Best Balance Transfers Discussion Area

Moggles_2

potlessnomore wrote: »

I applied for 4 cards: Nationwide, Halifax & Tesco, Answer No, Sainsbury's Yes. At least I can buy bread interest free for 12 Months Lol How long should I leave it before I apply again.?

Well, it depends.

Think about the number of applications for credit you've made in the past 3 months. Include new bank accounts, catalogues, store cards, mobile phones etc. not just credit cards and loans. Anything with credit facilities will leave footprints on your file. Then consider your plans over the next 3 months.

Credit checks appear on your credit file more or less in realtime. In itself, the effect of 3-4 credit card applications in 3 months may not be all that significant but, in the context of your credit history as a whole, could certainly have an impact on your credit rating.

Remember credit checks appear on your credit file more or less in realtime. Anyone who searches your file subsequently will see each credit check until it drops off your file 12 months later. An increasing number of online and telephone credit card applications (those which give instant decisions and credit limits) are now real time applications too.

The effect is only temporary, but it would be sensible to leave well alone for 6 months.;)

potlessnomore

Hi Moggles

Thanks for your opinions..I'm suprised by some of the decisions, I don't have any credit issues and earn good money. If this is anything to go by, a lot of people are going to be declined.
I have been reading these forums for weeks now and without your knowledge and experience I could have made some (basic) mistakes, and put myself right in the $:eek: . MANY Thanks.:beer:

Moggles_2

potlessnomore wrote: »

I'm surprised by some of the decisions, I don't have any credit issues and earn good money. If this is anything to go by, a lot of people are going to be declined. I have been reading these forums for weeks now and without your knowledge and experience I could have made some (basic) mistakes and put myself right in the $

No problem and thanks for your feedback.

It's usually a bit easier to get a 0% on purchases deal like Sainsbury's, than a market-leading BT card.

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

Have you checked your credit reports lately? If you use the links 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 good read as well.) It's worth doing, IMO, because mistakes happen. For instance, a credit card or cards you believe to be cancelled, should be marked settled to show the account has been closed down.

Mr.L_2

Evening all, just wondering if anyone can assist me with a bit of advice, as i feel a little out of my depth

Short version is, my better half has had a letter from debt recovery company as she missed a payment on her credit card (been paying it off on time for the last 2 years, with only one missed payment), so they have asked for £2800 to be paid off.
Unfortunately she has been rejected by the cards listed in the help section, so i am wondering if i can have the debt transferred to a card in my name??

Is this something that can be done & if so would you recommend it? We can afford to pay it off in under 16 months.

I hope someone can offer some advice, and that what i have talked about makes sense? Feel free to tell me if i'm being a numpty.

Thanks:beer:

Moggles_2

Mr.L wrote: »

My better half has had a letter from a debt recovery company as she missed a payment on her credit card. Unfortunately she has been rejected by the cards listed in the help section, so I am wondering if I can have the debt transferred to a card in my name? Is this something that can be done & if so would you recommend it? We can afford to pay it off in under 16 months.

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card her balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask the card company to charge her for any remaining balance.

From the lender's perspective, it's not a problem. If you request the transfer by phone, customer services may ask for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

Caution: 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.htm

Convert

Hi. I'm very new to this and don't know if this will help anyone but I read one of Martin's money saving articles about you may get turned down for the Vergin 16 months 0% credit card if you already had an MBNA card. . . etc. . .

I applied for the Vergin card on 14th Jan and had not heard anything so rang them today and they said they had a large backlog of applications. The guy on the other end of the phone was great. Really helpful and did the application on line. I had an MBNA card but had not used it for a considerable time (Credit Card Tart :rolleyes: ) so the guy offered to cancell my old MBNA card whilst I was on the phone. Now I will get the Vergin Card for the 16 month 0%! so, if you do have an MBNA card, but are in a similar situation to me then you too may be able to get this better deal. Nothing to loose by asking?

Moggles_2

Convert wrote: »

I read one of Martin's money saving articles about you may get turned down for the Virgin 16 months 0% credit card if you already had an MBNA card. . . etc. I applied for the Virgin card on 14th Jan and had not heard anything so rang them today and they said they had a large backlog of applications. The guy on the other end of the phone was great. Really helpful and did the application on line. I had an MBNA card but had not used it for a considerable time, so the guy offered to cancel my old MBNA card whilst I was on the phone. Now I will get the Virgin card for the 16 month 0%! so, if you do have an MBNA card, but are in a similar situation to me then you too may be able to get this better deal. Nothing to loose by asking?

Thanks for your feedback.

MBNA doesn't seem to mind customers holding more than one of its cards. I have held three at once.

Caution: if there's a balance on your MBNA card, particularly if it's still charged at 0%, you could certainly be turned down or handed a lowish credit limit by Virgin.

That said if, like the OP, there's no balance on your existing MBNA card, this lender will sometimes utilise your credit limit on the unused card to give you a higher limit on the new, active one.;)

Dudleydog

Hi,

I've just applied for a Virgin credit card to transfer a balance on the 0% for 16 months but was rejected. Is it worth applying for the MBNA's Rate for Life card or will I be rejected as Virgin is part of MBNA?

Cheers

Moggles_2

Dudleydog wrote: »

I've just applied for a Virgin credit card to transfer a balance on the 0% for 16 months, but was rejected. Is it worth applying for the MBNA's Rate for Life card or will I be rejected as Virgin is part of MBNA?

Personally, I wouldn't risk this. As you say, they belong to the same stable and it's likely you'll be scored exactly the same way.

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. A 3% BT fee applies.
http://www.halifax.co.uk/creditcards/pluscard136.asp

Before you fire off more applications though, 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, for tips to improve your chances of credit card acceptance

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

Dudleydog

Thanks for that. I've tried Tesco and they rejected me as well. Checked my credit with Experian and seemed OK too.

I guess I'll keep trying!