Best Balance Transfers Discussion Area

BillBonesKnows

NEW POST:

Afternoon all,
New to the site, looking for a bit of advice. I have recently got a new job which pays well and to celebrate I purchased a holiday on my credit card.

My intention was to apply for a 0% card to transfer the balance to, along with an outstanding amount on two other cards totalling around £2,800 to the new card.

However, I was rejected for the balance transfer application from Virgin. I always pay my credit card's and have been using them fairly regularly. The reasoning from them was the amoung outstanding, and the fact that my job is new.

I don't see my outstanding amount as a lot of money, and will be fairly easy for me to pay off quite quickly once I get started in the new job next month. But the whole point of using the 0%blance transfer was to bridge the GAP between my old job and my new better paid one.

Do you think that all the 0% companies will share this view of Virgin that they want to see my outstanding balances coming down more and some steady decrease in my debts?

Not sure now whether applying for a different 0% deal will just hurt my credit rating further on the back of that unsuccessful application ?

Thanks for your time in reading this post and I look forward to any advice you may have.

Thanks

Porfessional_Indemnity

Thanks I was also looking for the answer for this question

Moggles_2

BillBonesKnows wrote: »

I have recently got a new job and to celebrate I purchased a holiday on my credit card. My intention was to apply for a 0% card to transfer the balance to, along with an outstanding amount on two other cards totalling around £2,800 to the new card. However, I was rejected for the balance transfer application from Virgin. The reasoning was the amount outstanding and the fact that my job is new. The outstanding amount will be fairly easy for me to pay off quite quickly once I get started in the new job next month, but the whole point of using the 0% balance transfer was to bridge the GAP between my old job and my new better-paid one. Do you think that all the 0% companies will share this view of Virgin that they want to see my outstanding balances coming down more and some steady decrease in my debts?

Virgin is not known to score particularly harshly, when compared with other market-leading, balance transfer providers.

The new job would have temporarily disrupted your credit rating, unfortunately. 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.

In addition to the number of accounts in use, lenders look at the extent their credit limits have been utilised. Maxed out accounts make you look stretched so, if you're going to apply for 0% BT cards, it's wise to leave some headroom.

For more tips to improve your chances of success, 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

Not sure now whether applying for a different 0% deal will just hurt my credit rating further on the back of that unsuccessful application?

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

Moggles_2

Porfessional_Indemnity wrote: »

I was also looking for the answer to this question

Originally Posted by BillBonesKnows
Not sure whether applying for a different 0% deal will just hurt my credit rating further on the back of an unsuccessful application?

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 credit file. Then consider your plans over the next 3 months.

Credit checks appear on your file more or less in real time. In itself 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 file more or less in real time. Any firm that searches 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.

SomeGeezer

Moggles wrote: »

Well, it depends

Credit checks appear on your file more or less in real time. In itself 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 file more or less in real time. Any firm that searches 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.

It's interesting you say this, Moggles because I would like some further advice please before I take the plunge... As previously mentioned I applied for the Halifax BT card and was accepted within the last fortnight, but not for the amount I wanted to transfer. So I want to apply for another card to transfer the remainder. I now have a Barcalycard, Vanquish card and now the Halifax card.

I would really like to apply for the Virgin card because it currently has 16 months interest free, however, in the past (debt was satisfied 5 odd years ago) I messed MBNA around so I'm wary of applying with Virgin in case they decline and affecting my credit rating and perhaps more confident of applying with Egg because I've never had any involvement with Citigroup even though the period of % free is only 12 months.

So Moggles what would you if you were me? Have a go for the virgin card with fingers crossed, take the safer Egg option or even perhaps apply for both at the same time and hope one comes up trumps?

Thanks in advance!

Moggles_2

SomeGeezer wrote: »

I would really like to apply for the Virgin card because it currently has 16 months interest free, however, in the past (debt was satisfied 5 odd years ago) I messed MBNA around so I'm wary of applying with Virgin in case they decline and affecting my credit rating

Personally, I doubt whether card providers keep records of all their former customers since the year dot, but this is just my opinion of course.

Have you checked your credit reports to see what's actually on there? After all, this is the information lenders search when you apply for credit. For help, see page 1 of the *How to obtain credit reports* sticky.

What would you do if you were me? Have a go for the Virgin card with fingers crossed, take the safer Egg option or even perhaps apply for both at the same time and hope one comes up trumps?

If you're still concerned, why not play safe and plump for Egg?

Adeleadele

Hello everyone, I'm new to this so apologies if any of my questions are a bit obvious!
I'm looking to transfer a balance of less than £750 from my halifax card, as the 0% BT period is about to expire. Can anyone recommend a good all round company who offer a long period of 0% on BT, and who have 'decent' customer service? I've had trouble in the past with companies who make it difficult to pay/deal with probs etc, so am looking for something straight forward, especially when making payments.
I've balance transferred from marks and spencer to virgin, virgin to halifax, and i'm planning on this being the final time. The whole balance owed has never been much over 900.
Not sure if the perfect card exists, but thoght i would pick your brains!

Many thanks, in advance.

Moggles_2

Adeleadele wrote: »

I'm looking to transfer a balance of less than £750 from my Halifax card, as the 0% BT period is about to expire. Can anyone recommend a good all round company who offer a long period of 0% on BT and who have 'decent' customer service? I am looking for something straight forward, especially when making payments.
I've balance transferred from Marks and Spencer to Virgin, Virgin to Halifax, and I'm planning on this being the final time. The whole balance owed has never been much over £900. Not sure if the perfect card exists, but thought I would pick your brains!

Having worked my way through most of the cards on offer, I suspect you're right there. The perfect credit card has yet to be invented.

Do you bank with NatWest or the Royal Bank of Scotland? A 0% for 15 months BT card is available to existing bank account customers at the mo.
(HSBC has a similar deal for current account holders, but customer service is not so good, IME)

If you're not eligible for the above, the Nationwide card is a straight forward, no-strings deal which offers 0% for 13 months to new customers. A 3% BT fee applies.

http://www.nationwide.co.uk/creditcard/GoldCard/default.htm

Adeleadele

Thanks very much for the advice, nice to see there's other card 'tarts' out there!
I bank with LloydsTSB at the mo, not so sure they're offering anything decent at the moment. Are egg or barclaycard any good? heard so many conflicting reviews!
Also looked at the post office, has anyone had any exp. of them?
I will def have a look at Nationwide now. I know lots are offering long period 0% BT, but its customer service i'm after really, you know, easy to pay statement, hassle free as possible really. I'd be happy with 12 months 0%BT if it meant an easy life!

Moggles_2

Adeleadele wrote: »

I bank with LloydsTSB at the mo. Not so sure they're offering anything decent at the moment.

0% for 12 months is available from LloydsTSB. There's a 3% BT fee.
Note: conditions apply. There's a minimum spend of £100 to qualify, so I'd pay this off before you request your BT, otherwise you'll pay some interest on the £100 purchases after the first three months.

http://www.lloydstsb.com/credit_cards/platinum_card.asp