Best Balance Transfers Discussion Area

grumbler

Are you sure it was *Egg card*?
If you "have just transferred a balance", why do you want to transfer it again?
And generally, sorting out finances is a more serious job than just transferring balances.

I think you have to post the full story if you really need an advice.

boss123

hi i have a barclaycard with 4000 on and about 8 months left out of 28 i have a loan of 1000 with lloyds and about 600 on a mastercard
i wanted to transfer all to an mbna card i have an excellent credit rating about 98% no red marks i'm 13 yrs into a 20 year morgage and full time employed i did the try it first no credit check online application for the 29 month interest free credit card (mbna) but got knocked back.
now im totaly confused and worried about applying for a balance transfer card anyone have any idea why i may have been turned down??

CherlokHomes

boss123 wrote: »

hi i have a barclaycard with 4000 on and about 8 months left out of 28 i have a loan of 1000 with lloyds and about 600 on a mastercard
i wanted to transfer all to an mbna card i have an excellent credit rating about 98% no red marks i'm 13 yrs into a 20 year morgage and full time employed i did the try it first no credit check online application for the 29 month interest free credit card (mbna) but got knocked back.
now im totaly confused and worried about applying for a balance transfer card anyone have any idea why i may have been turned down??

You failed their credit scoring & could be down to many reasons

Debt to salary
To many credit searches
Missed/late payments
To close to credit limits

It could be one of many

boss123

checked equifax and experian b4 applying all clear no credit searches for last 12 months income 20000+ joint income 38000
no missed or late payments limit on b card 10000 mastercard 8000
only debt i have is that which i mentioned in the post
experian and equifax both excellent scores in the green no reds ( as mentioned) pretty much a waste of time checking scores in fact it was experian that recommended mbna card!!
seems credit scoring is a crock

YorkshireBoy

boss123 wrote: »

income 20000+ joint income 38000
no missed or late payments limit on b card 10000 mastercard 8000

You have too much available credit, at 90% of your income. Plus a loan...plus a mortgage.


Your partner's income is (largely/totally?) irrelevant.


Suggest you reduce the existing facilities (but not too much!), so you're around 50% of income on limits and 50% of this (so 25% of income) on utilisation.


Then, when the changes appear on your CRA reports, try again...but not with MBNA (or any of their co-brand cards).

CherlokHomes

boss123 wrote: »

checked equifax and experian b4 applying all clear no credit searches for last 12 months income 20000+ joint income 38000
no missed or late payments limit on b card 10000 mastercard 8000
only debt i have is that which i mentioned in the post
experian and equifax both excellent scores in the green no reds ( as mentioned) pretty much a waste of time checking scores in fact it was experian that recommended mbna card!!
seems credit scoring is a crock

I'm a bit puzzled here why your credit current cards with 18k of credit available hasn't give you a customer offer and offered you any 0% offers.

deftonepea

Hi guys and gals. Just wanting a bit of advice.

At present my partner has £7813.10 on a Barclaycard at 19.9% APR and £2048.23 on a Lloyds card at 16.95%.

The Barclaycard limit is £8000 and the Lloyds is £2100.

In the past 24 hours we've spoken to Barclaycard and Lloyds.

Barclay Card stated they need to up her current credit limit so that she then has 10% free credit on the card before she can be considered for the 6.9% existing customer offer. But because she had a miscalculation in November she incurred a charge and at present can't increase her credit limit.

Lloyds have stated that they can't offer her any existing customer deals or increase her credit limit.

I was hoping to get the lloyds limit increased to allow her to move some of the barclaycard debt off the 19.9% and then back on at 6.9%.

Just wondering what advice people have as to what they would suggest to do next?

tonitarzan

Credit card balance transfers are only good if you know that you will pay it off. Most people get credit cards and forget about it. If your debt gets over 2000 then you seriously need to consider debt advice

J:Redders

Work full time, rent privately a furnished flat

Have £1,700 on M&S credit card, 0% runs out in a couple of months. Hoping to find a 0% on purchases and low BT fee credit card. Applied for Halifax (current account, positive balance - has been since opening towards the end of last year but was declined.

Applied for Barclaycard and although they didn't offer the card I was after, they offered me another deal but assumed credit limit says £1,200.

Is this a definite limit, and will they not let me transfer the 1,700? I can probably get this down to 1,400 over the next month or two.

Any ideas? thanks.

thenudeone

£1200 is a used for illustrative purposes only - ( = £100 a month for a year). Your limit could be more or less depending on your circumstances.