Best Balance Transfers Discussion Area

alybob_2

A friend recently applied for a Abbey credit card but was turned down, he alrady has a MBNA card, he wanted to do a balance transfer, anyone any ideas on why he might be refused, his credit report was excellent

Moggles_2

alybob wrote: »

A friend recently applied for an Abbey credit card but was turned down. He already has a MBNA card. He wanted to do a balance transfer. Anyone any ideas on why he might be refused? His credit report was excellent.

There are any number of reasons why a given lender may refuse to extend credit.

For tips to improve his 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

Luke_Skywalker_1980

Thanks for the link. Seems like if I can pay around £100 p/m then I could clear the balance in 20 months which I could probably fit into a 0% purchase (9 months) + 0% BT (15 months) then this option would be cheaper (~£40 fee) than borrowing at 7% (~£90 interest)

Moggles_2

Luke_Skywalker_1980 wrote: »

Thanks for the link. Seems like if I can pay around £100 p/m then I could clear the balance in 20 months which I could probably fit into a 0% purchase (9 months) + 0% BT (15 months) then this option would be cheaper (~£40 fee) than borrowing at 7% (~£90 interest)

Sounds like a plan

Very best
M

M_Thomson

Just finished a 0% for 9 months initial offer on the Paypal Credit Card. Called to see if there was anything else they could offer and they offered 0% for 6 months with a 2.5% fee or 0% for 12 Months with a 2.99% fee. Took the 12 month offer. Thanks GE Money/Santander!!

seopositive2

I usually use credit card it is best service and money come in just few second really best service.

Moggles_2

seopositive2 wrote: »

I usually use credit card it is best service and money come in just few second really best service.

Multiple pointless posts promoting the same website.

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sarahannreid

Hey there.
I have around £2000 owed on a barclaycard (15.9%apr) and a £500 owed on a virgin card(on 0% bt deal) but these are both pretty much at their limits. I am about to graduate and start a full time job, so i was wondering what would be the best way to begin to clear this debt? Not sure if i should be applying for yet more credit as i have recently opened a catalogue account (but owe nothing on it), and have a few smaller debts. Any help would be much appreciated!

Moggles_2

sarahannreid wrote: »

I have around £2000 owed on a Barclaycard (15.9%apr) and a £500 owed on a Virgin card (on 0% bt deal) but these are both pretty much at their limits. I am about to graduate and start a full-time job, so i was wondering what would be the best way to begin to clear this debt? Not sure if i should be applying for yet more credit, as i have recently opened a catalogue account (but owe nothing on it), and have a few smaller debts. Any help would be much appreciated!

As a student with limited means, you are not in a position to apply for 0% or low interest rate BT cards. (These require an annual income of at least £8000).

Have you tried asking Barclaycard to lower the interest rate? (You can do this over the phone.) You may be able to reduce your costs considerably. For details, see Martin's *Credit Card Shuffle* article

http://www.moneysavingexpert.com/car...-card-interest

I would stop spending on your credit cards, if you haven't already, and concentrate on paying off as much as possible each month. Clearing these debts ASAP will reduce the interest you pay and you'll be building a better credit history in the process. This, in turn, reduces the risk that B'card and Virgin will raise your interest rates before you've paid off the cards.

misselvis

have had my LBM and am really working hard to clear my debts. my mum is currently holding onto my cards and I have not really missed them. last month I got my credit reports from experian and equifax using the £2 cheque system and am was really pleased with the zeros and all however I have 3 credit cards still existing I am paying over the minimum but I want the money I pay to go towards the debt rather than the extoriate APRs.
I have £380 on vanquis (madness I know) apr 39% making standing order payments of £100 per month, £1450 on halifax apr 29% due to the negative payment hierarchy the 21% I managed to negotiate has been paid off and £1750 on a hsbc cc apr 18%. so in total i have £3580 and can afford to throw £350 per month at the debt. my main query is that I am looking to remortgage in October 2009 I haven't applied for credit for 2 years and have been really consistent with my payments but still feel I should look for either a 0% BT or a low life time CC. suggestions would be gratefully appreciated