Best Balance Transfers Discussion Area

Catbells

Re Santander debit balance transfer. I applied for this recently and was turned down. The implication was that my credit rating was bad (they included literature about this in their rejection letter) but I've never been turned down before and have had several transfers over the last 6 years. I checked my credit rating and it was 'good' but not 'excellent'. Are they, I wonder, choosing certain types of customer. Am I too old at 57? Was my balance not big enough = £1500?

Moggles_2

yellowstonepart wrote: »

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Multiple posts all promoting the same website :rolleyes:
Spam reported

Moggles_2

Shaz32 wrote: »

I'm new to credit cards in general and am looking to re-finance a long term loan. I have had a quote for a shorter loan from Tesco, monthly payment would be £285 a month over 7 years 10.1%apr, loan amount is £17400. But if my calculations are right? (big if) for the same amount borrowed on the Mbna credit card "rate for life" of 5.9%, keeping the payments the same £285 i would pay off the debt in just over 6 years? If there's anyone who could confirm or redo my calculations i would be much appriecated, or if someone knows of a better way to re-finance, any help.

Have you estimated how long it would take to clear the debts in full?
Why not plug some numbers into this credit card calculator?
http://www.whatsthecost.com/creditcard.aspx

You can then estimate the time it would take to clear the balance using an MBNA card. You can also see the effect of increasing your payments by a few pounds

Moggles_2

sabretoothtigger wrote: »

Can someone say whether I will be blocked or referred when applying for a relabelled MBNA card if I already have MBNA cards unused but still open.

MBNA doesn't seem to mind customers holding more than one card, as long as you don't apply for two identical brands. I have held three at once. That said, if there were balances on your current MBNA card(s), particularly if they're still charged at 0%, you could certainly be turned down or handed a lowish credit limit by MBNA

If your existing card(s) have a zero balance, this lender will sometimes switch your credit limit(s) on the unused card(s) to give you a higher limit on the new, active one

Caution: 0% balance transfer requests may be turned down where the applicant has already benefitted from an introductory promo rate on another MBNA card within the last 12 months.

Moggles_2

Catbells wrote: »

Re Santander debit balance transfer. I applied for this recently and was turned down. The implication was that my credit rating was bad (they included literature about this in their rejection letter) but I've never been turned down before and have had several transfers over the last 6 years. I checked my credit rating and it was 'good' but not 'excellent'. Are they, I wonder, choosing certain types of customer. Am I too old at 57? Was my balance not big enough = £1500?

I doubt whether it's ageism. Broadly speaking, older customers are seen as being more reliable and less of a risk to lend to.

There are any number of reasons why someone's credit rating may be less than perfect. Presumably you have a bank account, a regular income and you're on the electoral roll at your current address. Have you looked at your credit reports to see why yours is good, rather than excellent?

sabretoothtigger

Moggles wrote: »

MBNA doesn't seem to mind customers holding more than one card, as long as you don't apply for two identical brands.

I was thinking about 'franchise' type cards like the virgin one which is mbna backed, they seem to block anyone who already has mbna cards

Catbells

Moggles wrote: »

I doubt whether it's ageism. Broadly speaking, older customers are seen as being more reliable and less of a risk to lend to.

There are any number of reasons why someone's credit rating may be less than perfect. Presumably you have a bank account, a regular income and you're on the electoral roll at your current address. Have you looked at your credit reports to see why yours is good, rather than excellent?

Yes I have a bank account, am on the electoral roll and am semi retired working as self employed part time.. Thanks - will check out the credit reports. Do you know which is the best way to do this? I once spent a couple of quid to have it done through Experien but understand that it can be obtained for nothing.

skaps

I have applied for a natwest credit card and they have asked for proof of salary. This is the first time i have been asked for this - has this happened to anyone else?

sanctuary

Moggles wrote: »

Thanks for your feedback & congratulations on getting the typical rate at least.
:beer:
Anecdotal evidence points to generally low credit limits on these cards, but there's nothing to be gained from abandoning your application at this stage. Any credit checks performed by Barclaycard are on credit files now, so you may as well accept the offer. You'll still save money
Yes, if you're currently charged extortionate rates, then it makes absolute sense to transfer as much of these debts as possible to B'card.

Fingers crossed you get the credit limit you're hoping for from NatWest, but if the worst happens, Martin's advice is, once again, to transfer as much as you can. You'll still save money (See Martin's *Credit Card Limit: didn't get what you wanted?* article.)
http://www.moneysavingexpert.com/cards/bad-credit-rating

Thanks once again for your advice, Moggles - which I unfortunately can't act on because my Barclaycard saga has taken another turn. I had not yet got round to activating the card and in today's post I received a letter from Barclaycard informing me that 'as a result of our investigation and in accordance with Condition 09 (or condition 10 for some cards), we now consider you to no longer meet our current lending criteria and your Barclaycard has now been closed.' This is just a few days after I received the card!

They then invite me to phone them should I wish to discuss. Should I???

Will this have damaged my credit rating? I checked my report but there is no way that everything is on there (I've seen some threads that suggest my middle name having been omitted on some of my CCs could mean I have two credit reports).

I'm now wondering if I should also avoid applying for a NatWest card as I fear this whole Barclaycard business will have blemished my credit rating. Maybe I should just accept that I've messed things up a bit and spend the next six months building up my credit rating on my existing cards? I would however dearly love to not be paying such high interest.

Any advice very gratefully received. This has really taken the wind out of my sails.

CannyJock

skaps wrote: »

I have applied for a natwest credit card and they have asked for proof of salary. This is the first time i have been asked for this - has this happened to anyone else?

Yup, was asked for it by Tesco when I applied for my 0% purchase card a while back. Initially accepted for the card, then they asked for some additional income details.

Wrote back to them, told them I was disappointed by their incredibly low credit limit offer and suggested they increased it to 10K.

Ding - result, 10k limit now safely stoozed.