Best Balance Transfers Discussion Area

Moggles_2

Cash_Flow wrote: »

I have applied for an Egg card today and they have searched both Experian and Equifax, so I think in many cases it's the luck of the draw.

I agree. We cannot be certain which credit card providers search a particular agency's files. Lenders do not disclose this information.

My suggestion was a long shot, because the OP had a missed payment showing on their Experian report, but not on Equifax.

Thanks for your feedback.

Moggles_2

8336juliel wrote: »

Can a balance transfer be cancelled before the money reaches the old card? I recently applied for one with Barclaycard. I asked them to cancel the same day, but they said it cannot be done. Is this right?

Presumably the payment has already been sent to your old card provider, so Barclaycard cannot recall it. If you ask the other firm to reverse it, you could be hit for two balance transfer fees, so I would leave well alone, if I were you

Moggles_2

mickeyD wrote: »

I currently have an outstanding balance on an HSBC card (paying interest) and another balance on an interest free card (about to expire). I'm not sure the best way to deal with these debts. I am thinking that I should combine both cards on to another interest free card and just keep paying ( I always pay more than the minimum) and then find another interest free card once that expires.

Sounds like a plan.

To help you with balance transfers, we need to know which other card - besides HSBC - you have at the mo.

Your post raises some other issues and you may want to post again on the *Debt-Free Wannabe* board. You'll get lots of advice and support there

Moggles_2

carbonmonoxide wrote: »

I currently have 3 credit cards, one is with Virgin which has 0% on balance transfers until August. I usually pay off my credit cards in full but I could really do with a new computer (our one is 10 years old now and painfully slow). I applied for the Virgin card less than 6 months ago so I am worried applying for a new card will affect my credit rating.

Virgin has been offering new customers 0% on balance transfers for 15-16 months. The fact that your interest-free period ends in August [2009], suggests you applied for the card 8 or 9 months ago. Provided that you have made no other credit applications, a new credit card may be the way to go.

If I do go ahead and buy the computer, should I buy on one of my other cards then immediately transfer to Virgin, then look for another deal in August when the 0% rate finishes?

Have you estimated how long it will take to clear the computer bill in full?

To help you further, we need to know which credit cards - besides Virgin - you have at the mo or have held recently.

CazandCo_2

Hi all,

I currently have £4000 overdraft at 19.3%APR and £1950 outstanding on my RBS Mastercard at 16.9% APR.

I never miss a payment and can afford to pay more than the minimum off my credit card, but not by much. £60 a month at most. My overdraft fee's are about £45 a month on my Lloyds Classic Acc.

I am on a strict budget, have recently cancelled mobile phone, reviewed and moved insurances on house and car and i'm looking to somehow make a saving on my current charges and start paying more of these two large debts off.

I am considering a balance transfer to a 0% card for the £1950 on my mastercard. What's the best card deal at the moment?

Thanks for reading

lefr0g

Hi there
I'm new to this and not sure if this question has been asked before as 70 pages is quite a bit to go through.
Is it possible to take out a credit card and take on the debt of someone else onto that card as they have a poor credit history and I have a good one?
In other words do a balance transfer from someone elses cards

NickX

lefr0g wrote: »

Is it possible to take out a credit card and take on the debt of someone else onto that card as they have a poor credit history and I have a good one?
In other words do a balance transfer from someone elses cards

Yes you can transfer debts from cards belonging to your family, friends or just Dave from down the pub :beer:

Please do bear in mind that once the transfer is complete you would become legally liable for that debt and ensuring repayment even though it was someone else who actually ran it up.

Good Luck.

carbonmonoxide

Moggles wrote: »

Virgin has been offering new customers 0% on balance transfers for 15-16 months. The fact that your interest-free period ends in August [2009], suggests you applied for the card 8 or 9 months ago. Provided that you have made no other credit applications, a new credit card may be the way to go.

Have you estimated how long it will take to clear the computer bill in full?

To help you further, we need to know which credit cards - besides Virgin - you have at the mo or have held recently.

I only applied 4-5 months ago, I think there was less of a balance transfer deal at the time and I didn't think I'd need it. My other cards don't have any sort of deals on them and never have done. Thinking it over I'll probably give it a miss for now, money is tight enough at the moment so best not take on any extra debt if I can help it. Thanks for your help in any case.

Cash_Flow

Moggles wrote: »

I agree. We cannot be certain which credit card providers search a particular agency's files. Lenders do not disclose this information.

My suggestion was a long shot, because the OP had a missed payment showing on their Experian report, but not on Equifax.

Thanks for your feedback.

No problem:beer:

Moggles_2

CazandCo wrote: »

I currently have £4000 overdraft at 19.3%APR and £1950 outstanding on my RBS Mastercard at 16.9% APR. I never miss a payment and can afford to pay more than the minimum off my credit card, but £60 a month at most. My overdraft fees are about £45 a month on my Lloyds Classic account. I am on a strict budget and I'm looking to somehow make a saving on my current charges and start paying more of these two large debts off. I am considering a balance transfer to a 0% card for the £1950 on my Mastercard. What's the best card deal at the moment?

To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 2.98% handling charge.

http://uk.virginmoney.com/credit-card-v3/

A small number of exceptional credit cards, including Virgin, allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. A BT fee applies, but there are no other charges during the introductory 0% period so, credit limit permitting, you may want to pay off some of the overdraft as well.

On receipt of your new card, you can request the transfer of funds to your bank account. I would do this when you call to activate your card. (There's a dedicated, Freefone number). Virgin will allow you to transfer up to 95% of your credit limit. The money arrives in your bank account in about 6 days