Best Balance Transfers Discussion Area

Moggles_2

CannyJock wrote: »

If you've not made any applications or had searches on your credit report for 6 months then no harm in trying. Did you mention if you've looked at your credit report? I'd go with Moggle's recommendation on Halifax. The credit expert recommendations aren't very reliable - they don't know about your income for one thing.

How did that happen? I must be losing it. I swear your posts weren't there, CJ, when I went to post mine

OP, I agree there's nothing to lose really. The only way to find out is to apply.

Very best
M

edgar52_2

Moggles wrote: »

I wouldn't place too much reliance on Credit Expert's cc suggestions. The credit report and accompanying guidance notes are invaluable, but when it comes to additional services, bear in mind they're on lead commissions.

You mentioned in your OP that you were unable to get any transfer deals. May I ask which providers you've applied to unsuccessfully?

I tried the Co-op for a lifetime low interest balance card but was turned down but that is the only one. I did at one time have a Halifax card but not at the moment. Also Amex and Barclaycard have reduced my credit limit recently. I did have a Sainsbury's Card with about £6000 credit which they reduced to £400! I have cancelled that card. searches showing on my credit report in the last six months are the one for Co-op and two for loan quotations for Nationwide which I didnt take up. Thanks for all your help.

Moggles_2

edgar52 wrote: »

I tried the Co-op for a lifetime low-interest balance card, but was turned down, but that is the only one.

The Co-op is known to be stringent with available credit.

I did at one time have a Halifax card, but not at the moment. Also Amex and Barclaycard have reduced my credit limit recently. I did have a Sainsbury's card with about £6000 credit which they reduced to £400! I have cancelled that card.

Sainsbury's belongs to the same stable as Halifax, so it's possible you'll be scored the same way, unfortunately. Still, at this stage, there's nothing to lose, IMO. If you've not made any applications or had searches on your credit report for 6 months, then no harm in trying.

Searches showing on my credit report in the last six months are the one for Co-op and two for loan quotations for Nationwide which I didn't take up.

No experience, personally, but the fact that the Nationwide offers weren't taken up doesn't help, unfortunately.

I'd give a go. Let us know how you get on

leonvann1973

I have just been accepted on a Barclay Platinum card (0% for 12 months) Yipee! Is it possible to transfer my wifes debt from her M&S card? I do not hold any cards at all.

Moggles_2

leonvann1973 wrote: »

I have just been accepted on a Barclay[card] Platinum card (0% for 12 months) Yipee! Is it possible to transfer my wife's debt from her M&S card? I do not hold any cards at all.

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card her balance is shifted to, becomes solely liable for the debt. If you were to change your mind later, you couldn't ask Barclaycard to charge her for any remaining balance.

From the lender's perspective, it's not a problem. You may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

CannyJock

leonvann1973 wrote: »

I have just been accepted on a Barclay Platinum card (0% for 12 months) Yipee! Is it possible to transfer my wifes debt from her M&S card? I do not hold any cards at all.

Remember with Barclay Platinum you only get £5000 @ 0%, and if you use it for a BT then you shouldn't spend on it:


From their Balance transfer terms & conditions tab.

• You can transfer between £250 and £5,000 or 90% of your credit limit, whichever is lower, depending on the available credit limit on your account.
• We reserve the right to refuse a credit card balance transfer or to limit the amount you can transfer. If we do allow you to transfer an amount over your balance transfer limit, this will be debited to your account and charged at 6.9% interest per annum until paid in full. We will not charge a handling fee.
• A 2.5% handling fee will apply to each 0% interest balance transfer you make.
• Your monthly payments will reduce your promotional balances first (longest duration first). so you will be charged interest (where it applies) on other balance and new spending whilst your promotional balances are paid off.

edgar52_2

Moggles wrote: »

The Co-op is known to be stringent with available credit.

Sainsbury's belongs to the same stable as Halifax, so it's possible you'll be scored the same way, unfortunately. Still, at this stage, there's nothing to lose, IMO. If you've not made any applications or had searches on your credit report for 6 months, then no harm in trying.
No experience, personally, but the fact that the Nationwide offers weren't taken up doesn't help, unfortunately.

I'd give a go. Let us know how you get on

Submitted the application and it was refused in 1 second flat! I seem to be caught between a rock and a hard place! I have un umblemised credit history but I have been forced into a corner with high interest rates. Is there any way out?

Moggles_2

edgar52 wrote: »

Submitted the application and it was refused in 1 second flat! I seem to be caught between a rock and a hard place! I have un umblemised credit history, but I have been forced into a corner with high interest rates. Is there any way out?

Bad luck, but thanks for posting.

Is it possible to move a balance to a new card in your partner's name, if there is one?

Meanwhile, I'd concentrate on paying as much as possible off the card with the highest APR (MBNA?) 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 of further interest rate hikes.

For tips, see Martin's *Credit Card Shuffle* article.

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

MsA_2

I know a few people missed out n the 0% 0 fee offer with Virgin, but do they come around a lot or once in a blue moon?

I think I will apply for a card anyway, but I am now wondering if it would be better to not go with Virgin in case they do a 0% 0 fee again and I can transfer again. Does it sound like a good plan?

CannyJock

MsA wrote: »

I know a few people missed out n the 0% 0 fee offer with Virgin, but do they come around a lot or once in a blue moon?

I think I will apply for a card anyway, but I am now wondering if it would be better to not go with Virgin in case they do a 0% 0 fee again and I can transfer again. Does it sound like a good plan?

The Virgin 9 month offer was the first 0% fee deal advertised for about 18 months. Previously only 0% fee deal was the Ulster Gold card with a 6 month period.

Santander are offering a 0% fee deal by invitation only to some A&L current account holders who have the old A&L MBNA backed card.

The current Virgin Money card has a 0% offer for 16 months with a 2.98% fee. If you've got a balance on a card that's attracting interest, I'd say you're better off paying a fee but for the longest 0% period possible. Wouldn't go for 2nd best card on the off-chance of another 0% fee deal.