Best Balance Transfers Discussion Area

George_Smiley

tinalives wrote: »

Hi,Does anyone know offhand how long you have to wait after closing a Barclaycard account before you are likely to be accepted for another card?

Accepted for another card by Barclaycard? Given that you can have two cards at the same time, then I would say right away.

NoNoDrama

My Barclaycard 18 month deal is about to come to an end. I want to transfer 6k (total limit = £8,500 the remainder of which is unused) my salary is 18k. I also have an HSBC card with 6K available but unused and an overdraft of £1500 again available but unused. So:

Total free credit available = 10k
Credit being used = 6k
Total Credit = 16k :eek:
Salary 18k :rotfl:

So much for the credit crunch eh? The reason I have these limits is because I always pay. My credit history is nothing but green and lenders like to nudge up my limits. HSBC even offered me another £500 on the overdraft, I declined. I like to keep the credit available though for emergencies. I've just applied for MBNA and am awaiting their pending decision. I fear Barclaycard may have trapped me in giving me such a high limit (which at the time was half my salary).

Anyone been in a similar situation? What are the best BT deals for cards that favor good payers as opposed to big earners?

sfax

NoNoDrama wrote: »

My Barclaycard 18 month deal is about to come to an end. I want to transfer 6k (total limit = £8,500 the remainder of which is unused) my salary is 18k. I also have an HSBC card with 6K available but unused and an overdraft of £1500 again available but unused. So:

Total free credit available = 10k
Credit being used = 6k
Total Credit = 16k :eek:
Salary 18k :rotfl:

So much for the credit crunch eh? The reason I have these limits is because I always pay. My credit history is nothing but green and lenders like to nudge up my limits. HSBC even offered me another £500 on the overdraft, I declined. I like to keep the credit available though for emergencies. I've just applied for MBNA and am awaiting their pending decision. I fear Barclaycard may have trapped me in giving me such a high limit (which at the time was half my salary).

Anyone been in a similar situation? What are the best BT deals for cards that favor good payers as opposed to big earners?

It's all based on risk and you may struggle to get enough extra credit to cover the outstanding debt. Worth applying in any case but generally the best BT rates are for those with the best credit ratings and affordability is also considered.

If you think the amount of existing credit is a problem you can reduce the HSBC limit but this will increase your debt utilisation (debt/limit). Always pay off more than the minimum payment each month too. It's important to pay as much as possible because £6,000 is only £180 each time its transferred but if you're stuck at the end of a deal on a standard 20% APR it's a very expensive debt to service

NoNoDrama

NoNoDrama wrote: »

My Barclaycard 18 month deal is about to come to an end. I want to transfer 6k (total limit = £8,500 the remainder of which is unused) my salary is 18k. I also have an HSBC card with 6K available but unused and an overdraft of £1500 again available but unused. So:

Total free credit available = 10k
Credit being used = 6k
Total Credit = 16k :eek:
Salary 18k :rotfl:

So much for the credit crunch eh? The reason I have these limits is because I always pay. My credit history is nothing but green and lenders like to nudge up my limits. HSBC even offered me another £500 on the overdraft, I declined. I like to keep the credit available though for emergencies. I've just applied for MBNA and am awaiting their pending decision. I fear Barclaycard may have trapped me in giving me such a high limit (which at the time was half my salary).

Anyone been in a similar situation? What are the best BT deals for cards that favor good payers as opposed to big earners?

So i've been accepted for the MBNA card and been given a limit of 5400k! Not quite the the 6k I hoped for but nevertheless a result.

So my limits now:-

Total free credit available = 15.4k
Credit being used = 6k
Total Credit = 21.4k :eek:
Salary 18k

So I have more credit than my annual salary and almost as much available credit as much annual salary! So it seems these lenders are less worried about exposure/salary etc and more concerned about those green dots on the credit report, which is how it should be imo.

lawstudent

NoNoDrama wrote: »

So i've been accepted for the MBNA card and been given a limit of 5400k! Not quite the the 6k I hoped for but nevertheless a result.

5400k? Maybe you could ask Greece if they would like to do a balance transfer onto your card =P

sfax

NoNoDrama wrote: »

So i've been accepted for the MBNA card and been given a limit of 5400k! Not quite the the 6k I hoped for but nevertheless a result.

So my limits now:-

Total free credit available = 15.4k
Credit being used = 6k
Total Credit = 21.4k :eek:
Salary 18k

So I have more credit than my annual salary and almost as much available credit as much annual salary! So it seems these lenders are less worried about exposure/salary etc and more concerned about those green dots on the credit report, which is how it should be imo.

Well done. Told you it was worth applying

Salary/income is usually factored in but different lenders will give it different weighting. I've had 150% of salary only in credit card limits in the past but that was about 10 years ago

nickreys

I'm desperately trying to do a balance transfer for my Barclaycard credit card, my limit is £500 but because I've ever only paid the minimum payment it is now up to around £800!! I've tried to do a balance transfer but keep getting rejected, and I don't know why?? I earn around £30,000 each year and I can see this card going on and on, If I can't balance transfer.

Can anyone help??

sfax

nickreys wrote: »

I'm desperately trying to do a balance transfer for my Barclaycard credit card, my limit is £500 but because I've ever only paid the minimum payment it is now up to around £800!! I've tried to do a balance transfer but keep getting rejected, and I don't know why?? I earn around £30,000 each year and I can see this card going on and on, If I can't balance transfer.

Can anyone help??

Do you mean balance or limit? Your balance can't go up if you're paying the minimum payment and not using the card as the minimum amount will cover the interest.

If your limit is only £800, that suggests your credit rating isn't very good and that's the reason you can't get a 0% BT card. Get your £2 credit report from Experian and Equifax and then apply for one of the credit cards on the " 'Bad Credit' Credit Cards" link on the main credit card page.

If you can't get one of these, just pay more than the minimum (preferably at least double the minimum) over a set number of months with a view to it all being paid off in x months

blitzboy

nickreys wrote: »

I'm desperately trying to do a balance transfer for my Barclaycard credit card, my limit is £500 but because I've ever only paid the minimum payment it is now up to around £800!! I've tried to do a balance transfer but keep getting rejected, and I don't know why?? I earn around £30,000 each year and I can see this card going on and on, If I can't balance transfer.

Can anyone help??

You've answered your own question.

If you're only making minimum payments each month this looks to lenders like you are struggling to pay the debt off so they are unlikely to want to give you more money that you might not be able to pay back.

Even paying £5 above the minimum for a few months will make lending to you far more attractive.

Also i'm not quite sure how your balance (assuming you mean balance, not limit) has gone from 500 to 800? The minimum payments should cover the interest going on + a bit more. :undecided

froogal

Can this be done now? In the old days I used to use credit card cheques but I don't think these are available now. Can you use a BACS transfer perhaps? I am looking to transfer a bank loan to a 0% card to buy some time. Any ideas welcome.