Best Balance Transfers Discussion Area

[Deleted User]

You could apply now. However, multiple searches can affect your chances of acceptance - as can too much available credit.

You have no universal credit rating. Lenders take their own view on your circumstances.

bigbluedan

Hi, is the MSE soft search any guide as to what credit limit I may get ? I want to BT around £3800 from an MBNA and got 100% pre approved for some cards, using that figure ?

Also am I right in thinking that I cant BT from MBNA to Virgin Money ?

Candyapple

bigbluedan wrote: »

Hi, is the MSE soft search any guide as to what credit limit I may get ? I want to BT around £3800 from an MBNA and got 100% pre approved for some cards, using that figure ?

Also am I right in thinking that I cant BT from MBNA to Virgin Money ?

No, your credit limit will be based on many factors; any combination of the following factors might be taken into consideration:

- salary
- amount of existing debt
- amount of existing available credit
- history of settled accounts
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you're on the electoral register
- current employment status
- length of time with current employer

You should be able to BT from MBNA to Virgin because they are 2 separate companies.

OverExposed

Candyapple wrote: »

No, your credit limit will be based on many factors; any combination of the following factors might be taken into consideration:

- salary
- amount of existing debt
- amount of existing available credit
- history of settled accounts
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you're on the electoral register
- current employment status
- length of time with current employer

You should be able to BT from MBNA to Virgin because they are 2 separate companies.

regarding the above, what effect does the following have on credit card applications:
- married vs single
- homeowner vs living with parents
- length of time with employer

I ask since in 2017 there has been a huge change to my circumstances:
- i am now married (as of May-17)
- i am now living in my own home which i own (mortgage) vs living with parents previously as of Apr-17 (i used to put length at address 20 years + but now I have moved into my own home this is only 6 months length at address)
- i have been employed full time since university, first job was 5 years then moved to a different company in the same industry on a 30% higher salary where I have now been working 2 years 2 months (no employment gaps - straight move to new company one month to the next)

How will this all affect new applications for credit?
Since I will soon look to pursue 1-2 new credit cards in order to transfer the balance on other cards for which the 0% is coming to an end

many thanks!

Candyapple

OverExposed wrote: »

regarding the above, what effect does the following have on credit card applications:
- married vs single
- homeowner vs living with parents
- length of time with employer

Married vs single - I presume lenders would view married couples to be more 'secure' for debt repayment given that if say one person couldn't make the repayments, then their other half would be able to cover any repayments as opposed to being single, if you failed to pay, the risk is higher of you defaulting as you wouldn't have a partner to fall back on.

- homeowner vs living with parents - Lenders view homeowners as low risk given that the security of your home is at risk and you have reached a stage in life where you are able to get a mortgage so less likely to default on any repayments. Living with parents isn't necessarily a bad thing however some lenders will auto-decline you for certain products if you aren't a homeowner (again it's just their internal scoring and also the demographic they are looking for).

- length of time with employer - Well this one is obvious. If you were going to lend money to someone who had been in a job for 3 months vs someone who had been a job for 10 years, who would you say the safer bet is in not defaulting?

Lenders are all about risk aversion - same as insurance really. So the more stability and less risk you can show them the more likely you will pass their internal scoring for categories and be approved.

If all you are looking for is credit cards, just enter your details on the eligibility checker and see what it says. Every lender is different and what one will mark you down on, another may not.

https://www.moneysavingexpert.com/eligibility/credit-cards/

bigadaj

Like many things these elements can be viewed positively and negatively.

Married or single is generally neutral, though if you are financially associated to someone with a poor credit file it could be negative.

Homeowner would generally be better than living with parents, though obviously time at address is much less which is a slight negative.

Length to time with employer is pretty much the longer the better.

All of these aspects are fairly minor compared with using credit regularly, paying on time, no defaults or ccjs, etc etc

sandrajane_182D

HI, I applied for a 0% interest credit card with Halifax who i bank with as i wanted to use it for balance transfer to pay off £5,000 balance on barclaycard. The new card only has a credit limit of £1,500 so now not sure whether to use it to partly clear barclaycard, but would then be paying off 2 cards instead of 1 or should i use it to build up my credit rating by just using for it for groceries/petrol and paying off in full each month? I recently finished paying off a massive debt in a debt repayment scheme so was surprised i was able to get another credit card so soon! Dont know which to do!

[Deleted User]

BT what you can and start saving some cash.

Use another card for your day to day spending.

MrsShazbat

When is the best time to look at doing another BT?

I've got a Barclaycard where the 0% runs out about May next year - is the best thing to do is keep paying till nearer the time (always more than the minimum) and then look to transfer what's left elsewhere before the interest kicks in, or do it now depending on what deals are available?

Also presumably I can't go to the same lender and apply for a new 0% card if I've had one from them before even if I'm a customer (one of my banks)?

RG2015

MrsShazbat wrote: »

When is the best time to look at doing another BT?

I've got a Barclaycard where the 0% runs out about May next year - is the best thing to do is keep paying till nearer the time (always more than the minimum) and then look to transfer what's left elsewhere before the interest kicks in, or do it now depending on what deals are available?

Also presumably I can't go to the same lender and apply for a new 0% card if I've had one from them before even if I'm a customer (one of my banks)?

Why don't you just pay the minimum and put the rest in a savings account?

As regards your question, my 0% runs out in May and I will be waiting until April to find a new deal. I doubt that having a current account with the same bank will be of any relevance when applying for a credit card.

The Ts&Cs will say if you can have a deal if you have had one before. However, if you use the MSE Credit Club availability tool it tells you if you are ineligible for current cards. It may also say if you ineligible for one you have previously had.