Best Balance Transfers Discussion Area

MB1980

Moggles wrote: »

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

Ahhh! I should've realised that!

Moggles wrote: »

Your available credit increases with each successful cc application

It tells me that my amount of available credit is £2722. I took that to mean that's all I will get if i applied for anything... as you can tell I have no clue, which is why i'm in this mess to begin with i think!

MB1980

Moggles wrote: »

Well, that's a good start.
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.

Ahh ok, taking a closer look at them only 4 of them have been official credit checks, the rest look like my insurance quotes for my car...

Moggles_2

MB1980 wrote: »

Ahh ok, taking a closer look at them only 4 of them have been official credit checks, the rest look like my insurance quotes for my car.

Excellent. Unrecorded enquiries are nothing to worry about (so long as you know why you had them of course.) These are listed for your information only, so you know which firms have looked at your file. They are not seen by other lenders and have no effect on your credit rating

Moggles_2

MB1980 wrote: »

I currently hold two credit cards, two loans (one for my father) and my car finance. I guess all that adds up.

Yes, credit files don't indicate that one of the loans is for your father, unfortunately. That will be viewed as your debt, as I'm sure you realise.

Do you bank with NatWest or the Royal Bank of Scotland? A 0% for 15 months BT card (Platinum or Classic) 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)
http://www.natwest.com/personal/credit-cards/g1/platinum.ashx#tabs=section2
http://www.rbs.co.uk/personal/credit-cards/g1/platinum.ashx#tabs=section2

If you're not eligible for the above, you'd get 0% until 1 November 2010 (as from today) with Egg [see #2587 above]

Alternatively, 12 months at 0% is available from the Post Office. 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/p...diaId=34100665

kindofaverage

hi all - what I don't seem to understand is with transferring debt from credit card to the nexr. Ok, it is interest free but there always seem to be a handling charge for each debt transferred. am I right? and do people accept this handling fee rather than paying the interest? surely it all works out the same in the long run?
p.s. are there any card that don't have a handling fee please

sabretoothtigger

surely it all works out the same in the long run?

3% works out lower then standard interest

YorkshireBoy

kindofaverage wrote: »

Ok, it is interest free but there always seem to be a handling charge for each debt transferred. am I right? and do people accept this handling fee rather than paying the interest? surely it all works out the same in the long run?

If you're paying a 'typical' (and many people aren't - they're paying more than this) APR of 15.9%, the monthly rate is around 1.2%.

So paying a 3% fee means you're 'in pocket' after less than 3 months. Obviously the savings can be large if you bag a 16 month deal with Virgin for example.

p.s. are there any card that don't have a handling fee please

Very occasionally some lenders will run a campaign, but these are few and far between these days. The last one a couple of months ago was Virgin (run by MBNA) I believe.

kindofaverage

thank you sabretooth and yorkshireboy - can I ask, now that I know, what are the best deals around curently?

YorkshireBoy

kindofaverage wrote: »

what are the best deals around curently?

Define "best".

What do you want?

Longest 0% duration
Lowest BT fee
Lowest minimum payments

Where's the balance(s) now? No point in recommending a card you already have.

kindofaverage

hi yorkshireboy - the longest interest free - thanks