Best Balance Transfers Discussion Area

Moggles_2

Lisa_H wrote: »

If credit cards belong to different groups i.e. A&L is MBNA, how do I find out what other cards belong to this group so I don't apply for those cards? What other groups are there and which cards fall into these groups? Is there anywhere on this site or elsewhere, where this info is available as it would be so handy for us tarts?

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

http://www.stoozing.com/cards.htm

Moggles_2

Lisa_H wrote: »

I have an A&L card about to come to the end of its 0% deal with £1,300 remaining. Was looking to apply to either the Tesco or Barclaycard at 0% or even considering the Barclaycard Simplicity at 6.8% for life with no fees.

Please see #1641 above.

Please also read #1645 just above yours.

samara

Moggles wrote: »

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.



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.

thanks moggles.

I have recently and do regularly check my(experian) report as i have free access via another service.I also have access to call credit and equifax via check my file.My scores are down considerably,even though not much is different since i was a 950 plus-er.there appears to be no adverse and they tell me everything looks as it should,but......

i have been a complete @£$& by doing too many ccard apps in the last month or so(i think so),which means i have been offered the c1 card £2500 limit),declined by tesco and halifax, and have to shift 6k from a mint card by end of feb.This certainly will not look good on my report.Best not too do all this late evening when you are tired!

i am now considering a loan to pay off the bt debt,as I imagine the repayments after the offer finishes will be horrendous.

Moggles_2

samara wrote: »

I have recently and do regularly check my (Experian) report as I have free access via another service. I also have access to Call Credit and Equifax via Check my file.

Caution: if you order from a central source like CheckMyFile, you'll get most data from CallCredit, a bit less from Equifax and only publically visible data from Experian (useless, IMO, but that's just my opinion of course). What's more, it costs you much more.

Credit reports, when ordered directly from Experian and Equifax, online or by post, are more valuable. This is the information UK lenders see, when you apply for new credit facilities. This data's available by post for just £2 per paper copy. For links, see page 1 of the *How to obtain credit reports* sticky

We cannot be certain which credit card providers search a particular agency's files (lenders do not disclose this information), but it's known that most use Experian. Experian sends explanatory notes which are a real help as well and would allay most of your fears

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 particular items had since been updated, there's no need to order further copies of your credit reports.

Moggles_2

samara wrote: »

My scores are down considerably, even though not much is different since I was a 950 plus-er. There appears to be no adverse and they tell me everything looks as it should, but....

Credit scores are a nice little earner for the credit reference agencies, but of little practical value to cc applicants and certainly not worth paying extra for. I wouldn't let these numbers distract you from tackling the things that really matter.

Remember credit reference agencies are there to provide your credit history, but the actual methodology (and the process of scoring itself) is done by their clients, the lenders. None of us - including the CRAs - knows what criteria are used by individual companies. Lenders do not disclose this information. It's not uncommon for forum users to post different scores from the three CRAs or various scores from the same agency a few weeks apart. I suspect that the lenders' scores, had we access to them, would be different from each other as well!

That said, Halifax and Tesco are not known to score particularly harshly.

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, to make certain nothing - other than the fact that you're self-employed - is working against you.

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

uptomyeyes1984

I did post else where but maybe i should have come here. after not using my barclaycard platinum in ages i was offered a 6.9% for life of balance transfer, my question is does anyone know if barclaycard accept bal transfers to current accounts like MBNA do?
thanks Kelly

Moggles_2

uptomyeyes1984 wrote: »

After not using my Barclaycard platinum in ages, i was offered a 6.9% for life of balance transfer. Does anyone know if Barclaycard accept balance transfers to current accounts like MBNA do?

A few rather special credit cards 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.

Unfortunately, Barclaycard does not have this capability.

vaz119

Moggles wrote: »

Barclaycard has become stringent with available credit recently. This lender currently turns away 50% of its applicants. Of those accepted, 33% do not get the card they applied for.

B'card practises a rate-for-risk policy. This means that it 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.
Btw, Capital One and Citi operate a similar policy.

Judging from posts to this board, this happens frequently, so it's important to consider first whether you’ve a realistic chance of being accepted.

thanks for the reply:beer:

was trying to Bt from a MBNA card but 6months isn't really long enough. Applied for a virgin card ~2 months ago because i didn't realise they were also MBNA and wont let me BT!

After reading around, think i'm going to use these cheque things cause they also have 0% for 12 months into my current account and use that to pay the MBNA!...

will this work?

Chlolily

Hi new to this balance transfer and about to do it for the first time ever!!! Main aim is to get the monthly repayments down as well as 0%. Not bothered about time as looks like I'm cashing in an endowment which would clear the car anyway but could be two months or so before I can do that.

So 6 months 0% fine BUT I need a lower monthly payment than £150.

I think Virgin will do what I want but don't understand there minimum payment bit?!!!!! Can anyone help please?

"If the balance shown on your statement is less than £25, it will be the total amount of the statement balance; or
if the balance shown on your statement is £25 or more, it will be whichever is the greater of £25; or the total of any Payment Protection Cover charges, interest and default charges plus £5."

errrrr?!!!!! and do you have to have PPC?

THANK YOU IN ADVANCE

poker_face

Chlolily wrote: »

Hi new to this balance transfer and about to do it for the first time ever!!! Main aim is to get the monthly repayments down as well as 0%. Not bothered about time as looks like I'm cashing in an endowment which would clear the car anyway but could be two months or so before I can do that.

So 6 months 0% fine BUT I need a lower monthly payment than £150.

I think Virgin will do what I want but don't understand there minimum payment bit?!!!!! Can anyone help please?

"If the balance shown on your statement is less than £25, it will be the total amount of the statement balance; or
if the balance shown on your statement is £25 or more, it will be whichever is the greater of £25; or the total of any Payment Protection Cover charges, interest and default charges plus £5."

errrrr?!!!!! and do you have to have PPC?

THANK YOU IN ADVANCE

not sure I can make any sense out of that either:p