Best Balance Transfers Discussion Area

Castro80

Hello everyone,

I'm trying to clear an existing egg card £5500 onto another card where I can pay it off quicker.

HSBC have offered me £2000

I applied to Virgin but they said no as they thought I had too much outsanding credit. Can anyone advise of anywhere else I can try?

Thanks,

Kate

Moggles_2

Castro80 wrote: »

I'm trying to clear an existing Egg card £5500 onto another card where I can pay it off quicker. HSBC have offered me £2000.

When this happens, Martin's advice is to transfer what you can. Don't leave an offer unused out of exasperation. It's already on your credit file, so you may as well use it. You'll still save money. See Martin's *Credit Card Limit: didn't get what you wanted?* article.)

http://www.moneysavingexpert.com/cards/bad-credit-rating

I applied to Virgin but they said no, as they thought I had too much outstanding credit.

In addition to the number of accounts in use, 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 market-leading balance transfer card, it's wise to leave some headroom.

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 sure no other factors, besides your maxed out card accounts, are working against you.

Anyone advise of anywhere else I can try?

Where best depends, to some extent, on which cards - besides Egg - you have at the mo or have held recently.

Castro80

Thanks Moggles - I'll check out those articles.

I haven't got, and haven't ever had, any other credit cards.

The egg one is maxed out so that may work against me. I was going to move some to the HSBC card which will obviously make the egg card look a bit emptier, should I make sure I leave a bit of space on the HSBC one too?

Moggles_2

Castro80 wrote: »

I haven't got, and haven't ever had, any other credit cards. The Egg one is maxed out so that may work against me. I was going to move some to the HSBC card which will obviously make the Egg card look a bit emptier, should I make sure I leave a bit of space on the HSBC one too?

HSBC will let you transfer up to 95% of your credit limit. As you have just the two credit cards at the mo, I'd shift the maximum allowed to your new HSBC card. Meanwhile, I would stop spending on your Egg card (if you haven't already) and concentrate on paying off as much as possible each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process.;)

Can anyone advise of anywhere else I can try?

To maximise the 0% period, 14 months is currently 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.

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

IME, and that of other forum users, the Hally tends to hand out more generous credit limits than Tesco.

Castro80

I will try the Halifax next then. Either way I guess I have made progress by getting the HSBC one and starting to tackle this debt!!

I've not used the egg card for ages and just thought it was about time I tackled it!!!:beer:

Moggles_2

Castro80 wrote: »

I will try the Halifax next then. Either way I guess I have made progress by getting the HSBC one and starting to tackle this debt!! I've not used the Egg card for ages and just thought it was about time I tackled it!

Congratulations on turning things round.

Very best
M
:beer:

Q_Who?

Q_Who? wrote: »

Hi
I got the balance transferred to Capital One and then back again to Halifax without any problems. So the Halifax Card is now at 7.92% for life. The transfer to the Capital One card was at 18% for the life of the balance. The question is will that be the rate that is left on the balance after the transfer to Halifax? I will find out in a few days. I have to hope so because I had a letter from C1 telling me of a change to my interest rates. Standard rate will increase to 28.88%!!! This will be effective after my March statement.
My options, according to the letter, are 1, pay off the balance now (I wish) or 2, continue to make payments at the current rate by phoning C1 before the 20th February and telling them I have destroyed my card. I can then carry on making payments until the balance is gone at which point the account will be closed. Or I can smile nicely and just carry on paying at the new interest rate.
I get the distinct feeling they want to get rid off me. I would love to go and as soon as possible!
Anyone else had a similar letter?
Cheers
Q

Hi all
Ok, Halifax, who I also bank with, have given me another card. This has a 6 month interest free period and a limit of £1300. This will go someway to reducing the C1 card. C1 are leaving a rate of 18% on the remaining balance, however as of my April statement they will put that interest rate up to 26.88%. I know they have some leeway on these things but the 18% rate was a promotional life of balance rate. Are they allowed to do this? I have to decide what to do by the 20th of February. Up to that point I can close the account but continue to make monthly payments at the old rate until the balance is cleared. The charming woman called "Irene" would not tell me why I have been given this treatment.
Any thoughts?
Q

Moggles_2

Q_Who? wrote: »

Halifax, who I also bank with, have given me another card. This has a 6 month interest free period and a limit of £1300. This will go someway to reducing the C1 card.

Congratulations
:beer:

C1 are leaving a rate of 18% on the remaining balance, however as of my April statement they will put that interest rate up to 26.88%. I know they have some leeway on these things, but the 18% rate was a promotional life of balance rate. Are they allowed to do this?

If I've understood your previous posts correctly, the 18% LOB rate applied only to the balance you transferred from your Halifax card to Cap One. If you shifted a similar amount back to the Hally, any remaining C1 balances would continue to be charged at 20% and 24.98% APR, as before. If these rates were described as variable, C1 has reserved the right to raise the APR at any time.

Q_Who?

Hi Moggles
From what I understood during the conversation with C1 almost all of my remaining balance after the BT to my Halifax card is at 18% LOB. Yet as of April they will put it up. Surely that can't be right? However I have to admit that the woman I spoke to was not easy to follow, she said she was called "Irene" but her accent suggested something else!
The additional Halifax card is good as a stopgap. Hopefully I can increase the credit limit on the other Halifax card and the Barclaycard and take advantage of any promotional rates that come up. That way I can clear the C1 asap and prepare to move the new Halifax card balance in 6 months time as well, as the apr after the interest free period isn't amazing, 20% I believe.
Its a pity that I will have to close the C1 card as it is useful for BTing between cards as it has such a large credit limit.
Such is life
Q

Moggles_2

Q_Who? wrote: »

From what I understood during the conversation with C1, almost all of my remaining balance after the BT to my Halifax card is at 18% LOB. Yet as of April they will put it up. Surely that can't be right? However, I have to admit that the woman I spoke to was not easy to follow ...

It certainly sounds as though something was lost in translation.

If you cannot verify your existing rates from your past monthly statements together with the current one, I would ask for confirmation in writing. Then you'll know exactly where you
stand