Best Balance Transfers Discussion Area

Griffy1977

Hello folks,am new onto this forum and would be grateful if anyone with a bit of know-how could give me a bit of advice,Got meself into a bit of trouble with the credit card!! Nearly maxed my Lloyds tsb airmiles duo credit cards out,around £4,000,i am hoping to pay around £2,000 of this in the next week(breaks ma heart!!) interest rates are pretty high with lloyds,i would be hoping to clear the remainder(staying in and not spending hardly a penny!!) in the next 4-5 months,would a be better doing a balance transfer with a no interest fee(could really do with not having to pay a fee to do this tho?) A really haveny a clue when it comes to thing like this,never been in this situation Any advice would be very much appreciated

Moggles_2

Griffy1977 wrote: »

Got myself into a bit of trouble with the credit card. Nearly maxed my Lloyds Tsb airmiles duo credit cards, around £4,000. I am hoping to pay around £2,000 of this in the next week ... I would be hoping to clear the remainder in the next 4-5 months. Would I be better doing a balance transfer? (could really do with not having to pay a fee to do this though) I really haven't a clue when it comes to things like this, never been in this situation. Any advice would be very much appreciated.

Currently, there are no fee-free BTs available to new customers.
To help you further, we need to know which cards - besides Lloyds Tsb - you have at the mo or have held recently.

cuedini

Am I allowed to open up a Halifax account and an Alliance and Leicester account, moving funds from one to the other to get the benefit of both?

CannyJock

I won't tell if you don't.

BecTaylor04

Hi all

This one may well have been answered elsewhere so forgive me if this is a repeat!

Basically I switched to 0% deals last year and my Barclaycard deal has just come to end. So I tried to 'tart' and applied for the 0% Abbey card.

However I have just been rejected for this card. So I have just got the 30 day free trial to view my credit rating to see if there was anything that needed fixing. In short there isn't! It all looks good which I know can also be a reason for not getting a new card!

So now I have been rejected by Abbey I would like to try another card maybe the Egg one as I have had the Virgin in the past.

My question is how long should I wait before I apply for another card? Any card? The other thing is looking at my report the Abbey application isn't even on there! And I know when you apply for new cards you have to state sometimes whether you have been rejected in the last 6 months!

Any tips greatly appreciated! Thanks in advance

Bec

Moggles_2

BecTaylor04 wrote: »

Now I have been rejected by Abbey ... how long should I wait before I apply for another card?

Well, it depends.

Think about the number of applications for credit you've made in the past 3 months. Include new bank accounts, loans, catalogues, store cards, mobile phones etc. not just credit cards. 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 real time. The effect of a couple of credit card applications in 3 months may be insignificant 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 real time. Lenders that search 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.

Moggles_2

BecTaylor04 wrote: »

Now I have been rejected by Abbey ... how long should I wait before I apply for another card?

While Martin recommends spacing out credit applications, there is an argument in favour of applying for two or three cards at once. If, for instance, you make 3 applications the same day, each lender sees only their competitors' credit checks. If you submit those same applications at intervals, providers not only see the credit checks, but also your available credit increasing with each successful application. So your credit rating could look temporarily worse after the third application, than if you had applied for them together.

The drawback with this strategy is that, assuming you're successful, your 0% promotions are likely to expire together, so I would keep this in mind when making your selection

BecTaylor04

I haven't applied for any additional credit within the past three months.
mmm not sure what to do! The fear of being rejected again is in me!!

BecTaylor04

oh and I applied online with Abbey. Just read an article about only applying over the phone or in a branch.
Do I go back to them via telephone or accept they rejected me and move on?!

techmax76

I have a debit card which is use for receiving salary I calculate the total amount of bank service charge and its really high, close to almost 12%. Its a bit painful on my budget. Is there any that offers lower than this?