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    • Ben8282
    • By Ben8282 12th Apr 18, 4:48 AM
    • 2,438 Posts
    • 1,122 Thanks
    Ben8282
    Having never moved to take advantage of an interest free credit card balance transfer before - and having all but arranged a low interest loan to pay off about 10K on my current credit card (in 4 years and with a monthly payment similar to what I already pay on my card) I thought I'd try MSE's advice. A Virgin Credit card was recommended with a high likelihood of being accepted and, subsequently, I applied for this. 3 weeks later I received my first communication - approved! But for 500 credit only. That's less than my husband, who only recently completed a degree and remains unemployed, was recently offered for his first card! Plus the mere process of making this application appears to have dropped my credit score (with Experian) by 50 points. I earn over 50K pa, have only one other loan (which will have its final 180 paid off in 2 months), have never defaulted on a payment and have a good excess of income over expenditure each month. Virgin have said that I can 'appeal' their credit limit but I've just told them to cancel this - it's been a complete waste of my time. Moral of the story - don't believe everything you read on MSE. I used their advice cautiously and with open and honest intent but, ultimately, it proved poor advice. Would obviously appreciate any help as to where I may have gone wrong!
    Originally posted by patricklt
    It really would have been better to have started a new thread instead of deleting the post from the new thread that you created and adding it on page 246 of an existing thread.
    As to the question of where have you gone wrong ...
    It is my understanding that you currently have an income in excess of 50Kpa. You currently possess only one credit card with an interest beating balance of 10K which you have been repaying now for 4 years, making a monthly (minimum?) payment of about the same as the repayments would be on a 10K loan.
    Although not stated, I assume that this credit card is being used more or less at it's limit. What is the credit limit on this card?
    You say that you have a good excess of income over expenditure every month.
    So why have you never repaid more to this card? What is happening to this 'good excess' each month?
    Using a credit card up to it's limit shows financial stress. Having an interest bearing balance on a credit card and making minimum or near to minimum payments each month shows that you can't afford to pay any more. (It would be assumed that as the interest rate on the card would be far far higher than you could be earning in interest on the money, you would repay more to the card if you could to reduce interest).
    Under these circumstances, Virgin would assume that you can't afford to pay any more than you are already paying and, if the balance on the card has been increasing in recent months, that even that is unaffordable.
    Did you actually use the eligibility checker on the Virgin Money site or rely on a third party eligibility checker? Either way, the eligibility checker was correct. Virgin took a chance on you and you got the card. Nothing to complain about there. You got the card. The MSN eligibility checker has not let you down.
    Did you honestly imagine that you would be given a card with a credit limit in excess of 10K to balance transfer all of this debt? If you did you are living in cloud cuckoo land. I admit that 500 is a bit low but in all likelihood Virgin would have increased the limit if you had demonstrated good account management on their card over the next several months. Instead you declined the card. So now you are back to square one but with a hard search on your credit files.
    MSN have not given you any bad advice. They have given you good advice.
    Why did you pay interest on this balance for 4 years before deciding to get a 0% card? Was there something on your credit files preventing this?
    A final piece of good advice. Don't make any further applications until your other loan is fully repaid and showing as settled on your credit files.
    Last edited by Ben8282; 12-04-2018 at 5:09 AM.
    • jonsmith11
    • By jonsmith11 2nd May 18, 12:37 PM
    • 1 Posts
    • 0 Thanks
    jonsmith11
    an also best idea to the online transaction that is the online transaction process which customer is done by debit card and credit card. Echeck for Tech support
    • Ki101416
    • By Ki101416 7th May 18, 3:27 PM
    • 2 Posts
    • 0 Thanks
    Ki101416
    Hi, I'm new here. I have been looking into balance transfer but I'm a little confused. I have store credit with 2 stores that I have accounts with online (I physically have a store credit card). I thought I could get a balance transfer card to pay off both but now I'm not sure if it works like that?
    Any advice would be greatly appreciated.
    • Ki101416
    • By Ki101416 7th May 18, 3:30 PM
    • 2 Posts
    • 0 Thanks
    Ki101416
    That should say I DONT physically have a card
    • zx81
    • By zx81 7th May 18, 3:34 PM
    • 18,980 Posts
    • 20,214 Thanks
    zx81
    You generally can't BT store cards.

    You may need a money transfer option.
    • tyler brunt
    • By tyler brunt 31st May 18, 12:22 AM
    • 12 Posts
    • 2 Thanks
    tyler brunt
    Hello, i was wondering if anyone could help me with my current situation, I have an outstanding balance of just under 1000 on a Barclays credit card, I don't seem to be getting very far with my repayments so I read about a balance transfer process to potentially an interest-free credit card, I am currently a full-time university student with a part-time, where is best place to start looking? any advice would be greatly appreciated!!
    • PANCAKE
    • By PANCAKE 8th Jun 18, 7:18 AM
    • 1 Posts
    • 0 Thanks
    PANCAKE
    fab
    Need to transfer debt to another credit card,asap but Ive got bad credit out of work at the moment,
    been turned down alot on credit on line check,but need o per cent for at least 2 years,
    please help
    • eskbanker
    • By eskbanker 8th Jun 18, 11:58 AM
    • 8,180 Posts
    • 9,175 Thanks
    eskbanker
    Need to transfer debt to another credit card,asap but Ive got bad credit out of work at the moment,
    been turned down alot on credit on line check,but need o per cent for at least 2 years,
    please help
    Originally posted by PANCAKE
    0% cards wouldn't generally be available to those with bad credit, so your options are likely to be heavily limited as you've already found.

    Steps worth taking, if you haven't already....

    Check your credit files with all three providers to ensure that there's nothing inaccurate there that'll hinder your chances unnecessarily: https://www.moneysavingexpert.com/loans/check-free-credit-report

    Use the MSE eligibility calculator to find out which cards you're most likely to be accepted for: https://www.moneysavingexpert.com/eligibility/credit-cards/

    Depending on the results of this, and the number of applications you've already made, you may be able to make one or two more applications.

    Even if you can't get a 0% card, you may be able to get one with lower interest than you're currently paying.

    However, if you can't get hold of a card that works for you then that really just leaves the two primary means of sorting out debt, i.e. earn more or spend less, which you'd have to do anyway at some point (in that a 0% BT would just defer the inevitable). Head over to the debt-free wannabe board for guidance on how to get out of your current situation: https://forums.moneysavingexpert.com/forumdisplay.php?f=76
    • binaryuniverse
    • By binaryuniverse 8th Jun 18, 2:22 PM
    • 767 Posts
    • 481 Thanks
    binaryuniverse
    Need to transfer debt to another credit card,asap but Ive got bad credit out of work at the moment,
    been turned down alot on credit on line check,but need o per cent for at least 2 years,
    please help
    Originally posted by PANCAKE
    There are a few BT cards for people with bad credit. Capital One offer 6 months at 0%, which I managed to get a few times, when my credit history was looking pretty poor. As do Aqua. You won't get 2 years, though. Long term, low interest cards could be a potential option.

    However, if you're not getting a regular income, the chances of you being accepted are pretty much zero, I'm afraid.
    • kamb1ng
    • By kamb1ng 15th Jun 18, 5:58 PM
    • 53 Posts
    • 13 Thanks
    kamb1ng
    Is there any downside to repaying credit card money transfer very quickly? I'm talking about 1-2 days after the transfer was made.

    The transfer had zero arrangement fee with 4% APR, so the interest rate impact is minimal after 1-2 days.

    Thank you.
    • lped1
    • By lped1 10th Sep 18, 2:48 PM
    • 2 Posts
    • 0 Thanks
    lped1
    Help, applied for a balance transfer card with BofS, got accepted then tried to transfer my Next account. Then found out this isnt doable? Can this be right? Why does a Next card not count as a store card or has the adviser from my bank got it wrong?
    • zx81
    • By zx81 10th Sep 18, 2:50 PM
    • 18,980 Posts
    • 20,214 Thanks
    zx81
    Most store cards don't accept BTs.

    You need a money transfer card, although I believe you can also pay via a card, so could use a 0% puchase offer.
    • lped1
    • By lped1 10th Sep 18, 3:50 PM
    • 2 Posts
    • 0 Thanks
    lped1
    Thanks for your reply, How certain are you that I could do this as a purchase? I've had one BofS adviser tell me i could do the balance transfer, then it turned out I couldn't advised me to close that card apply for a balance transfer and purchases card. When I phoned to do this the adviser told me that that wouldn't work either because it would be a cash transaction (as if id withdrawn cash from my card) and as such would incur a fee and interest. So ive been on an online chat with another adviser today and they've told me I could do it as a purchase. I'm so confused now.....help.

    PS I should add i've checked the Next account payment options and you can pay by credit card. So if this is the case why would it go through to the bank as anything other than a purchase. I feel like the adviser is wrong but don't want to proceed if im left with something thats no use to me?
    Last edited by lped1; 10-09-2018 at 3:52 PM.
    • Willing2Learn
    • By Willing2Learn 10th Sep 18, 3:53 PM
    • 1,582 Posts
    • 1,200 Thanks
    Willing2Learn
    Can you ask them to put that in writing?...or save a screenshot of the online chat?...that you way you have evidence of the advice should they then charge as a cash advance...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • zx81
    • By zx81 10th Sep 18, 3:53 PM
    • 18,980 Posts
    • 20,214 Thanks
    zx81
    I've never made a card payment to Next, but several people have confirmed on here that it's treated as a purchase.
    • Ezorqs
    • By Ezorqs 9th Oct 18, 7:33 PM
    • 54 Posts
    • 18 Thanks
    Ezorqs
    It says that these deals are getting shorter. Yet I swear they've never been higher than 30 months!
    • zx81
    • By zx81 9th Oct 18, 7:38 PM
    • 18,980 Posts
    • 20,214 Thanks
    zx81
    There's some at 34 months at present.

    There were 36 month ones previously.
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