Best Balance Transfers Discussion Area

Moggles_2

mella wrote: »

Any idea how long it takes for a card to come off my credit rating? If I cancelled one today, would it still show up in mid-late Feb for example?

Lenders vary in this respect as with everything else. The whole process (from the initial phone call ) can sometimes span a couple of months, so allow plenty of time.

If you have an excess of available credit, it's advisable to check your credit reports to make sure the a/c is marked "settled" before you submit a credit card application.

Btw, once you have your hard copy, the CRAs seem happy to answer questions over the phone if you quote your reference number. So if, for instance, you wanted to check that a particular item had since been updated, there's no need to order further copies of your credit reports.;)

nicdon

hi,
this is my first time posting here and i dont know if i have the right place. I am looking into changing my credit card balance and store cards to a 0% credit card. The debt would be around the 1200 pound mark. The only thing is that i work part time 16hrs and only earn around 4600 a year. Which card is the best one to go to???

samara

just been turned down by capital 1 for their bt card (the until 2012 one),but offered me a measly £2500 limit and 5% payments,plus 3% bt fee.
damn,I need to shift 6k from a card end of feb and am now afraid that with the timescale I may not be able to make an application due to my declined app affecting my credit worthiness.Or will it?
at the time of applying their was no tesco offer or halifax,so it was virgin or capital for me,but have noticed in the recent tthread that halifax and tesco cards are being obtained.Is there any 'best option card' for me to try for now?
I have barclaycard and mint bt card currently

thanks a lot

Moggles_2

nicdon wrote: »

I am looking into changing my credit card balance and store cards to a 0% credit card. The debt would be around the 1200 pound mark. The only thing is that I work part-time 16 hrs and only earn around £4600 a year. Which card is the best one to go to?

Your current low income rules out most 0% balance transfer cards, as I think you realise.

Have you considered the Marks & Spencer card? I believe the application asks for household income rather than salary. The current deal offers 0% on balance transfers for 6 months. There's a 2% fee.

http://www6.marksandspencer.com/pages/default.asp?PageId=home&Product=CC&WT.mc_id=MASM_CCardRetailWeb01

For tips to improve your chances of acceptance, 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, to make sure no other factors, besides your low income, are working against you.

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

wannaberich41

Hi,
First i woud like to thank you all for your help and advice.It has been very much appreciated.

I think im going to go with the virgin card, but like posted in a previous post it mentions that you cant bt if your other cards are mbna. The card i wish to transfer from is an account where they give you 2 cards. These are a lloyds tsb air miles duo cards, ones a mastercard and the other is a american express card which i dont use. Not sure what mbna stands for but did read somewhere they are connected to mastercard and amex? Will i still be ok to bt to virgin from this account?

NickX

wannaberich41 wrote: »

I think im going to go with the virgin card, but like posted in a previous post it mentions that you cant bt if your other cards are mbna.

You can transfer any debt whatsoever to an MBNA card such as Virgin. This is because they offer SBT (Super Balance Transfer) capability which means that you can request they simply move the funds to your Bank Account by way of a "Money Transfer". Once the funds are received in your account you can then pay off anyone you want from a loan shark to another MBNA card.

Moggles_2

samara wrote: »

Just been turned down by Capital One for their bt card (the [fixed 8.5% APR] until 2012 one), but offered a measly £2500 limit and 5% payments plus 3% bt fee. I need to shift 6k from a card end of Feb and now afraid that with this timescale I may not be able to make an application due to my declined app affecting my credit worthiness. Or will it?

The credit reference agencies do not record credit card refusals, only credit checks. These drop off your file after 12 months, so the effect is only temporary. Even then, credit checks are viewed as negative only if you attract too many in a short space of time

Moggles_2

samara wrote: »

I have noticed in the recent thread that Halifax and Tesco cards are being obtained. Is there any 'best option card' for me to try for now?
I have Barclaycard and Mint bt card currently

To maximise the 0% period, 14 months is available to new customers from Tesco. A 2.9% BT fee applies.

http://www.tescofinance.com/personal/finance/finance/creditcards/bonuscc/index.jsp

Alternatively, you'd get 13 months with Halifax. There's a 3% BT fee though.

http://www.halifax.co.uk/creditcards/pluscard136.asp

IME, and judging from the posts on here, you're more likely to get a generous credit limit with Halifax.

Moggles_2

wannaberich41 wrote: »

I think I'm going to go with the Virgin card, but it mentions that you can't bt if your other cards are MBNA. The card I wish to transfer from is a Lloyds Tsb air miles duo card, one's a Mastercard and the other is an American Express card. Not sure what MBNA stands for, but did read somewhere they are connected to Mastercard and Amex. Will I still be ok to bt to Virgin from this account?

Yes. Rest assured you can transfer balances from a LloydsTSB credit card to Virgin.

MBNA is the name of the lender which underwrites Virgin and quite a few other credit cards. The letters stand for Maryland Bank, National Association.

*dmb*

hi i,m complety new to this i have a credit card debt of 5500 k and i,m only abble to pay min repayment i,m looking into tranfering to somewhere better but don,t know the first thing to do aany advice !!