Best Balance Transfers Discussion Area

Moggles_2

unidentified wrote: »

Anyone any experience of getting Egg to extend their 0% balance transfer period? My 15 months is about to run out and am gonna have to tart to a different card if Egg won't extend.

It's not unusual for Egg to offer promotional rates as a sweetener to attract new business, but the bank is unlikely to extend a 0% deal on existing transactions.

That said, if you were to pay off the balance, courtesy of Virgin or another balance transfer card, you may be offered a decent follow-on deal.;)

unidentified

Why would they do that? The way they make money is from interest on your account, so they're not going to give you any longer interst free than was orignally agreed...

They don't have to because as you say that's how they make their money, but I've heard of savvy customers asking with other cards saying they were going to tart to another card and the card company backed down and extended the deal.

Considering Egg's 0% period is one of the longest at 15 months though I do very much doubt it, but was worth an asking if it has worked for anyone already. Looks like Virgin 0% for 15 months it will be then (hopefully).

Just hope the credit limit with Virgin would be high enough, do they take your salary into account or how do they determine your limit ?

Hopefully I am classed as a "new customer" - I was a previous customer, but tarted away from them to Egg, then cancelled the Virgin card (been away from them for at least 12 months or more now). This class me as a "new customer"?

Phil-T_2

I just thought I'd let people know that I've just gotten cards with reasonably favourable results for myself and my wife from Tescos with the 0% for 14months (2.9% fee) deal.

There website gives you an instant credit decision and you can even transfer the balance there and then.

Phil

Phil-T_2

unidentified wrote: »

They don't have to because as you say that's how they make their money, but I've heard of savvy customers asking with other cards saying they were going to tart to another card and the card company backed down and extended the deal.

Considering Egg's 0% period is one of the longest at 15 months though I do very much doubt it, but was worth an asking if it has worked for anyone already. Looks like Virgin 0% for 15 months it will be then (hopefully).

Just hope the credit limit with Virgin would be high enough, do they take your salary into account or how do they determine your limit ?

Hopefully I am classed as a "new customer" - I was a previous customer, but tarted away from them to Egg, then cancelled the Virgin card (been away from them for at least 12 months or more now). This class me as a "new customer"?

From the website: "If you've regularly used cards to balance transfer in the past, it's likely you'll have held cards from many of the top pick providers below. Each has its own rules, but many card providers will automatically reject you if you already have one of its products, or have in the past twelve to eighteen months."

So it's touch an go for you with Virgin, maybe try Tescos.;)

steelercaz13

Hi all

Sorry, this might be a longie!

I currently have around £13.5k across 3 credit cards, with interest rates ranging from 15.9% to 24.9% (Egg, MBNA BMI and Capital One). The combined credit limit on these 3 cards is £16.4k. In addition I have a Citibank card with a zero balance & credit limit of £2,175. I also closed a Halifax CC in November last year, which had a credit limit of about £12k.

I earn £1700 net a month, and can afford regular payments each month of up to £500 off this debt, and want to reorganise it so I am no longer paying this extortionate rate of interest. Ideally I want to pay off the full amount in 24 months. I checked my Equifax credit rating yesterday, and I am in the 'Good' category - with 471 out of 500 I am 4 points off being in the 'Excellent' category.

I have enquired as to availability of better BT deals at my existing cards to no avail. My boyfriend is keen for me to get a Sainsburys loan at 6.9% for £12k (I have money owed me that will hit my account this month to pay off the rest). However, I am thinking that, if I can get one, I am better shifting as much of this first to a 0% CC, and then to a low BT CC (e.g. Barclaycard 6.8% life of balance), and then taking out a loan for the remainder.

However, I am worried that with all the combined credit limit I have at the moment, if I apply for 1 and maybe 2 CC's I will get tiny credit limits, not be able to BT much over, and will then have 1 or maybe 2 credit checks against my file, which could mess up a subsequent loan application. What do you guys (the experts!!) think?

NB, I am about to try to reclaim CC charges from Halifax over 6 years and Capital One over 5 years, as well as PPI charges from a missold policy (not asked if I had any pre-existing medical conditions).

I am at the point where I am keen to buy a house, and therefore need to clear the debt asap, and make myself more attractive to a mortgage lender.

Overall, what would you wonderful MSE'ers advise???

Thanks so much in advance for your help...

Moggles_2

unidentified wrote: »

Just hope the credit limit with Virgin would be high enough

It's not an exact science of course but, judging from feedback here, you're more likely to get a generous credit limit with Virgin than some providers I could name.

That said, none of us knows in advance the limit we'll be handed. The only way to find out for certain is to apply.

Do they take your salary into account or how do they determine your limit?

Sorry, only Virgin knows the answer. Lenders do not disclose the criteria they use to decide.
Your available credit in relation to your income is likely to be a factor though.

Moggles_2

unidentified wrote: »

Hopefully I am classed as a "new customer" I was a previous customer, but tarted away from Virgin to Egg, then cancelled the Virgin card (been away from them for at least 12 months now).

Lenders vary in this respect, as with everything else. Some will not consider applications from former cardholders for various periods following closure. Others like Virgin accept applicants straight away.

In all cases, it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply.

Moggles_2

Phil-T wrote: »

I've just gotten cards with reasonably favourable results for myself and my wife from Tescos with the 0% for 14months (2.9% fee) deal. Their website gives you an instant credit decision ...

Congratulations & thanks for posting.
:beer:

IME, most lenders (including Capital One, Egg, HBOS, HSBC, the Post Office, RBS and MBNA) now give instant decisions and credit limits online or by telephone provided that you have a good credit history and they can verify your ID electronically via the electoral roll.

Moggles_2

steelercaz13 wrote: »

My boyfriend is keen for me to get a Sainsburys loan at 6.9% for £12k (I have money owed me that will hit my account this month to pay off the rest). However, I am thinking that, if I can get one, I am better shifting as much of this first to a 0% CC and then to a low BT CC (e.g. Barclaycard 6.8% life of balance) and then taking out a loan for the remainder.

Sounds like a plan.;)

However, I am worried that with the combined credit limit I have at the moment, if I apply for one or two CCs, I will get tiny credit limits and not be able to BT much over.

Other things being equal, it's better (credit score-wise) to have fewer cards with higher limits, than a clutch of cards with lowish limits, so I would consider closing the unused Citi card. This lender is not known for decent, existing-customer offers unfortunately, so this account may simply be bumping up your available credit for no good purpose.

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 stretched so, if you're going to apply for market-leading BT cards, it's wise to leave some headroom. I would certainly pay down the balance of one or more of your cards with the expected £1500 and wait for this to show on your credit reports before you submit any applications. Usual advice is to pay off the card with the highest APR first, since this reduces the interest you pay.

I will then have one or two credit checks against my file, which could mess up a subsequent loan application.

A couple of credit checks will not affect your ability to get credit, as long as you don't attract any more in a short space of time.

steelercaz13

Moggles wrote: »

Sounds like a plan.;)



Other things being equal, it's better (credit score-wise) to have fewer cards with higher limits, than a clutch of cards with lowish limits, so I would consider closing the unused Citi card. This lender is not known for decent, existing-customer offers unfortunately, so this account may simply be bumping up your available credit for no good purpose.

Hi Moggles

Thanks for the advice, definitely sounds like a plan!

Quick question, if I call and cancel the City card today, anyone have any idea how long it'll take for it to disappear from against my name? i.e. how long should I then leave it before applying for the 0% card?

Thanks again! :T