker said:A default showing on your credit history is probably a big red flag to many prime credit card lenders (more so than say just one or two missed payments etc) even if it is four or five years old.Applying for a balance transfer card with the default still live on your credit history might be indicating to them that you have ran up credit again and is giving them the jitters.The default will drop off your credit history six years after the date of default, so it could be worth applying in a year or so, after the default has dropped off (if you can wait that long).Otherwise, for now at least, you maybe stuck with the sub-prime lenders who are currently offering you cards.
https://forums.moneysavingexpert.com/discussion/comment/81114773/#Comment_81114773eskbanker said:
A CCJ, a default, not always paying off in full, and too many hard searches collectively paint a less than healthy picture...0 -
Yes I will just wait until that drops off until I have any hope of a more prime card, I’ve just got a jaja card so nothing else for me until that default drops off and by then all the searches be gone too.0
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