Best Balance Transfers Discussion Area

cheshire_scooby

Hi sorry for posting in the wrong place, but i have searched this site and cannot find a link that enables me to make a new post!!
i need some urgent advice on Bailiffs if anybody could point me in the right direction please?
regards
Mark

NickX

cheshire_scooby wrote: »

i need some urgent advice on Bailiffs if anybody could point me in the right direction please?

http://forums.moneysavingexpert.com/showthread.html?t=1837507

Moggles_2

obiwan wrote: »

I have £7000 on Virgins' 0% balance transfer card on which i have been making minimum payments. It expires next month, so I applied for the Abbey card in order to transfer the balance, but got rejected. I can't quite afford to start paying the debt now, I can only afford the minimum payments till i get myself a better job. I checked my records with Experian and it's good, all my colours are green. I have £400 (out of £500) on Barclaycard, £4000 (£7500) on HSBC, £25 (£500) on Halifax, and a Barclayloan of £25000. I make at least minimum payments on all when due and so don't quite understand why I was rejected. If anyone can help me understand why and tell me a way forward with regards to transferring the Virgins £7000, I'll really appreciate it.

Congratulations on having a flawless payment history. This is a great asset.
:beer:
Please be aware that lenders launch these 0% balance transfer cards, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. Obviously, we don't know your annual income, but because of your £25,000 loan, they are all likely to view your current debt to income ratio as too great a risk.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article, to make certain there's nothing else working against you
http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

To maximise the 0% period on BTs, you'd get until 1 November 2010 from Egg. A 3% BT fee applies.

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

Moggles_2

dhernandez wrote: »

If I have an existing credit card and wanted to transfer the balance, the new card provider would charge me 3% (or there abouts) to do so. If I received the card and then paid the balance of my old card off using my new card details, would they view this as a cash advance or a bill payment and therefore would this amount have the 0% interest deal applied to it?

You cannot pay a credit card bill with another credit card. Credit card providers will only accept debit card payments, cash or cheques.

You can ring the new cc company and arrange to shift a balance from your old credit card (this normally attracts a BT fee of 2-3% of the balance, as you say) and is classed as a balance transfer, not a cash advance.

Martin's *Best Balance Transfers* article explains the basics:
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

LINDY_LOU_4

Hi, I want to do a life time balance transfer obviously for the lowest interest. I have a good credit rating. I want to transfer a credit card balance. But I would also like to know if you can transfer a overdreaft balance aswell. Thank you.

Moggles_2

LINDY_LOU wrote: »

I want to do a life time balance transfer obviously for the lowest interest. I have a good credit rating. I want to transfer a credit card balance, but I would also like to know if you can transfer an overdraft balance as well.

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. You need:

a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card.

None of the above offer life-of-balance deals to new customers currently.

To help you further, we would need to know which credit card(s) you have at the mo or have held recently.

Cage

If anyone is interested in how long you should wait from closing a CC to opening another with the same company. I had a Virgin CC. I closed it off on Feb 09 and have just been accepted for a new card which is Oct 09. So 8 months was fine for Virgin, I suppose every company may be different.

Moggles_2

Cage wrote: »

If anyone is interested in how long you should wait from closing a CC to opening another with the same company. I had a Virgin CC. I closed it off on Feb 09 and have just been accepted for a new card which is Oct 09. So 8 months was fine for Virgin, I suppose every company may be different.

Thanks for your feedback.

Yes, lenders vary in this respect, as with everything else. Some will not consider applications from former card holders for various periods following closure. For instance, Egg makes customers wait 12 months. Others like HBOS accept applicants straight away.

In all cases, it's advisable to check your credit reports to make certain the account was actually closed down and marked "settled" soon after you cancelled before you re-apply

bgarnish

I've applied for the virgin 16mths 0% card, which is apparently now taking upto 21 days to process. NOT GOOD!!!!
So i have also decided to apply for the Barclays Credit Card that has a no fee balance transfer at a 6.8% for the life of the balance. Again waiting for the approval.
Which ever comes first i will use. But if it is the Barclays card then i will use the balance transfer deal making my interest a lot lower than it is at the moment. And then when the Virign Card appears i will use this to get the 0% interest.

Is this something that anyone can reccomend or am i going to shoot myself in the foot?

any advice is welcome

Thanks

B

Moggles_2

bgarnish wrote: »

I've applied for the Virgin 16 mths 0% card, which is apparently now taking up to 21 days to process. NOT GOOD!

Most credit decisions are computerised and Virgin gives instant decisions and credit limits to online and telephone applicants, provided that your identity, available credit and so on can be verified electronically via the credit reference agencies, which in turn collate data from public records such as the electoral register.

If you didn't get an automated acceptance/rejection, you can be put through to an underwriter who will give you a decision there and then, provided that your case is not complicated