Best Balance Transfers Discussion Area

techmob

thanks for that

i have not get any bad credit in my name, i have had a fridge freezer on credit which was paid off no problems.

that is about it though

Moggles_2

techmob wrote: »

I have not got any bad credit in my name. I have had a fridge freezer on credit, which was paid off no problems. That is about it though.

If the bank that holds your main current account turns you down, the solution would be to apply for a starter card like Vanquis. This provider specialises in cards for those with next to no credit history.

Note: starter cards charge high interest rates, but if you only ever spend what you can afford to pay back each month, you'll never pay interest or fees

Very best
M

Moggles_2

carolann215 wrote: »

OH applied online for a Virgin cc and instead of getting an instant decision the screen said we may need further details from you and you will get a decision in 7-10 days.
He already has an MBNA credit card with £5400 outstanding and reading back through this thread someone else was turned down for this reason. I wish now I'd checked this thread first!Does it sound like the applications going to be rejected because of this?

IME (and from feedback here), MBNA doesn't mind customers holding more than one card.
I have held three at once.

If there were no transactions on his existing card, this lender will sometimes switch your credit limit from the unused card to give you a higher limit on the new, active one.

That said, if there's a balance on his current MBNA card, particularly if it's still charged at special promotion rates, he could certainly be turned down or handed a lowish credit limit
by MBNA.

Moggles_2

carolann215 wrote: »

OH applied online for a Virgin cc and instead of getting an instant decision the screen said we may need further details fom you and you will get a decision in 7-10 days ... Does it sound like the application's going to be rejected? ... I'm just wondering if we should wait for Virgin's decision or just apply somewhere else. He has no searches on his record in the last 12 months.

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.

That said, these messages are not uncommon and, as often as not, recipients get accepted a few days later.

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

lemonslap

Thanks for all thre information on this thread:beer:! I have been looking for a card to transfer a £2k MBNA balance and applyed for the egg card with 0% till 1st December 2010. It took just 5 mins to complete the form online and I was given a £8k limit there and then! Great service!:j

Moggles_2

lemonslap wrote: »

Thanks for all thre information on thisthread! I have been looking for a card to transfer a £2k MBNA balance and applied for the Egg card with 0% till 1st December 2010. It took just 5 mins to complete the form online and I was given a £8k limit there and then! Great service!

Congratulations & thanks for your feedback
:beer:

Paul_CFC

Hi guys, a quick question for you. I have 3 credit cards (all but Virgin is paid off now though, so I plan on cancelling the others). However, I recently tried to apply for a Tesco, M&S, Sainsbury credit card as I need to make a large purchase (4-5k) but they all declined me (bad credit score funnily enough, yet Barclays phoned me yesterday and said I have an immaculate rating). Anyway...

I'm wondering if I could make this purchase on an existing card and then transfer the balance to my mums 0% card? Can you transfer balances to other's? If not, it means a loan which I don't really want to do as I can probably pay off the lot inside of a year.. hopefully.

Would appreciate any help! Thanks

Moggles_2

Paul_CFC wrote: »

I'm wondering if I could make this purchase on an existing card and then transfer the balance to my mum's 0% card? Can you transfer balances to other's?

Yes, you can switch credit card balances to family, friends or Dave down the pub. Mum should be aware though, that the person whose card your balance is shifted to, becomes solely liable for the debt.

From the lender's perspective, it's not a problem. She may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after her business. They're not really interested in knowing who ran up the debt, as long as she, their customer, pays up on time each month!

Note: you cannot transfer balances between cards underwritten by the same bank (this would be like trying to pay 'em off with their own money.) This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

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

Moggles_2

Paul_CFC wrote: »

I recently tried to apply for a Tesco, M&S, Sainsbury credit card as I need to make a large purchase (4-5k) but they all declined me (bad credit score funnily enough, yet Barclays phoned me yesterday and said I have an immaculate rating).

Completely OT, but it's not uncommon for forum users to post different credit ratings from different sources or various credit scores from the same source a few weeks apart, so hardly surprising if the lenders' scores were different from each other as well! I wouldn't let this distract you from tackling the things that really matter.

You've been turned down for three cards. Credit reports, when ordered directly from Experian (or Equifax) are an invaluable aid to sorting out the reason(s). For help, see page 1 of the *How to obtain credit reports* sticky. Once you know what lenders will see, you are in a better position to improve their opinion

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*,

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

jodilye

I think I have a very simple query in comparison. I have a credit card with lloyds at 15.9%. I was given it when I changed accounts as an emergency card(yeah, right! I'm 21!). I have a balance of £450 and a limit of £750. I won't pay this off for 3 or 4 months and at the moment the interest is about £8 a month. I'm wondering whether to bother transferring to a virgin card at 0%. I always said I would never have a CC so juggling them around and switching seems even more scary! Am I on the right track??