Best Balance Transfers Discussion Area

Moggles_2

jon32 wrote: »

M&S card got refused, so I am trying the Barclays Simplicity now (or should I wait, because the other application has just been refused and how long?) My status will not change in the next 6 months and I have no late payments, but I am no homeowner, so this may be why I got refused.

Bad luck. There are any number of reasons why a given lender may refuse to extend credit, so I would keep an open mind.

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

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

Moggles_2

jon32 wrote: »

I wanted a tip on credit limits. At the moment I have got a RyanAir GE card with a limit of £2500 and a Capital One with a limit of £1100. I have read in some threads you suggest that the total credit limit across all cards affects the limit offered on new cards. I am happy to ditch the Capital One card, but I don't want to do this blindly.

This wouldn't have an immediate effect, anyway.

Unlike credit searches and an increasing number of online and telephone credit card applications, which appear on your credit file more or less in realtime, this type of data can take up to two months to appear on credit files.

Moggles_2

jon32 wrote: »

Can I apply for the Barclaycard [Simplicity]and, upon approval, immediately ask for an increase in credit limit?

You may be able to negotiate an increase when you call to activate the new card, but this is unlikely to result in more than an extra £500 or so.

If you appeal against Barclaycard's decision, this will only result in delay, while you send in bank statements, proof of income etc.

It's probably quicker, tbh, to apply for another credit card. Which deal is best depends, to some extent, on which cards you have at the mo or have held recently.To maximise the 0% period, 15 months is currently available to new customers from Virgin. There's a 2.98% handling charge

http://uk.virginmoney.com/credit-card-v3/

Moggles_2

Tixy wrote: »

I would like a new card to BT my £3k HSBC card to, preferably at 0%. I'm thinking of applying to Virgin. I have an MBNA card active and don't know whether that will go against a new application, as I understand they are linked ... I don't want to apply for more than one card, so if I'm advised this will go against me I'll try another company.

IME (and from feedback here), MBNA doesn't mind customers holding more than one of its cards. I have held three at once.

Caution: if there were a balance on your current MBNA card, particularly if still charged at special promotion rates, you could certainly be turned down or handed a lowish credit limit by Virgin.

That said, if there's no balance on your existing card, as in your case, this lender will sometimes switch your credit limit from the unused card to give you a higher limit on the new, active one

Alternatively, 13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
Minimum monthly payment is just 1% of the balance shifted.

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

Is it advisable to apply online or is it better to do it by phone?

'Makes no difference. It's your choice, really.

black_squirrel_2

I applied online for a Virgin card on the 1st of April.... from memory I think the online response on completiion was that they needed to check some things, but that I would typically hear back from 7-10 days.

Well its obviously a bit longer than that now, so I went to their website, and looked around for a phone number that I might call to check the status of my application (I should say that I dont remember getting any reference no.)

On phoning their number, I got a pre recorded message that states applications take 15-21 days to be processed - so up from the 7-10 days initially stated.

I decided not to chase it any further in light of the above until 21 days had elapsed.

Given that Im hoping to transfer a balance from a card where Im paying interest from May-ish onwards Im getting a bit twitchy!

Now that its close to the back end of that 21 days, I half expect to phone them up now, and for them to declare that they never got my application at all!

Which would be annoying as I have cash put aside in an ISA which I can pay my existing debt off with, if need be, but I would rather just balance transfer it across to the Virgin card.

Moggles_2

black_squirrel wrote: »

I applied online for a Virgin card on the 1st of April. From memory, I think the online response on completion was that they needed to check some things, but that I would typically hear back from 7-10 days. Well it's obviously a bit longer than that now, so I went to their website and looked around for a phone number that I might call to check the status of my application. Now that it's close to the back end of that 21 days, I half expect to phone them up now and for them to declare that they never got my application at all!

IME, most lenders (including Capital One, Egg, HBOS, RBS and MBNA - which runs Virgin) 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.)

Are you on the electoral register at your current address?

black_squirrel_2

Moggles wrote: »

IME, most lenders (including Capital One, Egg, HBOS, RBS and MBNA - which runs Virgin) 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.)

Are you on the electoral register at your current address?

yes I am. As far as I know my credit history is fine... recently checked it with both Experian and equifax.

I already have an MBNA card with a 6K credit limit on it - and before anyone asks, no thats no what I want to balance transfer from.... though I am aware if I get a low credit limit on a second MBNA card, I can hopefully move that credit limit across - main reason Ive kept that card.

Ive also made a point of closing down all cards I no longer use as Im aware that having too much credit available can be a problem.

As far as I know Ive done everything right! Anyway, will phone them again in the next few days

thanks for your input.

~Yorkshire_Belle~

I haven't previously posted on this board but have been reading it avidly as I needed to BT to another 0% card. As a result of all your help I've managed to do this successfully. Special thanks to moggles who gives such clear and helpful advice - I'm very grateful to you and the time you give to helping others.

Moggles_2

black_squirrel wrote: »

I already have an MBNA card with a 6K credit limit on it ....... though I am aware if I get a low credit limit on a second MBNA card, I can hopefully move that credit limit across - main reason I've kept that card.

Yes. IME and from feedback here, MBNA doesn't mind customers holding more than one card. I have held three at once.

That said, if there's a balance on your current MBNA card, particularly if it's still charged at special promotion rates, you can certainly be turned down or handed a lowish credit limit by MBNA.

OTOH, if there were no transactions on your existing card, this lender will sometimes switch your credit limit from the unused card, as you say, to give you a higher limit on the new, active one.

Very best
M

Moggles_2

~Yorkshire_Belle~ wrote: »

I haven't previously posted on this board but have been reading it avidly as I needed to BT to another 0% card. As a result of all your help, I've managed to do this successfully. Special thanks to Moggles who gives such clear and helpful advice - I'm very grateful to you and the time you give to helping others.

That's very cool to hear
I've learned a lot too. This a great site.
:beer: