Best Balance Transfers Discussion Area

tiffspits

Mutton_Geoff wrote: »

I've been looking at 0% BT cards over the last few days to build up my stooz pots. This is what I've seen on offer:

Capital One 0% 1st November 2008 1.7%
RBS 0% 13 months 2.5% (+£24 Quidco)
Natwest 0% 13 months 2.5% (+£24 Quidco)
Nationwide 0% 10 months 2.5%
Barclaycard Platinum 0% 14 months 2.5%
Post Office 0% 10 months 2.75% (+£20.50 Quidco)
Mint 0% to 1st March 2009 2.9%
Virgin 0% 15 months 2.98%
MNBA 0% 12 months 3% (+£8.50 Quidco)
Egg 0% 15 months 3%

Is it possible to get one of these deal with a bad credit rating?

Moggles_2

tiffspits wrote: »

Does anybody know if it is possible to get a 0% balance transfer credit card with a bad credit rating?

Depends what you mean by "a bad credit rating". Lenders launch these market-leading cards, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

Have you checked your credit reports lately to see what's on there? For help, see page 1 of the *How to obtain credit reports* sticky.

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

tiffspits wrote: »

Is there a limit on how many high-interest credit cards one person should have?

This is not a best balance transfer issue and you may get replies more quickly, if you post again on the main credit card board

tiffspits

Moggles wrote: »

Depends what you mean by "a bad credit rating". Lenders launch these market-leading cards, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

Have you checked your credit reports lately to see what's on there? For help, see page 1 of the *How to obtain credit reports* sticky.

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



I have checked my credit rating and credit score and it is not good i am classed as high risk so no one will touch me.
I have been looking at all the options to improve my credit rating and in the process of doing this, but one of these options includes moving existing debt on a current credit card to a 0% balance transfer card so i dont get crippled with the interest. Is there anyway for me to transfer my debt to a 0% balance transfer card??

Moggles_2

tiffspits wrote: »

I have checked my credit rating and credit score and it is not good. I am classed as high risk, so no one will touch me.

What exactly is on your credit reports? If you've disrupted your credit rating by moving house frequently, for instance, the consequences may be fairly short-lived and less serious than if you have a CCJ or defaults on file.

I have been looking at all the options to improve my credit rating and in the process of doing this, one of these options includes moving existing debt on a current credit card to a 0% balance transfer card so i dont get crippled with the interest.

This would save you money certainly, but you need an unblemished credit history to obtain one of these market-leading cards.

Rebuilding a damaged credit rating takes time. As above, Martin's credit rating articles will point you in the right direction

Meanwhile, have you tried asking each of your credit card providers to reduce the interest rate? (You can do this over the phone.)

Admittedly, the best balance transfer deals are usually reserved for new customers, but you don't have to apply for a new card to get new credit. You may be able to reduce your costs using the credit cards you already hold. For details, please see Martin's *Credit Card Shuffle*article.

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

tiffspits

Moggles wrote: »

What exactly is on your credit reports? If you've disrupted your credit rating by moving house frequently, for instance, the consequences may be fairly short-lived and less serious than if you have a CCJ or defaults on file.

This would save you money certainly, but you need an unblemished credit history to obtain one of these market-leading cards.

Rebuilding a damaged credit rating takes time. As above, Martin's credit rating articles will point you in the right direction

Meanwhile, have you tried asking each of your credit card providers to reduce the interest rate? (You can do this over the phone.)

Admittedly, the best balance transfer deals are usually reserved for new customers, but you don't have to apply for a new card to get new credit. You may be able to reduce your costs using the credit cards you already hold. For details, please see Martin's *Credit Card Shuffle*article.



Thanks for the advice, think im going to use the 'shuffle' and the barclaycard loophole to reduce my interest rate

Moggles_2

tiffspits wrote: »

Thanks for the advice, think I'm going to use the 'shuffle' and the Barclaycard loophole to reduce my interest rate.

Sounds like a plan

Very best

davidluke

Does anyone know of a credit card that offers 0% credit card transfers that do not have any transfer fees as all the ones i have seen charge around 3%

Moggles_2

davidluke wrote: »

Does anyone know of a credit card that offers 0% credit card transfers that do not have any transfer fees, as all the ones i have seen charge around 3%

Yes, if you want 0% interest for 12 months or so, then 3% of the funds shifted is the going rate at the mo.

It's worth remembering that some lenders have a reputation for regular, follow-on offers, which you can use to your advantage once your balance is paid off in full.

Some providers (eg. Mint, Virgin) will even waive BT fees sometimes, if you're prepared to negotiate over the phone. I've had offers as good or better than the introductory deals now and again

thethinman

Hi there

I'm new to all this and have a possibly silly question: is it possible to transfer a balance from someone else's card (my partner) to a new card in my name (hopefully with a 0%).

many thanks

Tom