Best Balance Transfers Discussion Area

shr_2

Moggles wrote: »

I doubt whether card providers keep records of all their former customers since the year dot, but your unblemished record with all lenders will be evident from the credit files held by Experian and Equifax. In other words, it's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

so my clean record with everyone ever since I've had credit cards should help...!! By the way I cancelled my last Virgin card just 2 years ago - so would hope they would have some memory of me ?!

Moggles_2

shr wrote: »

Yes - 1 card is, but I did not apply to balance transfer from it in my Virgin application.

If there's a sizeable balance on your MBNA card, particularly if it's still charged at 0%, you may be turned down or handed a lowish credit limit.

On the other hand, if there's no balance on your existing card, this lender will sometimes switch your credit around to give you a higher limit on the new card

shr_2

Moggles wrote: »

If there's a sizeable balance on your MBNA card, particularly if it's still charged at 0%, you may be turned down or handed a lowish credit limit.

On the other hand, if there's no balance on your existing card, this lender will sometimes switch your credit around to give you a higher limit on the new card

what's sizeable ? Will £3.5K do ? My 0% ends in about 2 months and I want to pay off the balance then (sadly can't do it now).

YorkshireBoy

shr wrote: »

(Perhaps I still have that naive belief that humans will look at the applications rather than robots checking off tick lists...)

They do...second time around when you appeal the rejection.

All my checks on my credit scoring came back with "excellent" ratings - apart from Experian.

There's another question by the way - why is it that on checkmyfile my Experian report is lacking information and coming up with a lower score than Equifax or CallCredit?

Did you read the T&C's and other information on their site before parting with your money?

For example, here's a list of what's reported, and what's NOT reported, to checkmyfile by each of the CRA's...

http://www.checkmyfile.com/view.asp?display=CRT&view=overview

Note the large amount of information missing from Experian.

See also condition 5, where they 'admit' they're not providing the same thing as a report directly from the CRA...

http://www.checkmyfile.com/content.asp?display=terms

autumn6464

I'm not sure about the Terms and conditions with the new Cap 1 8 month 0% no fee deal. Do you hve to have an existing debt to bal transfer. If so I'm in a catch 22 position, paid off one card so I was under 10k owing so now dont have a balance to transfer. Need to know as dont want to waste the application.

Moggles_2

Originally Posted by shr
All my checks on my credit scoring came back with "excellent" ratings - apart from Experian ... On checkmyfile my Experian report is coming up with a lower score than Equifax or CallCredit?

Credit reports, when ordered directly from Experian and Equifax are valuable. (For help, see the *How to obtain credit reports* sticky) Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical use to most people.

It's important to realise, there is NO universal credit rating/score applicable to all lenders and all products, as lenders assess us differently. None of us - including the CRAs - knows how individual credit card companies view our applications. Lenders do not disclose this information.

Fortunately, there are ways to improve your chances of acceptance next time. For tips, which apply equally to all credit cards, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Manage and Improve your Credit Score* article, before you submit your next credit card application.

Moggles_2

autumn6464 wrote: »

I'm not sure about the terms and conditions with the new Cap One 8 month 0% no fee deal. Do you have to have an existing debt to balance transfer? If so, I'm in a catch 22 position, paid off one card so I was under10k owing, so now don't have a balance to transfer. Need to know as don't want to waste the application.

Do you have a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Abbey, Egg card or the Post Office card?

Any of these would 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. You could then shift the debt to Capital One

autumn6464

any of these would 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. You could then shift the debt to Capital One

Wouldnt I be paying a 3% balance transfer fee? to Egg or MBNA (we've got both - empty).

Moggles_2

autumn6464 wrote: »

Wouldn't I be paying a 3% balance transfer fee to Egg or MBNA? (we've got both - empty).

MBNA will sometimes waive the fee. With a zero balance, you're in a good position to negotiate

Mr_Proctalgia

Hi,
Another newbie CC question I'm afraid. I currently have just >£8K on a 0% deal with Cap One (and a small amount at the full whack!), this deal ends with my August statement.

I have been offered a 0% for 6 months or LOB @5.9% with Mint.
I already have the Mint card - so nothing to apply for.

I have read the article on the main section but am wondering if there is anything I may have missed? For instance are better offers likely to come along given the current financial climate or should I go for either the 0% offer and risk it later in the year or is the 5.9% likely to be a reasonable rate for the foreseeable future?

I should add that Mint sent me this offer twice in two months, with the application dates changed - So much for the credit crunch!