50% chance with 'pros' or 95% chance without?

Hello people,

First-time post asking for your opinion(s) and/or advice. Apologies if this post is in the wrong place, I'm not exactly forum savvy !!!128580;

So, I have two bad-credit-esque cards both near their limits: CapitalOne - currently @ £650, and Barclays - currently @ £1900. I've not been very sensible with them in the past, but I've been gradually improving my credit file/score in general, and I'm keen to continue in the same vein. As such, I plan to apply for a 0% balance transfer card and transfer both of these balances on it to pay it off going forward.

My credit score - for what it's worth (from what I see on here, it doesn't mean much), is 'fair' on both Experian and Call Credit, and 'good' with Equifax. Using both Experian's free credit check service and CreditClub, it seems I have two possible/decent enough options:

Tesco CC - 0% fee & 0% up to 22 mths + potential £30 topcashback. 50% chance according to Experian comparison (Tesco don't currently have an eligibility function).

MBNA CC - 1.99% fee (~£50) & 0% up to 36 mths. No potential cashback. 95% chance according to CreditClub comparison & checked on MBNA eligibility checker.

So, it seems with the Tesco option I could potentially be £80 up (less ~£50 MBNA transfer fee + £30 cashback), but I have a lower chance of success, whereas MBNA I'd potentially be ~£50 down, but have a higher chance of success.

Answers [thoughts] on a postcard, please.

Thanks in advance guys.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
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    Apply for the MBNA.

    You're double counting the £50 fee in your calculations and also ignoring the much longer term on the MBNA promo.

    Going forward, clear your balances in full each month. Revolving a balance on an interest bearing card marks you as high risk, regardless of any pretend scores you're given.
  • Nebulous2
    Nebulous2 Posts: 5,073
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    Tesco are pretty tight with the 'up to' bit. Lots of people get offered less.
  • Ben8282
    Ben8282 Posts: 4,821
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    I would use the eligibility checker on the Capital One site and if all looks good at that point go with the Capital One card.
  • Thanks for your advice guys.

    I already have a CapitalOne card, and although it's showing on the comparisons I've used as being pre-approved, it's only 0% for 6 months.

    I seems MBNA is best choice at the minute, even if I do have to pay an initial transfer fee. Tesco may be a bit risky for me at this point in time... maybe I can aim for a fee-free balance card in the future when my credit file/score looks/is a bit better.

    Thanks again for your time and efforts.
  • 2ilent8cho
    2ilent8cho Posts: 97
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    Revolving a balance on an interest bearing card marks you as high risk, regardless of any pretend scores you're given.

    What do you mean by revolving a balance? Is that just not paying the card off in full or paying off in full and then spending on the card again?
  • [Deleted User]
    [Deleted User] Posts: 35,242
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    Revolving means not clearing it.
  • I found Tesco are pretty generous with limits, and a bit easier to get, if you have a poor credit history.

    I'd go for that, in the first instance. The 0% fee means that, even if you don't get as long a term as you thought, it hasn't cost you anything. You can get an MBNA, or something else after, with a lower fee, as you'll have paid a fair chunk off, hopefully.
  • Thought MBNA were quite strict on lending...Tesco seem more flexible and reasonable starting amounts for me at least £1500.
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