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Best Balance Transfers Discussion Area

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Comments

  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    crmsweeney wrote: »
    I don't have a credit card. What would be the best deal?

    If this would be your first credit card, you may have a limited credit history. What other credit facilities are held in your name?

    If you use the links provided on page 1 of the *How to obtain credit reports* sticky, you'll be able to see at first hand the data UK lenders search, when you apply for a credit card. Experian sends explanatory notes which are a real help as well.

    For tips to improve your 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
    People who don't know their rights, don't actually have those rights.
  • Hi looked through my card statements I deceided it was time to do some balance transfers to reduce the interest, I have a HSBC card with about £3500 (11.9%), TSB card with about £3300(14.4%) and a Tesco card with £1800 (interest free. ) im making more than min repayments on each.
    I saw the Virgin 16 month deal and thought id apply for a small balance transfer for the TSB card thinking id be lucky to get offered a limit of £2000, lo and behold with a few clicks of the mouse I now can transfer all interest bearing balances to my new Virgin card with a £7300 limit, I now have 16 months in which to pay off as much as possible!
    No wonder people in stife with cards I have the availability of over £30k worth of credit card debt (new BMW perhaps!)
  • samara
    samara Posts: 31 Forumite
    Part of the Furniture Combo Breaker
    I cannot believe that everyone I apply to is either turning me down for a credit card or offering the sub prime ones.
    There was absolulety nothing wrong with my rating,now it will be a little bit battered as I have underestimated the availability of getting credit.It never used to be a problem for me,always paid on time and in full,and they always accepted my applications for new cards online or over the phone.Now,they have to write to me(always a bad sign),and inform me that I can have a subprime card instead! What have i done? My own fault for leaving it late to get another card to bt to,but i was obviously not expecting this.

    My questions are;

    It looks like i will have to take these subprime cards as no-one will probably touch me now. If i do not clear the balance on my mint card (6k) by end of feb,how do i work out how much it will cost me per month? Is that worked out on the apr /month? (12% -ish)

    how will all this subprime credit look to prospective lenders when it appears on my credit file? I imagine it will say which type of card it is,and lenders will know one from the other.My biggest concern is how the subprime cards will look to mortgage lenders.I feel (slightly paranoid) that we are now going back to the 70,s when self employed peolpe were classed as subprime and too much of a risk to lend to. if they take this view I am done for,as I am self employed and struggling to get a mortgage(btl or other),and now a decent credit card. I have to now take the cards on offer,or stay with mint and get slaughtered with the payments?

    I appreciate your advice.
  • $17mma
    $17mma Posts: 2,623 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Virgin 16months 0%

    I have recently closed an old Virgin CC that was not using and 0% had run out, made no sense keeping.

    How long should I wait before I can apply again as a new customer for the 16 months @ 0%?

    I closed the old card begining of Jan.

    Many thanks
    MFWB
    Mortgage when started: £232,000
    Current mortgage Sept 2024: £232,000
    Mortgage free day: Sept 2029

    Saving: £12k 2025
  • grayson
    grayson Posts: 114 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Could my wife apply for some of the cards I have, so I can transfer the balance onto hers, or are cards based on households.. Thanks
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    samara wrote: »
    I cannot believe that everyone I apply to is either turning me down for a credit card or offering the subprime ones.

    Who is everyone? You told us that Capital One turned down your recent application for a fixed-rate card. This happens a lot unfortunately, because Cap One practises a rate-for-risk policy. This means that C1 reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file.
    How will all this subprime credit look to prospective lenders when it appears on my credit file? I imagine it will say which type of card it is and lenders will know one from the other.

    Rest assured lenders are not given access to this info.

    When they search your file, they'll see the number of credit facilities in use, their credit limits and payment history.They also assess the extent the credit limits have been utilised. Bear in mind that maxed out accounts make you look desperate for credit so, if you're going to apply for a market-leading balance transfer card, it's wise to leave plenty of headroom.

    Have you checked your credit reports lately? If you use the links provided on page 1 of the *How to obtain credit reports* sticky, you'll be able to see at first hand the data UK lenders search, when you apply for a credit card. Experian sends some excellent explanatory notes as well.;)

    To help you further, we need to know to whom you've applied unsuccessfully besides C1.
    People who don't know their rights, don't actually have those rights.
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    $17mma wrote: »
    I have recently closed an old Virgin CC that was not using and 0% had run out How long should I wait before I can apply again as a new customer for the 16 months @ 0%? I closed the old card beginning of Jan.

    Lenders vary in this respect, as with everything else. Some will not consider applications from former cardholders for up to a year following closure, whereas Virgin accepts applicants a month or so afterwards.

    Caution: it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply.
    Made no sense keeping.

    MBNA has a reputation for regular, existing-customer/follow-on offers, once your balance is paid off in full, so a credit card issued by this lender (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) is worth keepng in your deck, IMO ;)
    People who don't know their rights, don't actually have those rights.
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    grayson wrote: »
    Could my wife apply for some of the cards I have, so I can transfer the balance onto hers or are cards based on households?

    Yes, lots of couples do this. Cards are not based on households .

    Note: same restrictions apply as when arranging a BT between your own credit card accounts (ie. you cannot transfer balances between cards underwritten by the same bank.) This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

    http://www.stoozing.com/cards.htmlots
    People who don't know their rights, don't actually have those rights.
  • Just wanted to say thanks Moggles! I wanted to do a balance transfer onto a Virgin credit card after getting a letter from Capital One saying they were upping the interest to 34.94%, but got turned down.

    However I took your advice, checked my credit report and (rather nervously) applied to do the same with the current Halifax offer. I have been accepted! Woo hoo!

    It's going to save me a small fortune and don't worry, I'm already sharpening the scissors to cut the card up the moment it arrives :-)

    Thanks again and thanks Martin for all the information on the site about balance transfers and credit reports. I urge you all to read it and pay close attention - it can save you loads of time as well as money.
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    I wanted to do a balance transfer onto a Virgin credit card after getting a letter from Capital One saying they were upping the interest to 34.94%, but got turned down. However I took your advice, checked my credit report and (rather nervously) applied to do the same with the current Halifax offer. I have been accepted! Woo hoo! Thanks again and thanks Martin for all the information on the site about balance transfers and credit reports.

    Congratulations & thanks for your feedback
    :beer:
    People who don't know their rights, don't actually have those rights.
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