Best Balance Transfers Discussion Area

Moggles_2

critchley999 wrote: »

We bought a kitchen from B&Q about 3 years ago... Unfortunately, we're not in a position to pay it off at the moment ... The loan is managed by GE Capital Bank. Is there any way of transferring this balance without having a card? Any suggestions as to how we can avoid the huge interest rate?

To maximise the 0% period, 15 months is currently available to new customers from:
Virgin. There's a 2.98% handling charge.

http://uk.virginmoney.com/credit-card-v3/

On receipt of your new card & credit limit, you can request the transfer of funds to your bank account. I would do this when you call to activate your card. There's a Freefone number. Virgin allows you to borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days. Remember not to spend on the card

critchley999

Thanks very much NickX and Moggles :T That sounds just what we need to tide us over.

Appreciate you taking the time to help. :beer: So many sites you post a question and nobody answers.

mattknight

hello, i was just wondering if anybody could help.....

ive just done a opened a balance transfer card with virgin to transfer the balance of my barclaycard to the new virgin one.

I have received my pin number and am just waiting for the card however there is still a balance on my barclaycard. Should this have been paid off by now or am i just too eager?

itsrainingmen_2

If I apply for a 0% card and am successful can I transfer the balances of the cards that are in my husbands name, LloydsTSB Mastercard and Halifax card to the card or can I only transfer balances from cards that are in my name? (I don't have any cards)

Thanks

NickX

itsrainingmen wrote: »

If I apply for a 0% card and am successful can I transfer the balances of the cards that are in my husbands name, LloydsTSB Mastercard and Halifax card to the card or can I only transfer balances from cards that are in my name? (I don't have any cards)

You can transfer balances to your card from a card belonging to your husband, your friends or just Dave from down the pub (he may even buy you a beer :beer: )

However be aware that once the transfer is completed you become solely liable for the debt and the responsibility for making repayments will lie with you alone.

Moggles_2

mattknight wrote: »

I've just opened a balance transfer card with Virgin to transfer the balance of my Barclaycard to the new Virgin one. I have received my pin number and am just waiting for the card, however there is still a balance on my Barclaycard. Should this have been paid off by now or am I just too eager?

Sorry, only Virgin knows the answer to that one.

When your new card arrives, I would register your details on Virgin's website so you can monitor the process. Once the BT appears on your Virgin account, you can expect your Barclaycard to be settled about 4 days later.

Note for future reference:
You can avoid this uncertainty by leaving the balance transfer section of your credit card application blank or, if asked over the phone, state you may be interested.

An horrendous story involving LTSB and Capital One was posted on this thread last year. Incompetence on this scale is fortunately rare but, for peace of mind and to avoid unwanted partial transfers, paying another card twice etc., it's safer to wait until receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new card. There's usually a Freefone number for this. That way you retain some control over what happens when

Moggles_2

itsrainingmen wrote: »

If I apply for a 0% card and am successful, can I transfer the balances of the cards that are in my husband's name, LloydsTSB Mastercard and Halifax card, to my card or can I only transfer balances from cards that are in my name? (I don't have any cards)

As Nick says, you can transfer balances from family, friends or Dave down the pub.

If this would be your first credit card though, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity. You probably need to be more concerned about actually getting a credit card, rather than applying for a 0% card for balance transfers.

Lenders launch these 0% promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

Presumably you have bank accounts and you're registered on the electoral roll at your current address. There are no shortcuts to building a credit history. The bank which holds your current a/c may be the best place to start. For tips to improve your chances, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

TheMiner

Just a quick question. I often see that your credit rating will be worse if there are a lot of checks in a short space of time, but never an indication of what counts as a lot?? How many are we actually talking here?

Cheers in advance

Moggles_2

TheMiner wrote: »

I often see that your credit rating will be worse if there are a lot of checks in a short space of time, but never an indication of what counts as a lot? How many are we actually talking here?

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 a couple of applications for credit over 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

soad_2

Moggles wrote: »

Martin's advice, in your situation, is to ask for an interest rate reduction, not a reduction in monthly payments.

I would concentrate on Shuffle Step 4, now

I keep getting them all saying that they can not offer a reduction in interest rate or they cannot because they are bound to a one out of their direct control