Want to balance transfer, but not sure the limit will be enough?
Options
Bmth100
Posts: 1,037 Forumite
in Credit cards
Howdy,
I have several outstanding credit card balances at present that I would really like to transfer into one card. These include an Asda Money card, Capital One, Homebase and Argos, as well as my old Natwest student card.
These are all the product of an expensive first time move into unfurnished property. However, as I hadn't borrowed much before, I had/have terrible limits. The combined total on these 5 cards is only £2,500 ish.
I really want to transfer it all into one manageable card, but I've tried before. I actually only ended up with the Cap1 card because of this. I applied to transfer my balances to it, but ultimately got given a card with a £200 limit only!
The MSE checker has given me a 90% likelihood of acceptance for the 34 month Barclaycard, but I'm concerned about being given a terrible limit. I only want it for te transfer, that's it. Is there any way to see what id be offered without ending up with a low limit card that I don't want / isn't fit for my purpose?
I have several outstanding credit card balances at present that I would really like to transfer into one card. These include an Asda Money card, Capital One, Homebase and Argos, as well as my old Natwest student card.
These are all the product of an expensive first time move into unfurnished property. However, as I hadn't borrowed much before, I had/have terrible limits. The combined total on these 5 cards is only £2,500 ish.
I really want to transfer it all into one manageable card, but I've tried before. I actually only ended up with the Cap1 card because of this. I applied to transfer my balances to it, but ultimately got given a card with a £200 limit only!
The MSE checker has given me a 90% likelihood of acceptance for the 34 month Barclaycard, but I'm concerned about being given a terrible limit. I only want it for te transfer, that's it. Is there any way to see what id be offered without ending up with a low limit card that I don't want / isn't fit for my purpose?
0
Comments
-
One card isn't more 'manageable' than several. What matters is the APR, not the number of cards.I really want to transfer it all into one manageable card,
Every little helps.The MSE checker has given me a 90% likelihood of acceptance for the 34 month Barclaycard, but I'm concerned about being given a terrible limit.
Unfortunately it doesn't work like this. Every new credit is considered by lenders as an addition to the credit already available to you.I only want it for te transfer, that's it.0 -
One card isn't more 'manageable' than several. What matters is the APR, not the number of cards.
Forgot to mention, with the exception of Natwest, they're all around 30%. Homebase and Argos are on BNPL ending in February.Unfortunately it doesn't work like this. Every new credit is considered by lenders as an addition to the credit already available to you.
How do they work out your limit? Your income? Your current available credit? Both?0 -
Both plus the percentage of credit used overall and per-card, your repayment history and whether you have applied for something recently. Applying seems to make most difference to NatWest and Barclaycard since both have been increasing my limits each year without a request from me when I haven't been applying for a while. M&S, Santander and MBNA haven't done that automatically over the same period.
Try the long time card. If that doesn't provide sufficient limit, say which cards you have and others who know about the existing customer balance transfer offers of your existing cards might be able to tell you which to fully pay off then not use to increase your chance of getting one of those.0 -
It's their secret and there are many factors involved, some contradicting.How do they work out your limit? Your income? Your current available credit? Both?
E.g. (total credit available)/(income) and (total credit used)/(total credit available) ratios
Total credit available increases the former, but decreases the latter.0 -
One card isn't more 'manageable' than several. What matters is the APR, not the number of cards.
It can be.
The min payment on one card may be less than the min payments on 5 cards, though I don't think it will be in this case - in fact the min payment may be higher as the OP wants a Barclaycard.
If you don't have direct debits set up or are short of money, it is easier to keep track of paying 1 card instead of 5.0 -
IMO achieving smaller minimum payments on the same amount at the same APR doesn't mean "managing" the debt. Quite the opposite.The min payment on one card may be less than the min payments on 5 cards, though I don't think it will be in this case - in fact the min payment may be higher as the OP wants a Barclaycard.
The same.If you don't have direct debits set up or are short of money, it is easier to keep track of paying 1 card instead of 5.
IMO "manageability" of a debt depends only on the disposable income and the interest.0 -
Thanks guys.
Reason I havent just tried it yet is because I don't want yet another card that I can't use for balance transfer. I'm hoping to get a mortgage in around 2-3 years and wasn't sure for how long I need to keep my record clean.Try the long time card. If that doesn't provide sufficient limit, say which cards you have and others who know about the existing customer balance transfer offers of your existing cards might be able to tell you which to fully pay off then not use to increase your chance of getting one of those.
At the moment, I have Natwest Student (£480), Asda Money (£680), Capital One (£180). The other two are Homebase (£750) and Argos (£250), but thinking about it, I'm not sure these count as cards? I have a physical card for them but no chip and PIN..0 -
NatWest do existing customer offers. Recently they have offered me 6% balance transfers for life of the balance transfer. Don't know about the others. Homebase and Argos count. I have seven cards with minimum limit of £5,000 so try not to worry about having another card when it's doing something useful for you.0
-
Try the fluid card or mbna, they'll give you the likely hood of acceptance before you make a full application.0
-
Why can you not? You always can transfer some balance and then close other card(s).Reason I havent just tried it yet is because I don't want yet another card that I can't use for balance transfer...
There is an eligibility checker in MSE articles that does essentially the same for many cards.Try the fluid card or mbna, they'll give you the likely hood of acceptance before you make a full application.0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards