Best Balance Transfers Discussion Area

Taylo_2

Hi guys - very quick question - Virgin application was submitted around 10 days ago - not heard anything as yet, has anyone applied recently and how long did it take for you to get a response?

Thanks

Taylo.

Moggles_2

Taylo wrote: »

Virgin application was submitted around 10 days ago - not heard anything as yet. Has anyone applied recently and how long did it take for you to get a response?

No recent experience, but 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.

If you didn't get an automated acceptance/rejection, you can ring Card Services during business hours and be put through to an underwriter who will give you a decision there and then, provided that your case is not complicated. Card Services should also be able to give you some idea when to expect a decision by post.

Dorisbird

Referring to MSE Best Balance Transfer deals - the current Abbey deal for 15 months at 0% for balance transfers - I can confirm that it is phone only for this deal, on the 0800 number shown on the Abbey website under Credit card tab. If you go into a branch, they can only offer you 12 months at 0%.

spaceboy

Is Virgin the best for balance transfers at the moment? I currently have £250 on an Egg Card (17.9%) and £1950 on an Egg Money Card (12.9%).

Want to pay off about £200 a month, but would be good if I could transfer, but the best transfer fees I've seen so far are 2.9%.

Moggles_2

spaceboy wrote: »

Is Virgin the best for balance transfers at the moment? I currently have £250 on an Egg Card (17.9%) and £1950 on an Egg Money Card (12.9%). Want to pay off about £200 a month, but would be good if I could transfer, but the best transfer fees I've seen so far are 2.9%.

Best in what respect? Longest 0% period? Lowest minimum payments? Lowest BT fee? Most generous credit limits? The cards with the lowest BT fees would not necessarily save you more money.

To maximise the 0% period, 16 months is currently available from Virgin on transfers made in the first 60 days.
A 2.98% BT fee applies.
Minimum monthly payments are the lowest in the UK, so you'd need to set aside enough per month to clear the balance by the end of the 16 month promotion
http://uk.virginmoney.com/credit-card-v3/

(0% for 12 months is available from Barclaycard for a 2.5% BT fee but, on the figures you've quoted, this would only save you a tenner.)

mrsdarbs

I applied for a Virgin card about 6 months ago but was declined - then realised I wasn't on the electoral role here. I've ammended this and now am and I've checked my credit report and I have two late payments over the past 12 months - other than that it's perfect.

Should I apply again I go to someone else? I have had a leaflet from Nationwide about their credit card, (my main current account is with them) but I am on a reducing balance overdraft and am unsure whether to apply because of this?

Desperately trying to get rid of huby's egg card at 17.9%!!

Moggles_2

mrsdarbs wrote: »

I applied for a Virgin card about 6 months ago but was declined - then realised I wasn't on the electoral roll here. I've amended this and I've checked my credit report and I have two late payments over the past 12 months - other than that it's perfect. Should I apply again I go to someone else? I have had a leaflet from Nationwide about their credit card, (my main current account is with them) but I am on a reducing balance overdraft and am unsure whether to apply because of this?

May I ask how your Nationwide account is being recorded on credit files?

Moggles_2

mrsdarbs wrote: »

I applied for a Virgin card about 6 months ago but was declined, then realised I wasn't on the electoral roll here. I've amended this and I've checked my credit report. I have two late payments over the past 12 months - other than that it's perfect. Should I apply again or go to someone else? I have had a leaflet from Nationwide about their credit card, (my main current account is with them) but I am on a reducing balance overdraft and am unsure whether to apply because of this? Desperately trying to get rid of hubby's Egg card at 17.9%

Please be aware that lenders launch these 0% BT 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 or the status of your Nationwide account, but lenders are likely to view your unsecured borrowings 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

If you decide to go ahead, I'd play safe and apply to a different lender entirely.

The Halifax Plus credit card is a straight forward, no-strings deal, which is not linked to your other accounts.
13 months at 0% is currently available to new customers on BTs made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted, so you would need to set aside sufficient funds to clear the balance by the end of the promotion

http://www.halifax.co.uk/creditcards/pluscard136.aspifaxith

mrsdarbs

Moggles wrote: »

May I ask how your Nationwide account is being recorded on credit files?

I'm not sure I understand what you mean?

It's on my credit report and just shows an overdraft owing - no marks against it if you know what I mean? Been with Nationwide for 28 years (since birth).

mrsdarbs

Moggles wrote: »

Please be aware that lenders launch these 0% BT 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 or the status of your Nationwide account, but lenders are likely to view your unsecured borrowings 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

If you decide to go ahead, I'd play safe and apply to a different lender entirely.

The Halifax Plus credit card is a straight forward, no-strings deal, which is not linked to your other accounts.
13 months at 0% is currently available to new customers on BTs made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted, so you would need to set aside sufficient funds to clear the balance by the end of the promotion

http://www.halifax.co.uk/creditcards/pluscard136.aspifaxith

Will have a look at that article thanks - already got a card with Halifax - another one to try and transfer!