Best Balance Transfers Discussion Area

grumbler

MattN wrote: »

...
I'm wanting to get a new 0% balance transfer deal precisely to REDUCE the amount of credit I have

How can you reduce it even if you close old accounts after transferring?

-would it be worth pointing this out?

Nobody will take your word for this. You can transfer the balance and then keep old cards and then keep spending on them. Lender always assume the worst case scenario and, unlike with current accounts, it's impossible to switch a CC with guaranteed closure of the original one.

grumbler

KATSUMA75 wrote: »

I want to transfer my current credit card balance onto a 0% card. My current Apr is 34.9% which is very high. I keep getting turned down re balance transfer, can anyone help ?:j

Nobody can help you. Stop applying and try finding out why you are being rejected in the first place: Credit Ratings

grumbler

Ruth82 wrote: »

Hello
I have 2 credit cards and attempted to apply for a new card to do a balance transfer but was declined the card. I have a good credit rating and unsure why this was.

Maybe because the total credit available (and used?) is already too high compared to your income?

Ruth82

grumbler wrote: »

Maybe because the total credit available (and used?) is already too high compared to your income?

Thank you for your reply. In my pervious message I explained about the £250 0% balance transfer, would it be worth doing this or should I not bother?

grumbler

Well, I think you can make this decision on your own.
Generally this depends on the APR you are paying, will pay after 0% expire and the BT fee.
As April is not far away, I don't think that you can save a lot.

Ruth82

grumbler wrote: »

Well, I think you can make this decision on your own.

Again thank you for your reply. Being new to the forum I don't think your comment above was helpful as I wouldn't be asking otherwise, however you answered my question by saying I wouldn't save a lot.

Rachylou1981

Sounds like there a few people in the same boat - wanting to move their current credit card debt to a 0% deal but are not being accepted for the new cards with the deal.

In my case, I worked with the 3 cards I currently have by transferring money between them, including increasing one of the balances. Although this only worked because they all had offers on deals for me (see my post on previous page to see how I did this).

Best up ringing all your current card companies and seeing which offers the best deal for you and whether they can increase your limit and then swap the money round on to the best card you can . I didn't want to start applying for every card on the market for the possibility of being turned down and it going on my credit report (and I believe I was turned down for having too much credit available already so working with what I had was better option).

hardtimes75_2

Hi sorry if this is in the wrong place. Im looking for some advice. I have £8400 on three different credit cards and I am looking for my best option at paying them off. I cant transfer them as I can only transfer 1500 onto a different card.
any help or advice would be great

blitzboy

Hardtimes - The only way to pay them off quicker (other than coming into some money somehow) is to allocate more of your income to paying them off each month. Suggest popping onto the 'Debt Free Wanabee' section of the forum and posting a SOA. There's lots of people on there that are very good at pointing out where things can be saved.

bayzat

Balance transfer is a smart way to use credit cards to actually reduce your debt; of course only in the case where there is a 0% interest period and the fees for transferring the balance are not too large.