Best Balance Transfers Discussion Area

Moggles_2

*dmb* wrote: »

I'm completely new to this. I have a credit card debt of 5500 k and I'm only able to pay min repayments. I'm looking into tranferring to somewhere better, but don't know the first thing to do. Any advice?

Martin's *Best Balance Transfers* article is the place to start

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

Then come back here if you have specific questions. To help you further, we would need to know which credit card(s) you have at the mo.

Moggles_2

peka2k wrote: »

I would apply for two cards, that way you have more chance of splitting it over both, instead of just getting one with a low limit.

Supposing you're accepted for two credit cards, each with generous credit limits, and do not have sufficient balances to make full use of both cards?

Depends on your circumstances. There's no perfect solution that suits everyone.

Moggles_2

peka2k wrote: »

I thought it was mentioned here the Post Office gave you an instant decision. I have just applied and have to wait 5 working days for a letter.

IME, Egg, Halifax, Mint, the Post Office, Tesco and Virgin/MBNA give instant decisions and credit limits online or by telephone, provided that you have a good credit history and they can verify your ID electronically using the electoral roll .

I got instant acceptance from Capital One too but, if memory serves, waited three or four days for the limit.

scott_lithgows

Moggles wrote: »

Barclaycard will allow you to hold more than one of its cards (I have three at the mo), but you cannot transfer balances between cards which are underwritten by the same bank.

I got rejected by Barclaycard because I have a ex-Goldfish Leeds BS credit card(my fault-forgot Barclaycard took them over) and they said I could only have 1 credit card account with them.

Has anyone got the Nat-West or RBS classic credit card with LOB of 8.9% with a 2% rebate every six months? Is it worth trying for ?

Hippyer

Hello

Please allow me to explain my current situation.
Reading through all the posts on here I'm sure someone will be very helpful as seems to be the way with MSE.

I read the blance transfer article several months back and applied for a credit card with nat west to transfer my balance over too.

At this time I had a £3,000 debt on a sainsburys bank credit card.
July 2008 Nat West allowed me £1,250

Then a spot of luck happened around the same time (Aug 2008) when I popped into my local halifax branch to deposit some money I was told by the girl behind the screen that the computer was saying it would allow me a minimum of £1,000 limit.

I was suprised at this as I'd applied a few months earlier to be told I couldn't get anything.

Anyway, after talking to a young man I got a further credit card with halifax for £1,250

This left me with around £550 of debt left on my sainsburys credit card.

My current situation is
Sainsburys Bank = £0
Halifax = £1,000 @ 0% until Feb 09
Nat West = £1,000 @ 0% until Aug 09

I've recently become self employed and moved house. Could these affect my credit rating?
The previous tennants left owing the landlord money and from the amount of letters we are still receiving for them I guess they weren't the most credit worthy.
Could this give a bad impression to creditors if the address has a bad rating?

I have applied for a barclay card recently as I would like to transfer the halifax card over to a new card. This has unfortunately been declined.

I believe Sainsburys Bank is MBNA and read therefore that I should not apply for the Virgin Card.

So my question is what card would you recommend me applying for next.

I'm not sure why I got declined on the barclay card.
I have only ever had two late payments that would indicate a bad rating but this was around 2 years ago.

Who is a safer bet?

scott_lithgows

Hippyer wrote: »

Hello

Please allow me to explain my current situation.
Reading through all the posts on here I'm sure someone will be very helpful as seems to be the way with MSE.

I read the blance transfer article several months back and applied for a credit card with nat west to transfer my balance over too.

At this time I had a £3,000 debt on a sainsburys bank credit card.
July 2008 Nat West allowed me £1,250

Then a spot of luck happened around the same time (Aug 2008) when I popped into my local halifax branch to deposit some money I was told by the girl behind the screen that the computer was saying it would allow me a minimum of £1,000 limit.

I was suprised at this as I'd applied a few months earlier to be told I couldn't get anything.

Anyway, after talking to a young man I got a further credit card with halifax for £1,250

This left me with around £550 of debt left on my sainsburys credit card.

My current situation is
Sainsburys Bank = £0
Halifax = £1,000 @ 0% until Feb 09
Nat West = £1,000 @ 0% until Aug 09

I've recently become self employed and moved house. Could these affect my credit rating?
The previous tennants left owing the landlord money and from the amount of letters we are still receiving for them I guess they weren't the most credit worthy.
Could this give a bad impression to creditors if the address has a bad rating?

I have applied for a barclay card recently as I would like to transfer the halifax card over to a new card. This has unfortunately been declined.

I believe Sainsburys Bank is MBNA and read therefore that I should not apply for the Virgin Card.

So my question is what card would you recommend me applying for next.

I'm not sure why I got declined on the barclay card.
I have only ever had two late payments that would indicate a bad rating but this was around 2 years ago.

Who is a safer bet?

Sainsbury,s is HBOS run and usually offer life of balance deals of 5.9% every so often,worth keeping for when the Nat-West deal runs out,but it cant be used for the Halifax transfer.
As Virgin is MBNA run,theres nothing to stop trying for it,just try not to have too many applications in too short a time as it affects your credit score.

ps wait till Moggles gives his opinion as he genuinely knows more than most re credit cards
good luck

Moggles_2

scott_lithgows wrote: »

I got rejected by Barclaycard because I have a ex-Goldfish Leeds BS credit card(my fault-forgot Barclaycard took them over) and they said I could only have 1 credit card account with them.

Bad luck. Barclaycard has certainly allowed some of us to hold more than one of its cards but, judging from posts to this board, this lender seems to be stringent with available credit at the mo.

Thanks for your feedback.

Hippyer

scott_lithgows wrote: »

As Virgin is MBNA run,theres nothing to stop trying for it,just try not to have too many applications in too short a time as it affects your credit score.

This is why I have sought advice.
Thankyou

dallas123

Don't bother with Egg or anyone else for 0% transfers now - I've spent the last week trying to transfer some balances and despite having a pristine experian credit report I am being refused by all. Either the recession has got them on the run or they won't actually approve balance transfer applications becuase they making no money off them.

Moggles_2

Hippyer wrote: »

I've recently become self-employed and moved house. Could these affect my credit rating?

Unfortunately, yes. Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks and make as few changes beforehand as practicable.