Best Balance Transfers Discussion Area

Igor_bristol

Hi!
Need advice on Credit Card.
I have acc at LloydsTSB with 2 Loans and 1Credit card.
Also have 1 Credit card with Santander Bank and just get new BT EGG card.
I did BT of whole ammount of Lloyds Credit card debt to an EGG one.
Question:
Should I cancel my Lloyds Credit Card?
How will bank treat me in future (2-3years) after canceling card. Will they give me another one or any loan once again sometime. I understand I should cancel it (for my Credit Score) but wonder what banks think about it.

Thank you
Igor

Moggles_2

Igor_bristol wrote: »

I have an account at LloydsTSB with 2 Loans and 1 Credit card. Also have a credit card with Santander Bank and just got a new EGG card. I did BT of whole amount of Lloyds credit card debt to the EGG one. Should I cancel my LloydsTsb Credit Card?

Obviously, I don't know your annual income, but three credit cards in total is not excessive. I believe the national average is five and many of us here have seven or eight credit cards on the go. As long as you're getting the cards and credit limits you want, I wouldn't rush to close any down.

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.

How will the bank treat me 2-3 years after cancelling the card? Will they give me another one or any loan once again sometime? I understand I should cancel it (for my credit score), but wonder what banks think about it.

2-3 years after cancellation, lenders would treat you as a new customer

katherine28584

Hi, I am relatively new to the site but I have a question for you...

I have two credit cards one with M&S @ £1950 and the other with Barclays Platinum @ £950. I havent applied for a balance transfer due to not being able to receive the full amount of credit to wipe the other two cards. Which card would you suggest for me?

Thanks in advance,

Moggles_2

katherine28584 wrote: »

I have two credit cards, one with M&S @ £1950 and the other with Barclays Platinum @ £950. I haven't applied for a balance transfer due to not being able to receive the full amount of credit to wipe the other two cards.

None of us knows in advance the credit limit we'll be handed. The only way to find out is to apply.

If the worst happens, Martin's advice is to transfer what 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

Igor_bristol

Moggles wrote: »

... I believe the national average is five and many of us here have seven or eight credit cards on the go.

Totaly shocked!! When I asked for new consolidation credit they told me I have too many credit products...

Moggles wrote: »

2-3 years after cancellation, lenders would treat you as a new customer

But this is my bank, I mean I'm not gonna change it so will not be a new customer in 2-3y.
So it's not like with EGG one.
Does it change anything?

Moggles_2

Igor_bristol wrote: »

But this is my bank, I mean I'm not gonna change it, so will not be a new customer in 2-3yrs.

If you were to cancel your LloydsTSB credit card (not saying you should) and reapply for a LTSB card 2-3 years later, you would be treated by LTSB's credit card arm, as a brand new customer. (The fact that you happen to bank with LTSB, makes no difference.)

These are not really balance transfer issues. If you would like to discuss further, please post again on the main *Credit Card* board.

Igor_bristol

Moggles wrote: »

If you were to cancel your LloydsTSB credit card (not saying you should) and reapply for a LTSB card 2-3 years later, you would be treated by LTSB's credit card arm, as a brand new customer. (The fact that you happen to bank with LTSB, makes no difference.)

Thanks that makes everything clear for me now!

Moggles wrote: »

These are not really balance transfer issues...

Sorry about that!

Thanks

PJB

Hi i have the following cards:
Egg - £5500
Abbey - £4000
A&L - £4000
Abbey - £4000
Barclaycard - £2500

Am looking to transfer balances to the best card/rate that i can get.

Any advice would be very gratefully received, thanks in advance

PJB

Moggles_2

PJB wrote: »

I have the following cards: Egg - £5500, Abbey - £4000, A&L - £4000, Barclaycard - £2500. Am looking to transfer balances to the best card/rate that i can get. Any advice would be very gratefully received.

To maximise the 0% period, 16 months is currently available to new customers from Virgin. A 2.98% BT fee applies.
MBNA cards in general have the lowest minimum repayments in the UK.

http://uk.virginmoney.com/credit-card-v3/

Alternatively, you'd get 13 months at 0% from Halifax. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted.

ttp://www.halifax.co.uk/creditcards/pluscard136.asp

PJB

Moggles wrote: »

To maximise the 0% period, 16 months is currently available to new customers from Virgin. A 2.98% BT fee applies.
MBNA cards in general have the lowest minimum repayments in the UK.

http://uk.virginmoney.com/credit-card-v3/

Alternatively, you'd get 13 months at 0% from Halifax. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted.

ttp://www.halifax.co.uk/creditcards/pluscard136.asp

Thank you very much moggles

Will i still be likely to get either of these with the cards i have. I have not applied for Virgin as i thought A&L were MBNA, although i'm not sure. Don't think any of the cards are linked to Halifax but i find it hard to keep up now!

Thanks again