{"id":149759,"date":"2018-11-20T12:27:56","date_gmt":"2018-11-20T12:27:56","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=149759"},"modified":"2024-01-21T08:22:00","modified_gmt":"2024-01-21T08:22:00","slug":"how-to-ensure-your-balance-transfer-application-is-successful","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/credit-cards\/balance-transfer-credit-cards\/how-to-ensure-your-balance-transfer-application-is-successful","title":{"rendered":"How to do a balance transfer in 9 steps"},"content":{"rendered":"

You’ve done your homework and decided a balance transfer credit card<\/a> is right for you. But what are the next steps? How do you find the right card and go through the transfer process? Here’s our 9-step guide.<\/p>

1. Check your current balance and interest rate<\/h3>

First of all, it’s important to check your existing credit card balance and how much interest you’re being charged. This will help you when it comes to comparing credit cards as you will need to state how much you want to transfer and be sure that your new card charges a lower rate of interest than your current one.<\/p>

Checking your balance online can be the easiest way to get this information, but your online balance may not reflect the total amount you need to pay in order to clear the account. Some account or interest fees may be pending and only added to your statement at the end of the month, which wouldn’t show up online until the next billing cycle. It’s safer to call your current card provider and ask them for the actual figure to transfer.<\/p>

2. Check your credit score<\/h3>

When you apply for a credit card, the lender will check your credit score to see how responsible you are as a borrower. If you have a poor credit score, you are likely to find it harder to get accepted for a balance transfer credit card compared to someone with a good credit score.<\/p>

For this reason, it’s important to check your credit score yourself for free through one of the three main credit reference agencies – TransUnion, Experian and Equifax. If your credit score is not as good as it could be, take steps to improve it such as paying bills on time, checking you’re registered on the electoral roll and correcting any mistakes on your credit report.<\/p>

3. Use an eligibility checker<\/h3>

It’s also sensible to use an eligibility checker before applying for a balance transfer card. This is because it will show you the cards you’re most likely to get accepted for without damaging your credit score.<\/p>

Eligibility checkers run a ‘soft’ search on your credit file which won’t leave a mark on your credit file. In comparison, when you make a full application, the card provider will run a ‘hard’ search on your file which other lenders can see. Too many hard searches on your file in a short space of time can be viewed negatively by lenders as it can be seen as a sign you’re struggling to get credit.<\/p>

4. Find the right balance transfer credit card<\/h3>

Once you’ve found which cards you’re most likely to get accepted for, you can then look for the one you want to apply for. As part of your comparison, consider:<\/p>