Best Balance Transfers Discussion Area

Moggles_2

JimmyTheWig wrote: »

I applied for an Abbey credit card about a month ago and got a £13k limit. My sister applied for the same card this week and only got a £3k limit. Is this the result of the credit crunch?

Sorry. Only Abbey knows the answer. However, other things being equal, it's normally your existing credit- available and used - in relation to your annual income that determines the credit limits you're handed.

Moggles_2

JimmyTheWig wrote: »

She needs another £6k. Do people think it's worth her going for an MBNA card, such as Virgin?

It's not an exact science of course, but judging from posts to this thread, she'd be more likely to get a generous credit limit from Virgin/MBNA than some other lenders I could name

Moggles_2

JimmyTheWig wrote: »

Would it make a difference if her husband applied for the Virgin card or will their credit ratings be linked enough to see the recent Abbey application regardless of who applies?

Are they financially linked?

If you share a financial product with someone else then you are financially linked to them and so their affairs could have a knock-on effect on your own finances and your credit rating, but simply being married to someone or occupying the same house as someone else, has no effect whatsoever.

Normally, it would be his existing credit - available and used - in relation to his annual income that would determine the credit limit he's handed.

Fr0sT

Does anybody know of any reason to avoid this Halixfax Credit Card, its just that it is not mentioned in the main BT article and I haven't noticed many people recommending it on these forums. It is 0% for 15 months, has a 3.00% BT fee and minimum payment is at 2.00%.

I'm already taking advantage of the Virgin's 0% offer for 15 months and am thinking of applying for this one also, unless there is a reason not to.

Thanks :cheesy:

YorkshireBoy

Fr0sT wrote: »

Does anybody know of any reason to avoid this Halixfax Credit Card, its just that it is not mentioned in the main BT article and I haven't noticed many people recommending it on these forums. It is 0% for 15 months, has a 3.00% BT fee and minimum payment is at 2.00%.

I'm already taking advantage of the Virgin's 0% offer for 15 months and am thinking of applying for this one also, unless there is a reason not to.

It's a good product, but you mustn't spend on it once you've BT'd to it due to an unequal 9 months on purchases offer.

A comparable card may be the new Capital One card which has 0% on both BT's and purchases for 14 months, although it's minimum payment requirement is higher at 3%.

Alternatively, Capital One also have a fee-free BT card with an 8 month duration.

All depends if you're managing down real debt or stoozing?

Fr0sT

YorkshireBoy wrote: »

It's a good product, but you mustn't spend on it once you've BT'd to it due to an unequal 9 months on purchases offer.

A comparable card may be the new Capital One card which has 0% on both BT's and purchases for 14 months, although it's minimum payment requirement is higher at 3%.

Alternatively, Capital One also have a fee-free BT card with an 8 month duration.

All depends if you're managing down real debt or stoozing?

Manage existing debt unfortunately, so I don't plan on spending with any of them. May go for it, the 15 months will come in handy.

Thanks

SamanthaA

Hi,
A newbie to forum & this thread.

I have approx £1500 on a Halifax 1 CC, avalible is £5000 max, at 12.94% (just got it reduced from 16.94%, thank you Halifax)
But I know I can do better.

Have just, Friday, applied through Quidco for new bank acc, and the questions are,

Should I leave it a while before I start applying for new CC, as this will look sus to prospective companies?

I know it personnal choice, but what better a LoBalance or a 0% card, as I may possibly need to spend on it.

Moggles_2

Originally Posted by SamanthaA
Have just, Friday, applied through Quidco for new bank account. Should I leave it a while before I start applying for a new CC, as this will look sus to prospective companies?

There's no need to wait. Lenders like stability though, so your previous current a/c would be the best one for credit card applications. Basically, the longer you've held a current account with the same bank, the better

Btw, if you close down the old account, you'll disrupt your credit rating temporarily, so best practice is to apply for credit cards where possible before you change banks. The same applies if you move or change jobs

Moggles_2

Originally Posted by SamanthaA
I know it's personnal choice, but what's better a Life of Balance or a 0% card?

There's no right answer to this question. Both have advantages as well as drawbacks.

Martin's *Best Balance transfers* article on the main site explains the pros and cons of 0% and LOB cards.
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#choosing

loveandlight

Don't be fooled into thinking you will get a good credit limit from your own bank. I have banked with HSBC for many years and despite them telling me my rating with them is perfect and has been for many years, I just applied for their card to do a BT and they only offered me £1500, so I refused their card as it was no good to me. I get much better credit limits with other card companies. Funny that.