Best Balance Transfers Discussion Area

Moggles_2

Resali wrote: »

I think I closed my MBNA card in 2006 [not 2005 as previously posted]. Does that still sound okay for an application to Virgin?

Lenders vary in this respect, as with everything else, but with MBNA you'll be fine.;)

Moggles_2

Ruth_Powell wrote: »

I recently applied for a Virgin credit card to balance transfer from my Tesco Credit Card (which is up to its limit and the interest is making it impossible to pay off). After applying online I had heard nothing for 10 days either by email or post, so I rang their helpline and was told that because I had applied and got a 0% rate on an MBNA card 4 years ago, I was not eligible for the Virgin offer. NB I was not trying to balance transfer from this card. It has a zero balance.

Your MBNA account was still open though, so your situation is slightly different from the OP, who closed down their MBNA card two years ago.

Note: if you've a balance on an existing MBNA card, particularly if it's still charged at 0%, you could certainly be turned down or handed a lowish credit limit on a second MBNA card.

That said IME, and that of other forum users, if there's no balance on your existing card, this lender will sometimes switch your credit limits around to give you a higher limit on the new MBNA card

I was told that because I had applied and got a 0% rate on an MBNA card 4 years ago, I was not eligible for the Virgin offer

AFAIK, this is the first report of this kind. I myself have taken advantage of several 0% BT offers on different MBNA credit cards. Thanks for your feedback

mwally69

Hi Guys, I have just joined this site and its all getting a tad confusing but im sure once i get into it i will start to pick things up. Here is my situation as it stands.

I have 3 credit cards all maxed out. 1 is with virgin £5800, another is with Alliance & leicester £4500 and the other is with egg £2500. I am paying back the minimum payment each month but just seem to be getting nowhere.

I have a mortgage with C & G which is currently quite low at the minute thank god.

I also have a loan with lloyds tsb for £8000. As you can see, when you put my household outgoings alongside that lot, im left with nothing each month after my small wage hits the bank.

I would really appreciate any advice to help start getting me out of this mess. I built up my credit cards by renovating the house i bought and the loan was for a bad business investment!!!

I look forward to any help, im desperate.

Many thanks.

Mike

mwally69

Hi Guys, I have just joined this site and its all getting a tad confusing but im sure once i get into it i will start to pick things up. Here is my situation as it stands.

I have 3 credit cards all maxed out. 1 is with virgin £5800, another is with Alliance & leicester £4500 and the other is with egg £2500. I am paying back the minimum payment each month but just seem to be getting nowhere.

I have a mortgage with C & G which is currently quite low every month at the minute thank god.

I also have a loan with lloyds tsb for £8000. As you can see, when you put my household outgoings alongside that lot, im left with nothing each month after my small wage hits the bank.

I would really appreciate any advice to help start getting me out of this mess. I built up my credit cards by renovating the house i bought and the loan was for a bad business investment!!!

I look forward to any help, im desperate.

Many thanks.

Mike

Cujo80

Hello all,

I'm trying to cut down my monthly outgoings. I have an egg card with £5,500 on it, I never use it but my minimum payments just seem to keep going up (even though I dilligently pay it every month) I'd like to transfer to a card where I can actually start making an impact on the debt!!!

I'm not very good with numbers so this is a bit of a thick question, but does 0% for 16 months mean that my minimum payments will be paying off debt rather than interest - meaning the total will keep going down?

I was looking at Barclaycard but I am not sure they will give me a high enough limit to clear the full £5,500 from Egg - really don't want to be left with bits of debt here and there - any suggestions?

Thanks for any advice in advance!!

Moggles_2

mwally69 wrote: »

I have 3 credit cards all maxed out. 1 is with Virgin £5800, another is with Alliance & Leicester £4500 and the other is with Egg £2500. I am paying back the minimum payment each month, but just seem to be getting nowhere.I have a mortgage with C & G which is currently quite low at the minute thank god.I also have a loan with Lloyds Tsb for £8000. As you can see, when you put my household outgoings alongside that lot, im left with nothing each month after my small wage hits the bank.

Bear in mind that potential lenders cannot assess the way you handle credit directly. The best indications they have are the payment history and credit limits on your existing cards with other companies. In addition to the number of accounts in use (our national average, btw, is five credit cards), lenders look at the extent their credit limits have been utilised. Maxed out accounts make you look desperate for credit so, if you're going to apply for a balance transfer card, it's wise to leave plenty of headroom.

Have you considered Halifax? 13 months 0% on BTs is currently available to new customers. There's a 3% handling charge.

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

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.;)

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Moggles_2

Cujo80 wrote: »

I'm trying to cut down my monthly outgoings. I have an Egg card with £5,500 on it. I never use it, but my minimum payments just seem to keep going up (even though I dilligently pay it every month) I'd like to transfer to a card where I can actually start making an impact on the debt. Does 0% for 16 months mean that my minimum payments will be paying off debt rather than interest - meaning the total will keep going down?

That's right

I was looking at Barclaycard, but I am not sure they will give me a high enough limit to clear the full £5,500 from Egg. Any suggestions?

Judging from posts to this board, right again. Barclaycard is not known for handing new cardholders generous credit limits. Note also that B'card restricts balance transfers to a maximum of £5000.

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/

Resali

Moggles wrote: »

Lenders vary in this respect, as with everything else, but with MBNA you'll be fine.;)

Virgin accepted my application and agreed a credit limit of £6,000 which is more than I need to transfer my balance(s). I actually spoke to them as I was expecting a % where it said Minimum Monthly Payment, but apparently with Virgin it's only £25. I'd definitely want to pay more each month though...

Catzpaws

New moneysaving wannabe here, please be gentle!

OH has just applied for a Tesco credit card to transfer balances (I think he has £5k - £7k of c/card debt) - and has been declined, despite very good credit history (BTW I know this is no longer the only criteria that applications are judged anymore). I think that it's because Tesco is owned by RBS Group. He already has a RBS credit card, a Mint Credit card (both RBS, I think) and also a Virgin (not RBS).

He doesn't want to make lots of applications in case it adversely affects his credit file. Can anyone confirm whether this is the case?

And, any recommendations on what's best to do?

thanks all

Moggles_2

Catzpaws wrote: »

OH has just applied for a Tesco credit card to transfer balances (I think he has £5k - £7k of c/card debt) and has been declined, despite very good credit history. I think that it's because Tesco is owned by RBS Group. He already has a RBS credit card, a Mint Credit card (both RBS, I think) and also a Virgin (not RBS).

I would keep an open mind. There are any number of reasons why a given lender may refuse to extend credit. That said, whether or not this was a factor, I'd avoid cards underwritten by RBS from here on, as they probably treat applications in much the same way.

For tips to improve his chances of credit card 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
http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

Any recommendations on what's best to do?

Has he considered Halifax? 13 months 0% on BTs is currently available to new customers. There's a 3% handling charge.

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