Best Balance Transfers Discussion Area

Moggles_2

salerbil wrote: »

It's for 1 year but they did not specify a limit and they say because I have an account with A&L, they will accept me

Fingers crossed you get the credit limit you're hoping for, but if the worst happens, Martin's advice is to transfer as much as you can. Don't leave an offer unused out of exasperation. It's on your credit files, so you may as well use it. You'll still save money (See Martin's *Credit Card Limit: didn't get what you wanted?* article.)

http://www.moneysavingexpert.com/cards/bad-credit-rating

salerbil

Thanks Moggles but the mortgage that I have been granted will pay off all my credit card debts as I had hoped. Now I wonder should I accept the Zero card as well and do a BT

Moggles_2

salerbil wrote: »

The mortgage that I have been granted will pay off all my credit card debts, as I had hoped.

Congratulations!
:beer:

Now I wonder should I accept the Zero card as well and do a BT?

Clearly, this would save you some money in the short term. Is 12 months long enough to pay off your Santander card? If not, will you have savings to fall back on, if a new job or a new BT deal with a sufficient credit limit does not materialise? If so, that's great, but please bear in mind the reason Santander can afford to lend up to 95% of your credit limit at 0% for 12 months is because, more often than not, customers do not clear the debt and end up paying crippling interest when the promotion period ends. If this were not the case, these 0% offers would have dried up long ago. Just a thought.

We've repeatedly warned of Santander's dire customer service on this thread, but it can't be stressed too often. If you decide to chance your arm, it's best to apply in branch. Postal applications are still subject to long delays, apparently :rolleyes:

Very best
M

salerbil

Quote We've repeatedly warned of Santander's dire customer service on this thread, but it can't be stressed too often. If you decide to chance your arm, it's best to apply in branch. Postal applications are still subject to long delays, apparently :rolleyes:



This offer is not available in my A&L branch , so if it's going to take a long time maybe I should use the mortgage to clear the expensive Virgin c card

Moggles_2

salerbil wrote: »

This offer is not available in my A&L branch, so if it's going to take a long time, maybe I should use the mortgage to clear the expensive Virgin c card

In the circumstances, I think that's wise.

Also, from feedback here, bank customers' hopes are raised time and again by so-called "pre-approved" cc offers, only to be dashed when the computer says no. Anecdotal evidence suggests credit cards with fairly generous credit limits are sometimes bundled with new current accounts as a sweetener to attract new business, but you are an existing A&L customer, so there are no guarantees. The bank may view your lack of a regular income as too great a risk. This is just my opinion of course.

Here's hoping you land another job soon
M

lazynewt

Hia ive just got myself in a position where im pretty sure i can get a credit card to do a balance transfer on. My experian score is 983 excelent ?

The only negative factor i have is "You have several credit agreements (excluding mortgages), and the outstanding balance is high"

Im very confused which credit card i should be applying for... i really want to get accepted first try as ive really worked to boost my score recently. Whats the best card to go for?

ive got an outstanding loan with halifax - 3000 outstanding
a card with capital one - 700 outstanding
a loan with cahoot - 100 outstanding
and 1800 outstanding on an egg card. thats costing me £60 a month....
Thanks in advance for the help.

i was thinking tesco but that seems to only be a 6 month card. Or barclays ? but which?


cheers,

Moggles_2

lazynewt wrote: »

The only negative factor i have is "You have several credit agreements (excluding mortgages), and the outstanding balance is high" I really want to get accepted first try as I've really worked to boost my score recently. What's the best card to go for? I've got an outstanding loan with Halifax - 3000 outstanding, a card with capital one - 700 outstanding, a loan with cahoot - 100 outstanding
and 1800 outstanding on an Egg card, that's costing me £60 a month. I was thinking Tesco but that seems to only be a 6 month card or Barclaycard?

Barclaycard has become stringent with available credit recently. This lender currently turns away 50% of its applicants. Credit limits tend to be lowish too.

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/creditca...rd/default.htm

lazynewt

well that sucked. i took your advice and applied to nationwide and was declined..

Thanks anyway. guess ill just stick with doing what im doing.

Moggles_2

lazynewt wrote: »

Well that sucked. i took your advice and applied to Nationwide and was declined. Thanks anyway. Guess i'll just stick with doing what I'm doing.

Bad luck, but thanks for posting.

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

P.S. Credit scores are at best a very rough guide. It's easy to be lulled into a false sense of security by these numbers. Then it comes as a shock, when your application is turned down.

Credit reports, when ordered directly from Experian and Equifax, are valuable. After all, this is the information lenders search when you apply for credit. (Experian sends accompanying notes, which are a good read too.) Additional services like credit scores are not worth paying extra for, IMO. I wouldn't let these numbers distract you from tackling the things that really matter