Best Balance Transfers Discussion Area

JenniferAfonso

[Thanks Moggles

rockinrachel

Hi MSEs,

I am having trouble getting a new balance transfer credit card.

I currently have 3 credit cards-

halifax -£3000- was 0% but that has now run out so getting charged 20%
citibank-£3000- 5% life of balance
american express-£750 -15%

I tried to apply for the virgin 0% credit card 2 months ago (like martin suggests) before the halifax 0% interest ran out, but I got rejected. Was quite annoying as well as they took 2 months by post to tell me this and now I have moved address.

So now I tried to apply for the HSBC card and the post office card and got rejected for both, even though I have an account with HSBC.

I called HSBC and the nice man on the phone was very helpful. Although he couldn't tell me how they did their credit scoring he could see nothing was wrong with the activity of my account. He did tell me to wait 6 months before I try again. In the meantime I will be paying about £50 interest/month on my halifax card. I tried to see if I could transfer it to the citibank card but they only offered my 5% interest till july with the 3% transfer fee on the new transfer amount.

I am hoping to have the halifax card paid of by the end of the year, so really want an interest free card.

I checked my credit file about 6 months and all was fine. I have requested my credit file through check my file and they have had trouble finding me in the system, even though I have used them before. This has happened before when I tried to register with ebay I had to send them lots of identification who I was and now check my file have asked for this as well.

If anyone can tell me why this keeps happening to me it would really great. I have lived in the country for over 6 years, have 2 bank accounts and have always been on the electoral role. Yet I always seem to have trouble getting credit, even though I have never defaulted on a payment.

Is this because I don't have a mortage. I know alot of mates with mortages and they never have trouble getting credit even though they have lots of other debts.

Sorry for the long post but if anyone can give me any advice on my problem would be so much appreciated, as I have tried everything that martin suggests on the site and I really detest having to pay the banks interest and the matter has caused me great stressed as it seems very hard to beat the banks.

thanks R

Moggles_2

rockinrachel wrote: »

I am having trouble getting a new balance transfer credit card. I tried to apply for the Virgin 0% credit card 2 months ago before the halifax 0% interest ran out, but I got rejected. Was quite annoying as well as they took 2 months by post to tell me this and now I have moved.

You will have disrupted your credit rating temporarily of course by moving house.

Lenders like stability, so it's best to apply for credit facilities, where possible, before you move/change jobs/change banks and make as few changes beforehand as practicable. Being with the same employer, bank and current address for a while all help when applying for market-leading BT cards.

Are you on the electoral roll at your current address? If not, I would register your details and wait until your electoral status shows on your credit files.

Moggles_2

rockinrachel wrote: »

I tried to apply for the Virgin 0% credit card 2 months ago before the Halifax 0% interest ran out, but I got rejected. I checked my credit file about 6 months ago and all was fine. I have requested my credit file through Checkmyfile and they have had trouble finding me in the system, even though I have used them before.

If you order credit reports 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.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 lenders search when you apply for credit cards or loans. (Personally, I wouldn't bother with CallCredit, but that's just my opinion of course.).

For links, see page 1 of the *How to obtain credit reports* sticky. Experian sends explanatory notes as well, which are an invaluable aid to interpreting your credit reports and will help you get to the root of the problem

Kate_Thatcham

Q Who

In my experience with dealing with complex issues and Capital One it is best to speak to a supervisor as they can work without sticking rigidly to the standard call centre script. Be warned, when you ask for clarification in writing, the letter may make no sense and so may require another 'phone call to their call centre....

Good luck!

lawsio

Hi all,

I have two credit cards at the moment, one with Natwest and the other with Mint. I was hoping to transfer the balance form one onto the other and closing one of the accounts, but I'm told that I cannot do a transfer between the two companies because they are owned by the same people. If I was to make a payment of the full balance on one card with the other, would that end up costing me lots of money?

Moggles_2

lawsio wrote: »

I have two credit cards at the moment, one with Natwest and the other with Mint. I was hoping to transfer the balance form one onto the other and closing one of the accounts, but I'm told that I cannot do a transfer between the two companies because they are owned by the same people.

That's right

If I was to make a payment of the full balance on one card with the other, would that end up costing me lots of money?

You cannot pay a credit card bill with another credit card. The bank will only accept debit card payments, cash or cheques.

You can arrange to transfer a credit card balance to another card, but not if both cards are underwritten by the same bank. It would be like offering to pay someone with their own money,

potlessnomore

Hi Moggles

I have seen a list of credit cards that are managed by MBNA (and the others) on the MSE website, but I cannot find it. I want to make sure that I only apply to other providers as I already have the Virgin o% 16 month card.
Which one would you advise.?

Moggles_2

potlessnomore wrote: »

I have seen a list of credit cards that are managed by MBNA (and the others) on the MSE website, but I cannot find it. I want to make sure that I only apply to other providers as I already have the Virgin 0% 16 month card.

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

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

Which one would you advise?

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

potlessnomore

Hi Moggles.

Thanks for that.

Alas, I applied for 4 cards: Nationwide, Halifax & Tesco Answer No, :mad: Sainsbury's Yes.!! :j

At least I can buy bread inerest free for 12 Months..Lol

How long should I leave it before I apply again.?