Best Balance Transfers Discussion Area

rae25_2

Please help. I have a virgin cc with 3500 outstanding limit is 6800 this is at 15.9%. Also I have a halifax cc with 3000 outstanding 3500 limit but with a 6.5% life of balance rate. I really need to move the virgin one. I earn 15000 and rent with my partner and children. Which is the best card available for this amount and most likely to accept me as I have quite a lot of credit available? I've never missed payments or gone over my limit. I really want this debt gone and I'm determined just don't want to get punished with this much interest.

Thanks in advance.

cashspotter

Hello all,
This is my first posting. I couldn't find the 'New Thread' link so my post is here. Sorry if it's in the wrong place.
At present I have debt of around £12,700 spread over 5 cards - all obtained with 0% BT. I am now needing to do another couple of BT's. I'm trying to find out which banks own which cards so that I don't apply for a further card which may come from a bank which has already issued a card I presently use. For example I think Capital One are in conjunction with Virgin. I have a Capital One card, so it appears to make sense not to apply for the Virgin card, and just get rejected. This would obviously affect my credit rating.
I'd be very grateful if anyone has this information.
Many Thanks
Cashspotter.

Moggles_2

rae25 wrote: »

I have a Virgin cc with £3500 outstanding. Limit is £6800. This is at 15.9%. Also I have a Halifax cc with £3000 outstanding, £3500 limit but with a 6.5% life of balance rate. I really need to move the Virgin one. I earn £15000 and rent with my partner and children. Which is the best card available for this amount and most likely to accept me as I have quite a lot of credit available? I've never missed payments or gone over my limit. I really want this debt gone and I'm determined just don't want to get punished with this much interest.

Have you considered Egg card? Around14 months 0% on BTs is currently available to new customers. A 3% BT fee applies

Moggles_2

cashspotter wrote: »

I have debt of around £12,700 spread over 5 cards - all obtained with 0% BT. I am now needing to do another couple of BTs. I'm trying to find out which banks own which cards, so that I don't apply for a further card which may come from a bank which has already issued a card I presently use. For example I think Capital One are in conjunction with Virgin. I have a Capital One card, so it appears to make sense not to apply for the Virgin card and just get rejected.

Not so. Which credit cards - aside from Cap One - do you have at the mo?

cashspotter

Hello Moggles,
Thanks for replying. At the moment the five credit cards I have the debt on are: Nat West, Halifax, Tesco, MBNA and Barclaycard. I made a mistake when I mentioned I had the Capital One card; I did possess one but have now balance transfered the money onto one of the above. The account was then closed. I also should say I have a Co-Op Credit card which has no debt on it but it remains open because I accumulated Travelcare money on it some time ago - haven't used the card for a while now though - I believe I'd loose this if I cancelled the account.
I've just remembered that MBNA are in with Virgin, not, as I wrote, Capital One.
Moggles, can you help me with what cards could I apply for. Ideally the Virgin card has the longest BT time period. But again I'm concerned that I'd get a rejection because I'm with MBNA.
Thanks again Moggles.

Moggles_2

cashspotter wrote: »

The five credit cards I have the debt on are: Nat West, Halifax, Tesco, MBNA and Barclaycard. I also should say I have a Co-Op Credit card which has no debt on it but it remains open .... I've just remembered that MBNA are in with Virgin. Can you help me with what cards could I apply for? Ideally the Virgin card has the longest BT time period, but I'm concerned that I'd get a rejection because I'm with MBNA.

If there's a sizeable balance on your MBNA card, particularly if it's still charged at 0%, you may be turned down or handed a lowish credit limit. (If there were no balance on your existing card, this lender will sometimes switch your credit around to give you a higher limit on the new card, so Virgin could be useful once your balance is zero. )

To maximise the 0% period, 15 months is currently available to new customers from Capital One and you are now eligible to reapply. There's a 3% handling charge. Alternatively, you'd get almost 14 months with Egg. A 3% BT fee applies.

cashspotter

Moggles wrote: »

If there's a sizeable balance on your MBNA card, particularly if it's still charged at 0%, you may be turned down or handed a lowish credit limit. (If there were no balance on your existing card, this lender will sometimes switch your credit around to give you a higher limit on the new card, so Virgin could be useful once your balance is zero. )

To maximise the 0% period, 15 months is currently available to new customers from Capital One and you are now eligible to reapply. There's a 3% handling charge. Alternatively, you'd get almost 14 months with Egg. A 3% BT fee applies.

At present I've around £4300 on the MBNA card which is only a couple of hundred short of the limit. My Capital One card was only cancelled acouple of weeks ago; it appears reasonable that they won't let me have another deal. So it looks as though it will be the Egg card. That is sounding promising. Thanks again.

Moggles_2

cashspotter wrote: »

My Capital One card was only cancelled a couple of weeks ago; it appears reasonable that they won't let me have another deal, so it looks as though it will be the Egg card.

Capital One accepts applicants a month or so following closure, but it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply

MissB_83

Of the many highlights in my student life, being given a Barclaycard was not one of them... I was young, I wanted to party and I paid no attention to how much I was using my card. OK, so I actually only maxed out at £500, but I was a student for heavens sake , that's a fortune!!! I paid off some of the balance, then used it, then paid off a bit, then used it - you can see the cycle can't you?! (I haven't spent on it for over a year now).

After leaving uni I tried to transfer the balance, but no one wanted me
I was aware from reading Martin Lewis' articles that everytime a credit check was carried out you were in fact just making things worse! So I stopped trying to transfer and started paying off what I could. Having an APR of 24.9% and only being able to afford a little over minimum payment, I felt like I was wading through mud.

I decided to have another bash, and about 10 minutes ago I applied for the Capital One card with the 0% balance transfer until October 2009. I was accepted and now finally I can stop paying the fat cats and start paying off my balance for real! :j

I will be cutting up the card as soon as the balance is paid off. I have definately learnt my lesson. I've been paying off a bit at a time each month and I think it has helped my credit rating as this time last year I was refused a card from Capital One!

So I would say to all of you out there being refused, there is hope, but it does take a bit of time.

Moggles_2

MissB_83 wrote: »

About 10 minutes ago I applied for the Capital One card with the 0% balance transfer until October 2009. I was accepted and now finally can stop paying the fat cats and start paying off my balance for real! :j
I will be cutting up the card as soon as the balance is paid off. I have definitely learnt my lesson. I've been paying off a bit at a time each month and I think it has helped my credit rating as this time last year I was refused a card from Capital One!

So I would say to all of you out there being refused, there is hope, but it does take a bit of time.

Congratulations & thanks for posting!
:beer: