Best Balance Transfers Discussion Area

sfax

willb123 wrote: »

Hi there, please help!

I run a small business and dont really pay myself anything to show as a income as I've been living off the business account, yes i know not good for credit. I however have a good credit rating showing on experian and equifax due to starting off on high interest cards - something i now want to get rid of.

I have three cards and would like to move debt onto one a single card with lower interest.

capital one with limit of £2100 and a balance of £0 and card is 30.34% apr

barclaycard with limit of £2760 and balance of £2665.16 card is 29.9%apr

virgin with a limit of £7100 and a balance of £6762 not sure of the rate but paying about £88 interest a month

Whats my best option for my situation when applying for a new card. I dont just want to be rejected without putting some research into it.

Any help greatly appreciated!

You are using nearly 80% of the credit available to you which is often considered risky by lenders. For that reason you probably won't get any of the best 0% deals. No harm in trying one or two but I wouldn't make more than 2 applications if rejected twice

You can probably improve your score by paying more than minimum (even if only £1 more) each month and never missing any payments but most important is to pay down as much as possible

grumbler

willb123 wrote: »

I run a small business and dont really pay myself anything to show as a income....
Whats my best option for my situation when applying for a new card. I dont just want to be rejected without putting some research into it.

Well, if you declare £0 income in the application form, you are unlikely to get accepted for any card, let alone a 0% one.

And only you know how far would it be to declare some income from committing a fraud.

Gubby_Allen

Hi, anybody would have a couple of minutes to suggest the best means going forward here, it would be appreciated.

Currently have two cards:

Virgin - around £2,300
Barclaycard around £5,300 balances

Both have been 0% for the last year and run out at the next payment where the interest hikes up.

I've had a look at a few of the balance transfers available, didn't get the Lloyds one, although did try for the full £7,600. Earning around 31 p/a is it best to keep trying looking for one to combine the two cards.

Or is it viable to do a transfer on the just the Virgin card where it looks like yoou can get numerous for less than £100 or 4% and do likewise with the other card where it'll be more?

Thanks,

flossyb

Hello, I need to restructure my credit card debt and am looking for advice as to whether to keep tarting and incurring £20-£30 fee each time for balance transfers or whether to switch to a long low interest rate card such as MBNA. I have £2232.45 on Barclaycard on 0% interest til October 2014 and £841.82 with Lloyds 0% ending 29/5/13 and £980.56 with Lloyds 0% ending 12/9/13. I currently pay £51 per month to Barclaycard and £40 per month to Lloyds.

grumbler

flossyb wrote: »

Hello, I need to restructure my credit card debt and am looking for advice as to whether to keep tarting and incurring £20-£30 fee each time for balance transfers or whether to switch to a long low interest rate card such as MBNA. I have £2232.45 on Barclaycard on 0% interest til October 2014 and £841.82 with Lloyds 0% ending 29/5/13 and £980.56 with Lloyds 0% ending 12/9/13. I currently pay £51 per month to Barclaycard and £40 per month to Lloyds.

It doesn't matter how much you pay per month - don't muddy the water.
And in fact you pay % for transferring, not a fixed fee.
Just compare this % in p.a. terms with the "long low interest rate" - it's not a rocket science really.
E.g. if it's 0% for 24 months and costs 4%, this is about 2% p.a. I doubt that the "long low interest rate" can beat this.

Marson79

Hi guys please could I have some advise I owe £3000 on my HSBC Credit Card. I am desperate to clear it. I have negotiated a better deal with the bank of 6.9% for 6 Months, however am I best to transfer it to a 0% Balance transfer. My credit rating is excellent 967, however I have a lot of credit agreements, some of which are settled ut just waiting for them to drop off. Advice would be much appreciated as I don't want to jeaopardise my score.

sfax

Marson79 wrote: »

Hi guys please could I have some advise I owe £3000 on my HSBC Credit Card. I am desperate to clear it. I have negotiated a better deal with the bank of 6.9% for 6 Months, however am I best to transfer it to a 0% Balance transfer. My credit rating is excellent 967, however I have a lot of credit agreements, some of which are settled ut just waiting for them to drop off. Advice would be much appreciated as I don't want to jeaopardise my score.

Your 967 is meaningless really and isn't seen by lenders. You won't jeopardise your rating by making one application and making an application is the only way you'll find out for certain if you can get a 0% BT card.

andydgg

I think most of us on here would rather have a 'bad' credit score, because then we wouldn't be in the mess we are now.

Do the maths, 0% over how many months then add the fee and see if it's cheaper than the fixed rate. Fixed rates are great btw because they stay the same until it's paid off, but a 0% will focus you on getting rid before they screw you with super high interests. I have some fixed that I'm slowly getting rid of and onto 0%, because the debts are getting lower and I reckon within the time frames I should be able to clear them, and because I'm starting to be offered 0% now. Avoid the super high rip off interest that is their 'standard' rate at all costs.

Marson79

Hi Peeps thank you for the advice.. Balance swapped to 0% Balance transfer Credit Card for 26months with Barclaycard Once all confirmed I will cut up HSBC Card into a zillion pieces.. Can't wait & am sure it will a fantastic feeling to get that balance down. Thank you so much for the help on this forum

benjarno

Hi Guys, Just need to know which credit card for a balce transfer deal over a very long time would suit me, I would need a BT of at least £4500. Is this realistic on any deals out there at the mo? I'm currently paying my bank charges of around £70 per month.
Cheers in advance