Best Balance Transfers Discussion Area

Moggles_2

Originally Posted by becsAmania
I read on the site that we're advised not to apply for too many credit cards at once and spread them out. Therefore can anyone tell me how long I should wait ideally, before I apply to other 0% balance transfer cards?

Well. it depends.

Think about the number of applications for credit you've made in the past 3 months. Include new bank accounts, catalogues, store cards, mobile phones etc. not just credit cards and loans. Anything with credit facilities will leave footprints on your file. Then consider your plans over the next 3 months.

Credit checks appear on your credit file more or less in realtime. In itself the effect of 2-3 credit card applications in 3 months may be insignificant but, in the context of your credit history as a whole, could certainly have an impact on your credit rating.

Remember credit checks appear on your credit file more or less in realtime. Anyone who searches your file subsequently will see each check until it drops off your file 12 months later. An increasing number of online and telephone credit card applications (those which give instant decisions and credit limits) are now real time applications too

Moggles_2

Originally Posted by becsAmania
... and does anyone recommend a specific card?

To maximise the 0% period, 15 months is currently available to new customers from Egg.
A 3 % BT fee applies

Poosmate

I've just applied for a Barclays (Life Of Balance 6.3%) CC. I noticed there are no handling fees on that one so if you have larger debts that you have no way of paying off within the 0% interest period you may want to go for that instead.

Hope I'm accepted, I haven't applied for any credit for well over a year, lived in my house for over 13 years, am on the electoral roll, have no defaults, missed payments or CCJ's. Hope that's enough.

I just want to pay off my debts at a fair rate. I don't mind paying someone a fair amount to look after the money I spent that I didn't have to spend. It's my pennance! lol

Poo

Moggles_2

Poosmate wrote: »

I've just applied for a Barclays (Life Of Balance 6.3%) CC. I noticed there are no handling fees on that one so if you have larger debts that you have no way of paying off within the 0% interest period you may want to go for that instead.

Hope I'm accepted, I haven't applied for any credit for well over a year, lived in my house for over 13 years, am on the electoral roll, have no defaults, missed payments or CCJ's. Hope that's enough.

I just want to pay off my debts at a fair rate. I don't mind paying someone a fair amount to look after the money I spent that I didn't have to spend. It's my pennance! lol

Keep us posted

Very best
M

Danxx

Hi

I applied for a balance transfer about 3 or 4months ago. The company MBNA simply rejected. My experian is all fine apart from 3 late payments with Orange. I have a Vanquis creditcard which I would love to rip off but I first need to do a balance transfer of 1K before I can do that. I am on job seekers allowance at the moment but I desperate need another creditcard or a loan. I want to apply but I wont say I am unemployed right now otherwise its impossible to get approved. How possible is that?? I just need to pay a few things off and brieth for 2 months to sort out things n the best possible way. What should I do, I can't wait to build up a nice credit score. Which company I am better of asking for a creditcard or loan if I was rejected by MBNA on a balance tranfer for life? Experian said to me that they do not have any record about me being rejected so that the bank checked another credit agency or there was some wrong information that I should check. Can i apply again as I cant wait? Or is it better to try opening another bank account and ask for a overdraft?

Any help appreciated please. THanks a lot.
Kind regards,




QUOTE
It's important to realise, there is NO universal credit rating/score applicable to all lenders and all products, as lenders assess us differently.

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.

Very best
M[/quote]

Moggles_2

Originally Posted by Danxx
I can't wait to build up a nice credit score.

Until you find regular employment, a credit card is not an option, as I think you realise.

I would concentrate on paying as much as possible off your Vanquis card each month.
Clearing the debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process.

That said, if you make at least the minimum payment required to Vanquis and pay Vanquis, Orange and any other creditors on time from here on, you will still improve your credit rating.

MSEs viewing this thread are interested in best balance transfers. Your post raises some other issues and you may get replies more quickly, if you post again on the *Debt-Free Wannabe board* You'll get lots of support there

Very best, M

robe_2

Hi,
Just tried to apply for a balance transfer card with egg but have been turned down. Frustrated as have a savings account + isa (to finance wedding) and have been looking after my accounts / other credit cards. Had two balance transfer cards in past 2 years (been 'stooging') so wasn't expecting to be rejected!! Does anyone have any ideas/ advice? ( ie is it worth me trying another card or will i just do more damage to credit score???)

Thanks!

sarahsaver1

hi all. i transfered my debt to the 0% mint card and it was painless! got a great deal! hope this helps x:T

Moggles_2

Originally Posted by robe
Just tried to apply for a balance transfer card with Egg but have been turned down. Frustrated as have a savings account + isa (to finance wedding) and have been looking after my accounts/other credit cards.

Unfortunately, your savings a/cs have no bearing on the decision. Lenders do not have access to this data.

Had two balance transfer cards in past 2 years (been 'stooging') so wasn't expecting to be rejected! Does anyone have any ideas/advice?

Have you checked your credit reports lately? (For help, see the *How to obtain credit reports* sticky.) This is the information UK lenders see when you apply for a new credit card. Mistakes do happen.

Moggles_2

Originally Posted by robe
Is it worth me trying for another card or will I just do more damage to my credit score?

I would have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Manage and Improve your Credit Score* article, to make certain there's nothing working against you, which is easily put right. Then, provided that your credit reports are okay, there's no reason to postpone your next credit card application