Best Balance Transfers Discussion Area

CannyJock

paulczar wrote: »

i'm wondering if any of you can help.

Got almost 5k on an egg cc with a 17.9% interest rate.

I'm thinking of transferring the balance to a 0% card but was wondering if people had an opinion/vague idea (shot in the dark i know) on what would be the most likely for me the be accepted with a 5k limit?

I see Virgin/MBNA and Santander have fairly long term 0% balance tranfers. Is one better/easier to get than the other?

I have slight ties with Santander already with a cahoot credit card with no balance and a 1k limit, a cahoot account with a few pounts on it thats hardly used and a cahoot loan going into its final year with 2k left on it.

So would i be better or worse off trying for a card with Santander or should i avoid them and try MBNA who i have no ties with? Or is there someone else i should try?

I'd try MBNA for the 16 month Virgin account first - unless the cahoot account would allow you to apply for a Santander 0% card with 0% fees?

InaPickle

Hi guys, I'm back for some more advice, please.

I'm currently in an HSBC graduate account with a £1000 overdraft with just under £1000 on an HSBC CC which was given at the time of the account. I have been reading with interest about the A+L deal for a current account with overdraft that Martin mentioned in his e-mail. The added bonus is that there is a 0% CC to go with it, as well as the nice £100 bonus. I earn above the eligability criteria (but not much, if I'm honest, hence not being able to apply for a 0% CC before now), and would love to get my little mitts on the 0% CC if I can, while I finish paying off the balance, which is my biggest priority at the moment. My questions are, 1) do you think I would be able to transfer over my overdraft to the A+L; 2) do any of you think I would stand a chance at getting offered the 0% CC?

Thanks! I'm currently applying for better-paid jobs, in case you are wondering, but it may take a little while to find something.

Moggles_2

InaPickle wrote: »

I'm currently in an HSBC graduate account with a £1000 overdraft with just under £1000 on an HSBC CC which was issued at the time of the account ... Do you think I would be able to transfer over my overdraft to the A+L CC?

Unfortunately, not.

A few rather exceptional cards, like Virgin, 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. With Virgin, a 4% handling fee applies, but there are no other charges for the first 16 months.

http://uk.virginmoney.com/virgin/cre...up/summary.jsp

InaPickle

Moggles wrote: »

Unfortunately, not.

A few rather exceptional cards, like Virgin, 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. With Virgin, a 4% handling fee applies, but there are no other charges for the first 16 months.

http://uk.virginmoney.com/virgin/cre...up/summary.jsp

Sorry, I'm a bit confused. I'm not sure if I've made myself clear or not. I meant that I was wondering if I might be able to transfer the overdraft to the A+L overdraft, and the CC balance to the A+L CC, not transfer the overdraft to the CC.

Is that what you thought I meant, or am I just being incredibly dim? :o

Thanks for the advice anyway! :T

Moggles_2

InaPickle wrote: »

I'm not sure if I've made myself clear or not. I meant that I was wondering if I might be able to transfer the overdraft to the A+L overdraft, and the CC balance to the A+L CC, not transfer the overdraft to the CC. Is that what you thought I meant, or am I just being incredibly dim?

Ah, gotcha. Not dim, but you are in the wrong part of the forum, IMO and you may get replies more quickly, if you post again on the *Budgeting & Current Accounts* board

http://forums.moneysavingexpert.com/forumdisplay.html?f=20

Moggles_2

InaPickle wrote: »

I'm currently in an HSBC graduate account with a £1000 overdraft with just under £1000 on an HSBC CC which was issued at the time of the account. I have been reading with interest about the A+L deal for a current account with overdraft that Martin mentioned in his e-mail. The added bonus is that there is a 0% CC to go with it, as well as the nice £100 bonus. I earn above the eligability criteria (but not much, if I'm honest, hence not being able to apply for a 0% CC before now), and would love to get my little mitts on the 0% CC if I can, while I finish paying off the balance, which is my biggest priority at the moment. Do any of you think I would stand a chance at getting offered the 0% A&L CC?

Sorry, only A&L knows the answer. Lenders do not disclose the criteria they use to decide.

Fortunately, there are ways to improve your chances. 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
http://www.moneysavingexpert.com/ban...-score#improve

Feedback here suggests credit cards with generous credit limits are sometimes bundled with new current accounts as a sweetener to attract new business. This factor may give you an advantage over A&L's existing customers. That said, none of us knows in advance whether we'll be accepted. The only way to find out for certain is to apply.

