Best Balance Transfers Discussion Area

Moggles_2

jrwpro wrote: »

Thanks Moggles, i'll be sure to take a look at the articles you referenced. Presently I have: Virgin cc: balance £4k, CapOne: balance +£45, LloydsTSB: balance £0 Also have the usual student loan and a car loan @£100/month for the next 12 months. Never missed a payment. nominal overdraft and one joint account with my girlfriend.

Do you bank with NatWest or the Royal Bank of Scotland? A 0% for 15 months BT card is available to existing customers at the mo. (HSBC has a similar deal for current account holders, but customer service is not so good, IME)
http://www.rbs.co.uk/personal/credit-cards/g1/platinum.ashx#tabs=section2

If you're not eligible for any of the above, you'd get until 1 October 2010 from Egg. This is a straight forward, no-strings deal. A 3% BT fee applies.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Moggles_2

jaffajader wrote: »

I have applied for a few credit cards - MBNA, Virgin,Tesco - and been rejected.

Virgin and MBNA cards are underwritten by the same bank (MBNA), so it's likely you were scored the same way for these two cards.

... although my boyfriend thinks this is because i'm not registered [on the electoral roll] as living at my flat, but still at home with my folks.

Your boyfriend is almost certainly right. Only data that can be independently corroborated is used for credit scoring purposes. That's why it pays to get on the electoral roll as soon as possible after you move to a new address. I would make this your No.1 priority.

Btw, there's nothing to stop you registering at both addresses, although you can't vote in both places, obviously

I would really rather not take out a credit card at my folks' address

That's a pity, if that's where all your previous credit history 'lives'

I have also recently started a new job

Congratulations on landing a better paid job.
:beer:
Unfortunately, you will have disrupted your credit rating temporarily.
Basically, lenders like stability. Being with the same employer, bank and current address for a while, all help when applying for credit.

jaffajader

Thanks for your advice Moggles! its much appreciated

Off to find that electoral roll letter that'll be on the coffee table somewhere!

Moggles_2

jaffajader wrote: »

Thanks for your advice Moggles! It's much appreciated. Off to find that electoral roll letter that'll be on the coffee table somewhere!

If you've only recently left your family home, you may want to consider submitting your next cc application from your parents' address. Then, once you have the card and credit limit, change the billing address. Most lenders provide online facilities now that allow you to amend personal details like this in a couple of minutes. Just a thought

jacktom_2

noticed today that the Post Office card currently offers 0% on the 1st and 2nd anniversary of your card for 5 months

Moggles_2

jacktom wrote: »

Noticed today that the Post Office card currently offers 0% on the 1st and 2nd anniversary of your card for 5 months

This one's mentioned in Martin's *Best Balance Transfers* article, which triggered this thread.

12 months at 0% is currently available to new customers on balance transfers made in the first 3 mths. There's a 2.98% BT fee.
Also, 5 months at 0% on new balance transfers requested in the month of your 1st and 2nd anniversary

http://www.postoffice.co.uk/portal/po/jump2?catId=19400177

Tip: the Bank of Ireland will accept applicants with a good credit history, but lowish annual income (minimum £8000) for the Post Office Classic card

Claw_back_money

Hi
My Egg card deal is coming to an end so I'll need to move the balance in October.
I currently have:

Current account with HSBC - OD facility of £1,500, but has been in credit for several months
Joint current account with Lloyds, - OD facility we have been gradually reducing from £3,900, now £2K, balance of around -£1,500
HSBC flexiloan - limit of £500, cleared
HSBC Visa - limit of £10,000, cleared
Barclaycard (was Goldfish) - limit of £2,600, opened to BT into and now cleared
Egg - limit of £4,500 opened to BT into and now at £3,100

As I'm listing it, I feel that it is an awful lot of credit. We are reducing the OD as we clear it - as otherwise it is too easy for it to creep back up again. But the rest of the cards I've just kept open. Will having this much available credit affect an application for future credit?

Having played with the Stoozing.com tool and the cards suggested in Martin's article, it looks like MBNA at 1.9% BT and 0% fee will work out cheapest to transfer the Egg balance to. Are there any other cards not listed in the article that are worth investigating?

Many thanks
Cbm

Moggles_2

Claw_back_money wrote: »

My Egg card deal is coming to an end so I'll need to move the balance in October... We are reducing the OD as we clear it, as otherwise it is too easy for it to creep back up again, but the rest of the cards I've just kept open. Will having this much available credit affect an application for future credit?

Congratulations on reducing your dependence on the overdrafts.
:beer:
Three credit cards in total is not excessive. The national average is five, so if you have five credit cards or fewer and none is maxed out, it's unlikely your credit worthiness would be harmed, unless you have a lower than average annual income. That said, with each successful credit card application, your available credit will increase in relation to your income and there will come a point in the future when you must consider closure.

Having played with the Stoozing.com tool and the cards suggested in Martin's article, it looks like MBNA at 1.9% BT and 0% fee will work out cheapest to transfer the Egg balance to. Are there any other cards not listed in the article that are worth investigating?

Not really at the mo. Mentioned under *Longest deals* is Virgin, which may be worth another look.

Have you estimated how long it will take to clear the debt? With Virgin, you would get a further 4 months (ie. 16 months in total) at 0%.

If you tend to make the minimum payment required more often than not, the Virgin offer would probably save you the most money, whereas those aiming to clear the balance over 12 months with larger instalments, would find the MBNA card marginally less expensive.

That said, both are market-leading deals and you wouldn't go far wrong using MBNA or Virgin

Claw_back_money

Moggles wrote: »

Have you estimated how long it will take to clear the debt? With Virgin, you would get a further 4 months (ie. 16 months in total) at 0%.

If you tend to make the minimum payment required more often than not, the Virgin offer would probably save you the most money, whereas those aiming to clear the balance over 12 months with larger instalments, would find the MBNA card marginally less expensive.

That said, both are market-leading deals and you wouldn't go far wrong using MBNA or Virgin

Thanks Moggles.
I think we'll be out of debt by June, or, hopefully before even before that - probably a tad too long for Play's credit card to be the best. We have been paying £100/month on the Egg card (with the rest going to the more expensive overdraft) and would envisage paying at least that on the new credit card.

Cheers
Cbm

Moggles_2

Claw_back_money wrote: »

I think we'll be out of debt by June, or, hopefully before even before that - probably a tad too long for Play's credit card to be the best.

Yes, tbh.

We have been paying £100/month on the Egg card (with the rest going to the more expensive overdraft) and would envisage paying at least that on the new credit card.

If you need an incentive to pay off a few extra pounds each month, the MBNA card is probably best, as any extra payments you make, particularly in the first few months, will reduce your costs still further

Very best
M