Best Balance Transfers Discussion Area

Moggles_2

royzer76 wrote: »

Is it best to close the cards I switch. I'm switching two and had planned to keep at least one, just in case.

The national average is five, so if you have five credit cards or fewer and none is maxed out, it's unlikely your credit rating would be harmed by keeping these cards, 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.

I think you have to treat each credit card on its own merits. IME, some card companies (eg. RBS, MBNA) have regular, existing-customer offers and MBNA will even waive BT fees sometimes, if you're prepared to negotiate over the phone. Others (eg. HBOS) reserve their best deals for new applicants.

MB1980

Hi there,

I'm hoping that someone could advise me on which may be the best credit card to apply for for a balance transfer as i'm very confused!

I'm coming to the end of the Virgin deal and already have a Halifax card. I have no idea which card belongs to which company and which to apply for

Can anyone point me in the right direction please?
Many thanks x

Moggles_2

MB1980 wrote: »

I'm coming to the end of the Virgin deal and already have a Halifax card. I have no idea which card belongs to which company. Can anyone point me in the right direction please?

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

http://www.stoozing.com/cards.htm

To maximise the 0% period, you'd get until 1 October 2010 with Egg. A 3% BT fee applies.

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

darthpaul

I need some opinion really, I have a Barclaycard and so the best life of balance transfer card for me is First Direct Gold. I have an account with them but 10 months ago I needed a loan from them and as part of that loan they wanted to take my First Direct Classic CC off me and close the account. I am guessing as the financial crisis was hitting hard then they were being cautious, but now I am not sure if I apply for the gold card they will reject me. I am not keen on a rejection on my credit record.

Do any of you have opinions on my chances? I havent missed any payments on other cards or loans so my credit score should be good.

Moggles_2

darthpaul wrote: »

I have a Barclaycard and so the best life of balance transfer card for me is First Direct Gold. I have an account with them, but 10 months ago I needed a loan from them and as part of that loan they wanted to take my First Direct Classic CC off me and close the account ... I am not keen on a rejection on my credit record.

The credit reference agencies do not record credit card refusals, only credit checks. Credit checks are viewed as negative only if you attract too many in a short space of time. Each search drops off your file after 12 months, so the effect is fairly short-lived

I am guessing as the financial crisis was hitting hard then, they were being cautious

This is just conjecture though, isn't it? Best not to second guess too readily how lenders view things.

... now I am not sure if I apply for the gold card they will reject me. Do any of you have opinions on my chances? I haven't missed any payments on other cards or loans so my credit score should be good.

Sorry, only First Direct knows the answer. The only way to find out, is to apply.
Note: not really LOB as it lasts 60 months. A 2.5% BT fee applies.

Have you compared the NatWest LOB card? This offers online applicants 8.9% APR for the life of the balance with no transfer fee
http://www.natwest.com/personal/credit-cards/g1/gold.ashx

MB1980

Moggles wrote: »

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

To maximise the 0% period, you'd get until 1 October 2010 with Egg. A 3% BT fee applies.

Thanks for the help Moggles. I do believe i'm screwed though, I checked my credit report and it isn't good I checked what cards I was eligable for for a balance transfer and it came back with two that didn't offer 0% on transfers - (I think the two that came back were 29.9% and 36%) the rate when the Virgin deal ends will be 26.6% or thereabouts so I may as well stick with them! I also only have £2500 amount of credit available to me... I hate myself right now and feel very overwhelmed and scared by it all. I've never missed a payment on anything, but there's only so far my wages will take me.

Moggles_2

MB1980 wrote: »

Thanks for the help Moggles. I do believe i'm screwed though, I checked my credit report and it isn't good.

Well, it depends what you mean by a credit report that isn't good. There are any number of reasons why someone's credit history may be less than perfect. To help you further, we would need to know why this is so.

Presumably you have a bank account, a regular income and you're on the electoral roll at your current address.

MB1980

Moggles wrote: »

Presumably you have a bank account, a regular income and you're on the electoral roll at your current address.

Yes to all the above. I'm thinking that because my report has been search 10 times in the past 12 months (i've no idea why, i can't remember applying for that much) that may be the reason why my rating is poor at the moment, that and because i currently hold two credit cards, two loans (one for my father) and my car finance... i guess all that adds up.

Moggles_2

MB1980 wrote: »

The rate when the Virgin deal ends will be 26.6% or thereabouts, so I may as well stick with them.

Please be aware that this rate is variable. Virgin reserves the right to raise the rate at any time.

I also only have £2500 amount of credit available to me.

'Not sure what this means.
Your available credit increases with each successful cc application

Moggles_2

MB1980 wrote: »

Yes to all the above.

Well, that's a good start.

I'm thinking that because my report has been searched 10 times in the past 12 months (i've no idea why, i can't remember applying for that much) that may be the reason why my rating is poor at the moment.

If some of the searches are duplicated by the same lenders, then I would expect that most are unrecorded enquiries (made to check identity, for instance, or quotation searches.) These are not seen by other lenders. It's the number of searches classified as credit checks that matter. Too many credit checks in a short space of time could certainly have an impact on your credit rating, but even then each search drops off your file after 12 months, so the effect is fairly short-lived.