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  • FIRST POST
    • Smevchenko
    • By Smevchenko 6th Mar 18, 11:22 AM
    • 68Posts
    • 22Thanks
    Smevchenko
    Balance transfer
    • #1
    • 6th Mar 18, 11:22 AM
    Balance transfer 6th Mar 18 at 11:22 AM
    I have 2 credit cards, both sub-prime.

    1 is a classic Capital One card with a 34.9% APR, the other is Vanquis. I have 1700 on Capital One, and the Vanquis card carries a balance of zero.

    Vanquis have offered me 9.9% for 6 months on any balance transfers. Now my limit is 1k on Vanquis, is it worth transferring when;

    1. I am actively paying 400-600 per month off the Capital One card with a view to having the balance cleared before completing on a mortgage.

    2. Due to applying for a mortgage before this card is cleared, will doing a balance transfer leave anything negative on my credit report?

    The amount of borrowing will not increase, I am not using either card for any purchases. So my overall credit utilisation will not change, but one will go up, one will go down.

    Am I right in assuming that if any questions were asked about a balance transfer, it would actually appear sensible that I did it to reduce the amount of interest for a short period of time?
Page 1
    • Chandelier.
    • By Chandelier. 6th Mar 18, 11:36 AM
    • 626 Posts
    • 1,653 Thanks
    Chandelier.
    • #2
    • 6th Mar 18, 11:36 AM
    • #2
    • 6th Mar 18, 11:36 AM
    I'm guessing you could balance transfer parts of it to the 9.9% offer if thats the best rate you can get then it makes sense and then focus on clearing the card with the highest APR and whilst paying the minimum to other.
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    • Smevchenko
    • By Smevchenko 6th Mar 18, 11:40 AM
    • 68 Posts
    • 22 Thanks
    Smevchenko
    • #3
    • 6th Mar 18, 11:40 AM
    • #3
    • 6th Mar 18, 11:40 AM
    I'm guessing you could balance transfer parts of it to the 9.9% offer if thats the best rate you can get then it makes sense and then focus on clearing the card with the highest APR and whilst paying the minimum to other.
    Originally posted by Chandelier.
    Just thinking for a period of 4 months max, would i save a huge amount moving 1k to 9.9%, and would it cause any issues applying for a mortgage?

    Also, no fee for transfer. Having a quick look, reckon i would save in the region of 100 give or take. Probably worth doing, but don't want to create any issues on my credit file.
    Last edited by Smevchenko; 06-03-2018 at 11:44 AM. Reason: update
    • zx81
    • By zx81 6th Mar 18, 11:43 AM
    • 16,812 Posts
    • 17,814 Thanks
    zx81
    • #4
    • 6th Mar 18, 11:43 AM
    • #4
    • 6th Mar 18, 11:43 AM
    Is there a fee for the BT?
    • Smevchenko
    • By Smevchenko 6th Mar 18, 12:14 PM
    • 68 Posts
    • 22 Thanks
    Smevchenko
    • #5
    • 6th Mar 18, 12:14 PM
    • #5
    • 6th Mar 18, 12:14 PM
    Is there a fee for the BT?
    Originally posted by zx81
    No fee for the transfer
    • zx81
    • By zx81 6th Mar 18, 12:24 PM
    • 16,812 Posts
    • 17,814 Thanks
    zx81
    • #6
    • 6th Mar 18, 12:24 PM
    • #6
    • 6th Mar 18, 12:24 PM
    You'll save around 40 or so on 1k paid off over 4 months.
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