InaPickle

Moggles wrote: »

Ah, gotcha. Not dim, but you are in the wrong part of the forum, IMO and you may get replies more quickly, if you post again on the *Budgeting & Current Accounts* board

http://forums.moneysavingexpert.com/forumdisplay.html?f=20

Moggles wrote: »

Sorry, only A&L knows the answer. Lenders do not disclose the criteria they use to decide.

Fortunately, there are ways to improve your chances. 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
http://www.moneysavingexpert.com/ban...-score#improve

Feedback here suggests credit cards with generous credit limits are sometimes bundled with new current accounts as a sweetener to attract new business. This factor may give you an advantage over A&L's existing customers. That said, none of us knows in advance whether we'll be accepted. The only way to find out for certain is to apply.

Cheers Moggles! :beer:

To be fair, I do have a good credit score, apart from the rather large fact that I don't earn much at the minute. I'm just very dubious as to whether or not they would give me the CC and the potential to rack up debt given that I bring home so little bacon at the minute.

Thanks again!

Moggles_2

InaPickle wrote: »

To be fair, I do have a good credit score, apart from the rather large fact that I don't earn much at the minute. I'm just very dubious as to whether or not they would give me the CC and the potential to rack up debt given that I bring home so little bacon at the minute.

Having a flawless payment history is a great asset. Also, lenders like stability. Provided that you haven't moved, changed banks or changed jobs recently (in fact the longer you've stayed put, the better), you're in with a chance.

That said, please be aware that when lenders launch these market-leading, 0% BT cards, they're usually heavily advertised. Often the provider is flooded with applications and can afford to cherry-pick applicants.

Also, I would pay down your overdraft first if possible and wait for this to show on credit files. As you know, overdrafts are repayable on demand. Credit card debt, on the other hand, isn't. Potential lenders will pay more attention to overdraft balances, because it's known that a similar level of debt on credit cards only requires a 2% to 3% minimum monthly payment and cannot be called in

InaPickle

Moggles wrote: »

Having a flawless payment history is a great asset. Also, lenders like stability. Provided that you haven't moved, changed banks or changed jobs recently (in fact the longer you've stayed put, the better), you're in with a chance.

That said, please be aware that when lenders launch these market-leading, 0% BT cards, they're usually heavily advertised. Often the provider is flooded with applications and can afford to cherry-pick applicants.

Also, I would pay down your overdraft first if possible and wait for this to show on credit files. As you know, overdrafts are repayable on demand. Credit card debt, on the other hand, isn't. Potential lenders will pay more attention to overdraft balances, because it's known that a similar level of debt on credit cards only requires a 2% to 3% minimum monthly payment and cannot be called in

I don't think my payment history is absolutely flawless as there was one month when I first got the CC when I didn't have the DD set up in time for the minimum payment, but that was literally years ago, maybe even as far back as 7 or 8 years ago. And I'm 29 and have been with the bank since I was 14/15! (Cor, I feel old now!)

With regard to the overdraft, therin lies my problem: it is 0% until July, so I have naturally been throwing all my resources at paying off the hefty 21.9% ARP CC, and it is still in my financial interest to do so. I guess the question is, if I apply and they say no, how bad will it look on my credit file? If I move my current account will I trigger a recall for the overdraft from my current bank as I wouldn't be that fussed about keeping it with my current bank as I want to have it paid off by July anyway, but the £100 given by the account, if I could get it, would be a nice sum off it, and the 0% CC would really, really make my life easier.

I get the feeling it might not quite happen for me. *Insert rolly-eyed smiley*

P.S. I've been working at my current job for 6 months, but it pays peanuts. I was hoping to get a better CC deal when I move to a better paying job, but do you think that I might have a less good chance of getting one if I get a new one as I've been there for less time?

iamc0b

Looking for a little advice, i currently have a Zopa loan 1 year in £6000 for 5yrs @12.1%. Im considering applying for the MBNA deal as detailed by Martin locking in rate at 6.7% and then making regular payments to the credit card as i have been Zopa. However i would need to make the initial payment to Zopa via Credit Card in order to create the balance. I have a Egg card with a sufficient limit and a Tesco card with an almost sufficient limit, would i be able to make the complete repayment with one of these cards to Zopa then do the 0% transfer to the MBNA card and save myself some money? I would likely in addition to this increase my existing monthly payments by £50 -75.

Appreciate any advice.