Best Balance Transfers Discussion Area

moneymouth77

Hi Moggles,

Am in a similar position with my credit card, will try the same, although my credit rating is notoriously awful. Will I have any trouble?

Moggles_2

moneymouth77 wrote: »

I'm in a similar position with my credit card. 'Will try the same, although my credit rating is notoriously awful. Will I have any trouble?

'Sorry, not enough information.

Which deal is best depends, to some extent, on which cards you have at the mo or have held recently.

Librarylottie

Moggles wrote: »

Most credit decisions are computerised and lenders give instant decisions and credit limits, provided that you have a good credit history and your ID etc can be verified electronically via the CRAs, which in turn collate data from public records.

That said, these messages are not uncommon and, as often as not, recipients get accepted a few days later

Very best
M

Hi Moggles
Just to say I received my Post Office Card today but unfortunately my credit limit is only £1800 so I still have £1200 left on my Virgin card. Should I try to get an increase or perhaps contact Halifax or M&S to see if they'll give me a lower rate for life BT?

xkrazyx

Thanks very much for the advice. The bank recently increased my interest frm like 13.9% to 29.9%. I imediately phoned them and told them they knew i was a student when taking out the credit card. And luckily they reduced it to its original percentage telling me this happens. hmmm. will defo fish for some help through ur link - thankyou

Moggles wrote: »

Congratulations on getting your interest rate reduced
:beer:

Transferring a balance is a straight forward affair. Unfortunately, as a student with a "minimal wage" you are not in a position to apply for 0% or low-interest BT cards.(These require an annual income of at least £8000.)

I would stop spending on your Bank of Scotland card, if you haven't already, and concentrate on paying off as much as possible each month. Clearing this debt 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 HBOS will raise your interest rate(s) again.

If you're struggling to pay more than the minimum payments due, consider posting a statement of affairs on the *Debt-Free Wannabe* board. You'll get lots of advice and support there from users who have faced similar situations

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

molley

Moggles wrote: »

Most credit decisions are computerised and lenders give instant decisions and credit limits, provided that you have a good credit history and your ID etc can be verified electronically via the CRAs, which in turn collate data from public records.

That said, these messages are not uncommon and, as often as not, recipients get accepted a few days later

Very best
M

Thats the same message I got as well and my credit history is fine .That was with the Post Office card as well and I know they did a credit search as it is noted on CreditExpert

Katieandmark

hey guys im new to this and just wanted some help. does anyone know whether its possible to transfer a balance from one card to another even if the account holders names are different? thanks in advance

molley

Katieandmark wrote: »

hey guys im new to this and just wanted some help. does anyone know whether its possible to transfer a balance from one card to another even if the account holders names are different? thanks in advance

I'm sure you can ,allowing for credit limits etc ..It just means the new cardholder will be liable for the debt of course .

Moggles_2

wendydrury wrote: »

Hi Moggles. Just to say I received my Post Office Card today, but unfortunately my credit limit is only £1800, so I still have £1200 left on my Virgin card. Should I try to get an increase ...?

Bad luck. You may be able to negotiate an increase when you call to activate your Post Office card, but this is unlikely to result in more than an extra £500 or so. If you appeal against the decision, it will only result in further delay and meanwhile you'll be charged at your standard rate on your Virgin card. It's probably quicker to apply for another card, TBH, and move the rest there.

... or perhaps contact Halifax or M&S to see if they'll give me a lower rate for life BT?

You've nothing to lose, certainly.

If your balance is zero at the mo, you'd be in a strong position to negotiate a rate reduction. If not, I'd ask to be put through to their loyalty dept. Obviously, for this to work, you have to be prepared to close the account, if you don't get the rate you hoped for.

Very best
M

Beagal

Hi I had run up a bit of a debt and went looking for a 0% per cent card. I got referred to underwriters on an application and started to panic about my credit rating so I started tidying up my finances and decided to shop around and ask what my existing cards would offer me for my balance transfer. Santander as they are now known came up trumps they offered me 8 months interest free with no balance transfer fee. Fantastic no opening new credit and in 8 months my balance will be paid off.

Moggles_2

Beagal wrote: »

I had run up a bit of a debt and went looking for a 0% card. I got referred to underwriters on an application and started to panic about my credit rating, so I started tidying up my finances and decided to shop around and ask what my existing cards would offer me for my balance transfer. Santander, as they are now known, came up trumps: they offered me 8 months interest free with no balance transfer fee. Fantastic, no opening new credit and in 8 months my balance will be paid off.

Congratulations & thanks for your feedback
:beer: