Matthew Posted November 1, 2007 Report Share Posted November 1, 2007 Hi, My situation is: I have 7K on my credit card and Abbey have just upped the rate to 32.5%.....Charming! I tried to move the debt 6 months ago, but as I had just started 2 new mortgages Sainsburies said they wouldn't be able to give me a 0% balance transfer Credit card because of this. I've just run my credit reports and all is fine, every credit agreement always paid, nothing wrong apart from: I've been at my place now (owned) for 10 months; I was at the place before that for 1 year; I was at the place before that for 7 months; I was at the place before that for about 3.5 years; It is silly, but this affects whether lenders of CC's will lend to you. I am on the electoral role and have done everything else I can do improve me credit status over the last 6 months (i.e. don't set up anything or get anyt credit checks done by companies). What is the best thing for me to do? Do I need to avoid any CC's underwritten by MBNA as they underwrite the Abbey card? I have a funny feeling that this may be the reason that Sainsburies would give me their card as that was MBNA. MArtin Lewis' money daving expert site seemed to suggest this. Simon, I know you mentioned once you contact people direct and get answer there and then & can discuss everything...i.e. I am a landlord and thus of course I have a lot of credit agreements/searches...But I blo*dy well pay everything! Who do I ring? I want to avoid any computer generated rejection based on me moving around too much. Just want to get transferred onto a 0% balance ASAP. Thanks in advance, Mat. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 2, 2007 Report Share Posted November 2, 2007 Mat have you got an egg card cos they are pretty easy to get ..online Mbna will let you have upto 5 cards (last time i checked!) but WILL NOT allow you to do bal tx between them ...so you need another provider to move this balance ....(mbna are in fact the very best to deal with as they allow Rbs mint is fairly easy to get as well there are so mant out there it shouldn't be a big problem to get another one .... also worth trying your own bank if you havent got one of theirs(cc) and threaten to close your acc if they wont give you one (yep it works !! ) If you are not a "textbook case" ie have more than 1 house, multiple incomes, multiple mortgages etc the "system" will not like it .......always call and ask to speak to the "underwriters" or "credit risk control" and go thru qualification criteria with them....they are usually very helpful if you know your onions - on one ocassion i was told that if i reduced my credit available to me by 10k .....this usually involes explaining you c report (27 pages for me!!!) and sometimes faxing 3-6 months bank statements to them .... make sure you are declaring 35K pa income min as this seems to put you in a position for "better rates" and "limits" ... if you want to stretch your expected income for the year ....you could consider selling one of your props to give equity realease of £30 for eg which "could " be considered as income !!!and boost your income fig by 30K pa then of course b4 year is out you could change your mnd and not sell after all !!! I know of someone who earns approx £15k pa but has a credit limit of £120k across several cards (all running at 0%) and several others who have done similar to get ridiculous c limits! The trick is to ask for sky high tx figs .....in your case i would request a 20k bal tx to your abbey card .....they will prob say no to £20 but let you have 15K or 12k or maybe 10K (dont forget they are greedy Bxxxxxds who want you Not to be able to afford to pay it back at the end of the 0% so will load you up!!!!!) if you dont ask ...you dont get !! Now they will tx 10/12/15/K to your abbey card which will put it 8K in credit ...when this has gone thu call abbey andapologise profusely for tx to the wrong card (!) and ask for the credit (8K) in the form of a cheque ...then if you havent got one ..get an offset mortgage acc on your main prop and knock 8K off it with this credit for 6mths ...then pay it back to cc at end of 0% ... OR do this with some more cards, like a pile of us do, and go buy some more BTLs and then some more ! S Link to comment Share on other sites More sharing options...
Matthew Posted November 2, 2007 Author Report Share Posted November 2, 2007 Top man , cheers mate. Is there a list which says which cards are underwritten by who at all? Just so I know which ones are MBNA and to avoid these. Thanks, Mat. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 2, 2007 Report Share Posted November 2, 2007 no but trawl thru the small print on app forms or t&c's (websites etc)and it will be in there somewhere .. or just ring them and ask ! Simon Link to comment Share on other sites More sharing options...
Matthew Posted November 2, 2007 Author Report Share Posted November 2, 2007 Cool! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 3, 2007 Report Share Posted November 3, 2007 Forgot to say in prev post ....a lot of providers will let you bal tx dirsct to you high st bank acc ..if you can do this then just pay off 7.5K abbey and then do a 2nd bal tx to your current acc.. Egg are cuurently offering 14mts 0% with 3% Btx fee...and they will allow direct tx to bank acc S Link to comment Share on other sites More sharing options...
