Best Balance Transfers Discussion Area

ttbko

this has happened to me twice now and i am seriously irked!!! A few years ago, i tried to move the balance on my credit card to one with zero interest for a few months. unfortunately, the one that seemed the best option via moneysavingexpert.com turned out to be owned by the company i was moving from!!! this got me turned down, despite a good credit rating! this also got me a negative on my credit score and stopped me applying elsewhere for 6 months! cross? i was!!! it almost prevented me getting a mortgage about a year later!!! despite exhaustive research, i foudn nothing that indicated the two companies were related!

today i tried again, this time with ones completely unrelated - Barclaycard to Tesco bank! They made me an offer that was not as high as the balance i wanted to transfer so i called them up to see if this was negotiable. it wasnt. hey well, no matter. i decided, in discussion with the guy on the phone to cancel. however, cancelling has had the same effect as the first try - a negative on my credit score! i was furious and told the guy so! again, nothing said this would occur, i was making an enquiry but as soon as they do the credit check, unless i agree to something i dont want, there is a negative for me! i dont want two cards, i see no point in paying twice. has anyone else had this problem and does anyone know a way around it? :mad:

blitzboy

ttbko wrote: »

i dont want two cards, i see no point in paying twice.

To pay less interest? Surely it is better to have part of your debt on 0% rather than all of it on standard APR?

I have, in the past, had balances over 4 different cards, all at 0%. Didn't cost me a penny in interest so what difference does it make whether its 1 or 4 cards?

thenudeone

ttbko wrote: »

They made me an offer that was not as high as the balance i wanted to transfer so i called them up to see if this was negotiable. it wasnt. hey well, no matter. i decided, in discussion with the guy on the phone to cancel. however, cancelling has had the same effect as the first try - a negative on my credit score!

One search on its own is not going to result in a significantly worse credit assessment. However, when combined with other factors including income, number of accounts, payment history, employment and homeowner status etc. it could trip you from an accept to a decline with some lenders.

ttbko wrote: »

i was furious and told the guy so!

You are furious because someone didn't want to lend you enough of their money? I don't want to lend you any of my money. Are you furious with me too?

You have no right to expect ANYONE to lend you their money.

ttbko wrote: »

again, nothing said this would occur, i was making an enquiry

No. You agreed to this when you made an application.
it's usually in a separate highlighted box stating something like:

CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974. Sign it only if you want to be legally bound by its terms

ttbko wrote: »

i dont want two cards, i see no point in paying twice.

More fool you then. You're not paying twice.

So you would rather pay interest on the whole balance on 1 card than having two cards where at least some of the balance is interest-free?

If you do, you clearly don't understand finance and shouldn't be taking credit at all.

ttbko

thenudeone wrote: »

One search on its own is not going to result in a significantly worse credit assessment. However, when combined with other factors including income, number of accounts, payment history, employment and homeowner status etc. it could trip you from an accept to a decline with some lenders.

Thanks, this is helpful and encouraging.

You are furious because someone didn't want to lend you enough of their money? I don't want to lend you any of my money. Are you furious with me too?

You have no right to expect ANYONE to lend you their money.

No, I'm not furious with you though I would be if you offered me something that had a downside and then penalised me if I didnt take it. This is the sort of info that should be posted up front. I dont expect anyone to do anything EXCEPT be upfront and honest with me. A small request but, I suspect, not an unusual one.


No. You agreed to this when you made an application.
it's usually in a separate highlighted box stating something like:

CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974. Sign it only if you want to be legally bound by its terms

More fool you then. You're not paying twice.

So you would rather pay interest on the whole balance on 1 card than having two cards where at least some of the balance is interest-free?

If you do, you clearly don't understand finance and shouldn't be taking credit at all.

Finally, whilst I thank you for your contribution, I just wonder whether you find you get positive responses from being rude to people who ask questions? Somehow I doubt it.

sfax

Humpy wrote: »

Looking for a new credit card for balance transfers but practically every one I look at says that transfers must be made within 60 or 90 days of activation. I will have a balance to transfer within this period but I will have others that I will need to transfer through the 0% period. I always thought that as long as you transfer one balance within the 60/90 day period then you could transfer others after this and still get 0% but I'm having doubts now.

Could someone answer this.

No, you can do balance transfers at any time but only those made in the qualifying period (usually anything up to 3 months) will be at the 0% interest promotional rate

jason123123

whats the best balance transfer rates out there??

sfax

jason123123 wrote: »

whats the best balance transfer rates out there??

See quick links at top of page

claire8606

Hi i have a virgin money credit card with £300 on it.. would it be worth doing a balance transfer or just pay it off. Think the apr on the credit card at the moment is nearly 17%

Kind regards

Claire

ItsIllak

I'm an existing customer of just about every credit card out there, but mostly with zero balances. However, I have a few that I need to get onto a 0% rate - I called Barclaycard and they've offered me 18 months interest free but with a 3.8% charge.

Is this typical? Is there any data out there on existing customer best rates?

sfax

claire8606 wrote: »

Hi i have a virgin money credit card with £300 on it.. would it be worth doing a balance transfer or just pay it off. Think the apr on the credit card at the moment is nearly 17%

Kind regards

Claire

Depends how long you take to pay it off. More than 3 months then maybe. 17% APR is about 1.3% per month