Best Balance Transfers Discussion Area

Moggles_2

scott_lithgows wrote: »

I've managed to get a couple of late payments this month from Tesco and NatWest, but both have been removed after 1 day/after 10 days, because the companies have made a mess of my current account move away from Bradford & Bingley/Abbey. How long till my record is corrected?

Unlike credit searches and an increasing number of online and telephone credit card applications which appear on your credit file more or less in real time, this type of data can take up to a month.

It's advisable to check your credit reports, before submitting a credit card application.

dmerritt99

Please can someone help me? I have just been approved for a Barclay Credit Card with 0% on balance transfers, i intend to transfer a card balance of £400ish, therefore saving me from paying interest, ok now for the diffucult bit.....

I am overdrawn by about £1,200 on an old account of mine which i no longer use but maxed out when i needed the cash, i have a standing order setup paying into this account every month to eventually pay it off and close.

I know drawing cash on credit cards is not advised but if i somehow paid of the overdraft on my (soon to be old) credit card and then transfered the new balance of £1,800ish would i avoid paying the high cash rate?

So basically consolodating my interest paying credit card and overdraft into a intersest free loan i can pay off quicker??

nicky_h_4

Moggles wrote: »

You can shift a credit card balance to another credit card. Transferring a store card balance to a credit card is not so straightforward. Store cards ARE credit cards and they are usually operated by credit card companies on behalf of the retailer (with the stores being given back a % of the profits), but their account numbers are formatted differently from credit cards. I suspect that's the problem. There's a way round it, but you need the right 0% BT card.

To help you further, we need to know which cards you have at the mo or have held recently.

Thank you for taking the time to reply.
I think you're right by saying the problem was formatting.
The only credit cards my husband and i have at the moment are halifax ones each (balance of £1,200 on one and the other recently cancelled,as it was only taken out to transfer the B&Q balance!)i had a mnba one but cancelled it about 6 mths ago and my husband had an egg card which he also cancelled about a month ago.Both because we never used them! We only take cards out to make big purchases such as the kitchen and only take a new one out when we need to transfer the balance to a 0%. Is there a card out there then that WILL accept the B&Q balance?
ALL help much appriciated x

Moggles_2

dmerritt99 wrote: »

I have just been approved for a Barclaycard with 0% on balance transfers. I intend to transfer a card balance of £400ish, therefore saving me from paying interest. Ok, now for the difficult bit. I am overdrawn by about £1,200 on an old account of mine which I no longer use, but maxed out when I needed the cash. I have a standing order set up paying into this account every month to eventually pay it off and close. I know drawing cash on credit cards is not advised, but if I somehow paid of the overdraft on my (soon to be old) credit card and then transferred the new balance of £1,800ish, would I avoid paying the high cash rate?

Yes. The type of transaction on your existing credit card(s) has no bearing on the BT rate charged by Barclaycard

Moggles_2

nicky_h wrote: »

The only credit cards my husband and I have at the moment are Halifax ones (balance of £1,200 on one and the other recently cancelled, as it was only taken out to transfer the B&Q balance) I had an MBNA one, but cancelled it about 6 months ago and my husband had an Egg card, which he also cancelled about a month ago. Is there a card out there that WILL accept the B&Q balance?

Not directly. What you can do is apply for a 0% BT card and transfer an overdraft to the card, in other words shift cash from the credit card to your bank account. A handling fee applies, but there are no other charges during the introductory 0% period. You then have funds in your current account with which to pay off B&Q.

Caution: you cannot use any old 0% BT card. A handful will do this at BT rates. You need:

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

Which deal is best depends, to some extent, on which cards you have at the mo or have held recently. (Obviously your husband cannot apply for Egg card)

KVet

Hello I am looking for some help Just moved back up to Scotland afte 2 years in England for work. The move etc means im pretty skinto. My credit card is pretty much almost full and i've just extended my overdraft temporarily which I will reduce by £100 a month to zero (its only £500 atm). I want to start get more savings etc and I think the main thing here is to pay off my credit card. I got one as a student from RBS and its the generic normal RBS one with APR of like 16.9% kinda thing.

I've been looking on transferring the balance of it to either a 0% card + transfer fee ideally (Virgin 16 month one in a perfect world) or, if that is not attainable, a really low APR one (like the Barclaycard 6.3% one etc).

I've just done a wee Experian credit free trial thingy and I dont have anything worrying at all on my credit check, 2 checks 3 months ago when I was renewing/changing my details for my car insurance. The only thing that is worrying me is that it says that I have used 98% of my available credit. Does this mean I will have NO chance of getting a good rate credit card? I am going to pay it off over and above the minimum payments so I can get it done just over a year hopefully. I read that being on the electoral roll helps so as i've just moved here, I aint on it, so just downloaded a form to fill in and send away - how long will this take to take effect?

I know this is a LONG post and a big spiel but I really need to sort my finances out and be ADULT (eek!) Thankies!

Moggles_2

KVet wrote: »

Just moved back up to Scotland after 2 years in England for work. The move etc means I'm pretty skint. My credit card is almost full and I've just extended my overdraft temporarily which I will reduce by £100 a month to zero (it's only £500 atm). I want to start get more savings etc and I think the main thing here is to pay off my credit card. I got one as a student from RBS and it's the generic normal RBS one with APR of like 16.9% kinda thing. I've been looking on transferring the balance to either a 0% card + transfer fee (ideally Virgin 16 month one in a perfect world) or, if that is not attainable, a really low APR one (like the Barclaycard 6.3% one etc).

The move will temporarily disrupt your credit rating. Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks. Being with the same employer, bank and current address for a while, all help when applying for credit. Basically, the longer you stay put the better, as far as your credit rating is concerned

Moggles_2

KVet wrote: »

I've just done a wee Experian credit free trial thingy and I don't have anything worrying at all ... I read that being on the electoral roll helps. As I've just moved here, I ain't on it, so just downloaded a form to fill in and send away. How long will this take to take effect?

Everyone's credit rating improves no end once registered, so it's advisable to check your electoral status is correctly recorded on credit files before you apply.

Btw, once you have your hard copies, the CRAs seem happy to answer questions over the phone if you quote your reference number. So if, for instance, you wanted to check that your electoral status has been updated, there's no need to order further copies of your credit reports

Moggles_2

KVet wrote: »

I read that being on the electoral roll helps. As I've just moved here, I ain't on it, so just downloaded a form to fill in and send away. How long will this take to take effect?

Unlike credit searches and an increasing number of online and telephone credit card applications which appear on your credit file more or less in real time, this type of data can take up to a month or so, depending on the lender, so allow plenty of time

SomeGeezer

Moggles, recently you helped me with info about a BT of 6.2k from my barclaycard. Anyway I applied for the Halifax option because of the 13 months with zero interest.

Now when I completed the application form I wrote that I wanted to transfer 6.2k and was accepted. However the card turned up today with only a 3.6k limit. I just called them and that's the most they are prepared to loan.

So my question is this: If I now apply for another card with a good period of time for zero interest will the new lender think twice because they will see on my credit report that I have just applied and got the Halifax card. Therefore, they will think I am trying to gain too much credit too quickly?