Matthew Posted November 3, 2007 Author Report Share Posted November 3, 2007 Ah that sounds pretty sweet! When you say highstreet bank, is Abbey building society ok? So what do you reckon of my chances of doing this if I do one to pay off my abbey CC and do another staight to bank account. If say I spoke to 2 of the companies on Monday over the phone, do you think the second may reject me as I've just done another balance transfer the day before? OR will they see it in time???? Just that I've been scouring the local property mag and there's a nice one with a lot of garage and loft potential and have no cash as to speak. Thanks again! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 3, 2007 Report Share Posted November 3, 2007 Try to bumb c limit as high as you can (by asking for high bal tx) believe it or not the more credit you have (well managed!) the better your chances of getting more !! ...upto a point .... I will repeat ..the higher your "income" the better..... Any acc that will accept a bacs tx will do in most cases ...so just filter it thru a normal current acc if Abbey not acceptable ...There is a possibility that if you do it quickly it will not have updated on credit ref systems ....but it will be as much to do with the credit limit, as the balance you have on each. Talk to 2 ...3.....4 ....you can do as many tx per card as you like upto c limit (or usually 95% of c limit for btx) If you want to be a professional card tart you will need to draw up a calendar grid with all of your cards and mark in 0% finish dates , amts etc and as you will only get a certain amount of credit ......which won t run in to millions !!! Most of the guys i know have been at it for 5-10 years and are running between 5 and 30 cards permanently at 0% with limits of upto 250K !!! (these guys are not earning anything like what you may think !!!!!)You will also need to shut cards down after the 0% runs out (unless they have anniversary 0% offers ) or are part of a "group" ...for eg if you have 4 mbna cards (or affiliate like abbey, mensa, dogs trust, virgin etc all mbna)all with a 5k limit then when you have "used the 0% they become useless .....NO NO NO !!!! You apply for a 5th card and they say maybe "sorry you already have 20k credit with us so we will open a new acc but reduce your limit on one of your cards by 2k and give you that 2K on the new card "...so tot still 20K but a fresh 2k at 0% on new card .......say thank you very much please shut down the other 4 cards and SHIFT THE WHOLE credit limit to the new card ......Yep they will do it happily for you !!! 20K 0% for another 12 mths !!!! and in 12 mths time ......yep ....do it again ! You need to be applying for cards approx 4-6 weeks before the "old" one runs out .... There are certain "Key" cards like mbna and egg which you MUST have in order to be able to get the cash out into a useable form as opposed to just moving from card to card // Mat this is not even the tip of the iceburg on this ..Martyn Lewis has some good basic ideas but if this is used correctly he hasn't even got to first base with it ....well not publicly anyway !!!!! I know more than a handful of people who have now got porfolios worth in excess of several million as a direct result of using these methods, me included ! These guys(cc providers) spend millions of pounds, on advertising these deals, flyers, telesales, junk mail and reps........so help them out and take them up on a few of their offers ...If your letter box is anything like mine you will get several offers of 0% EVERY week !! STOP throwing them in the bin and fill every single one in ....they can only say no !!! DOUBLE BUBBLE ?????????????? Got a wife or partner ?....................get them on the case as an individual .........can you believe this: you can bal tx between yours and his/her(!!?) accs I should be charging you for this info .........it really is a license to print money when you have removed your sceptism, doubt and understood how it all works ! As my bank manager said to me some years ago " Simon, you finally have understood "business" ...it is a big game, played by big boys, with big winners and big losers ...now that you understand the rules just "try" not to break them ..!!!" 8 years ago the BM came to my office to call in a 20K o/d ...last year he came to try to persude me to take a £5million loan !!!! how things change !!!! just start with a couple of cards and build them up .......killing the "dead" ones as you go so as to keep your overall credit(limit) in check Just out of interest i sat down with a friend of mine who had 1 bank acc 1 cc and earned around £15k pa ....in around 3 hours we got him 27K worth of credit cards at 0%....frightening really when you think about !!!!! and lethal in the wrong hands Disclaimer: As a public forum anyone reading this should be aware that if you want to play big boys games ...if you dont play by the rules there will be very SERIOUS repercussions .....you should not entertain doing the above unless you completely understand what you are doing and the consequences of such. S S Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 4, 2007 Report Share Posted November 4, 2007 Mat I can feel a jig comming on .......all hail the imminent arrival into the "Super Senior Member" extra square blob club ....of the great "ciao" man known to us all as "Matthew" and already in possession of his 5 gold pips ... we await your acceptance post with due respect and eager anticipation ......(no pressure !!LOL) S Link to comment Share on other sites More sharing options...
Matthew Posted November 4, 2007 Author Report Share Posted November 4, 2007 Wahey & I didn't even realise. I now pronounce myself an expert! Sorry, a few more questions I just thought of. I am going to ring few tomo & just wondered if the companies which transfer the money to your bank are happy that you just want the money for whatever reason, investing etc? Are they happy that I am not using to pay of a credit card? I just want to make sure I don't have to pretend I have to pay something off??? Also, one property I have in joint names with my girlfriend for CGT and other reasons, but technically the rental money is my money. Should I include half of this in my annual income calculation or the full amount or the actual % on the title deeds? I guess they will see I have a joint mortgage, but I don't think they would know how the % is split so I could say she has just 10% for CGT reasons. Totally excluding this property I'm looking at about 35K, including all of profit 48K. Thanks again, if all goes well next time I'm in Cardiff I'll have some lovely girly flowers sent to you, what's your favourite colours....Pink & white? Cioa! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 4, 2007 Report Share Posted November 4, 2007 Wahey & I didn't even realise. I now pronounce myself an expert! Sorry, a few more questions I just thought of. I am going to ring few tomo & just wondered if the companies which transfer the money to your bank are happy that you just want the money for whatever reason, investing etc? Are they happy that I am not using to pay of a credit card? I just want to make sure I don't have to pretend I have to pay something off??? No, just ask for Btx to your current acc no need to pretend anything !To just clarify, in case you weren't sure you can do More than 1 tx per card ...upto climit (95% of usually) Also, one property I have in joint names with my girlfriend for CGT and other reasons, but technically the rental money is my money. Should I include half of this in my annual income calculation or the full amount or the actual % on the title deeds? I guess they will see I have a joint mortgage, but I don't think they would know how the % is split so I could say she has just 10% for CGT reasons. Totally excluding this property I'm looking at about 35K, including all of profit 48K. I would declare all of the rent as your income ....but you will know your finances better than i do !!! Thanks again, if all goes well next time I'm in Cardiff I'll have some lovely girly flowers sent to you, what's your favourite colours....Pink & white? I feel a slab of Guiness may be more appropiate ....LOL !!! If you are in Cardiff call in and say Hello ....i'm stuck i my Dungeon 7 days a week ! Managed to successfully role over another 40K last week !!! Yep it still works !!!! Simon Link to comment Share on other sites More sharing options...
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