Best Balance Transfers Discussion Area

blueplanty66

not too sure if I'm in the correct area but needed some advice....slight panic has just hit me.....

just found out that my wife to be has built up a credit card debt of 13k !!!split bewtween 2.

slightly shocked:eek: to say the least, she's thinking of getting a loan out to clear this but it, someones come back with a five year deal which does'nt seem great either, we're don't have a huge supplus of cash to play with to be honest.....

I've never had a credit card and thus don't know how it all works.

question.....are there any other options to sort this debt out?

thanks in advance

poker_face

blueplanty66 wrote: »

not too sure if I'm in the correct area but needed some advice....slight panic has just hit me.....

just found out that my wife to be has built up a credit card debt of 13k !!!split bewtween 2.

slightly shocked:eek: to say the least, she's thinking of getting a loan out to clear this but it, someones come back with a five year deal which does'nt seem great either, we're don't have a huge supplus of cash to play with to be honest.....

I've never had a credit card and thus don't know how it all works.

question.....are there any other options to sort this debt out?

thanks in advance

You will prob find more answers in the Debt Free Wanabe boards

jasont2370

I am new to this site and would like to leave some negative feedback regarding my application for a Virgin 0% credit card. I was recently refused a credit card by this company on the grounds that my credit score was not good enough. This I know is untrue as the day after my application I checked with Experian (as advised by this website and Virgin themselves). I paid for a full credit report as I wanted to see where my bad credit history came from.

To my surprised when my report arrived, it stated that I had a credit score of 999 out of 1000 and that 71% of people had a lower score, It said that I could not get a better score. (Virgin suggested that I check with Experian as this was where they got their information from). This to me suggests that it was not my credit score at fault but Virgins own policies/agenda.

Please beware of Virgin, If they refuse you for no reason it will still show on your Credit Score.

Moggles_2

jasont2370 wrote: »

I am new to this site and would like to leave some negative feedback regarding my application for a Virgin 0% credit card. I was recently refused a credit card by this company on the grounds that my credit score was not good enough. This I know is untrue as the day after my application I checked with Experian (as advised by this website and Virgin themselves).

TBH, this applies to all lenders.

None of us - including the credit reference agencies - knows what criteria are used by individual companies. Lenders do not disclose this information

Moggles_2

jasont2370 wrote: »

I paid for a full credit report as I wanted to see where my bad credit history came from. To my surprised when my report arrived, it stated that I had a credit score of 999 out of 1000 and that 71% of people had a lower score. It said that I could not get a better score. (Virgin suggested that I check with Experian as this was where they got their information from). This to me suggests that it was not my credit score at fault but Virgins own policies/agenda.

Judging from the posts on here, it's easy to be lulled into a false sense of security by these numbers. Then it comes as a shock, when your application is turned down. Equally, some posters are put off building a credit history at all, because of low scores.

Credit reports, when ordered directly from Experian and Equifax, are valuable. After all, this is the information lenders search when you apply for credit. Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical value to cc applicants and certainly not worth paying extra for. I wouldn't let these numbers distract you from tackling the things that really matter.

Remember credit reference agencies are there to provide your credit history, but the actual methodology (and the process of scoring itself) is done by their clients, the lenders. None of us - including the CRAs - knows what criteria are used by individual companies. Lenders do not disclose this information. It's not uncommon for MSEs to post different scores from the three CRAs or various scores from the same agency a few weeks apart.I suspect that the lenders' scores, had we access to them, would be different from each other as well!

For tips to improve your chances of credit card acceptance next time, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

Moggles_2

jasont2370 wrote: »

Please beware of Virgin. If they refuse you for no reason it will still show on your credit score.

The credit reference agencies do not record credit card refusals, only credit checks. These drop off your file after 12 months.

Too many cc checks in a short space of time may put off other lenders, but the single search made by Virgin will not affect your credit score

molley

Moggles wrote: »

TBH, this applies to all lenders.

None of us - including the credit reference agencies - knows what criteria are used by individual companies. Lenders do not disclose this information

And it is pointed out ( certainly on the Experian site) that their method of working out a Credit Score is not the same as the way lenders do it.

rogerrabbit_2

hi,

this may be slightly off topic but i would appreciate any replys...

i recently took out a 3000 pound balance transfer to HSBC, however, i didnt realise that i would still have to pay a minumum monthly fee , - - - is this always the case

............like i said , any info would be very much appreciated

NickX

rogerrabbit wrote: »

i recently took out a 3000 pound balance transfer to HSBC, however, i didnt realise that i would still have to pay a minumum monthly fee , - - - is this always the case

Its not a minimum monthly fee, but a minimum monthly repayment which will reduce your outstanding balance with HSBC accordingly.

This is always the case although different providers use different rules to work out precisely how much this minimum repayment should be.

Hope this helps.

wannaberich41

hi
sorry to trouble you i have just 1 question. if i apply to tesco for their card, would they consider me more because i do do all my shopping there aand have car and house ins with them.

Just wondered?