Credit Limit and Balance Transfer

EUMustBeJoking · 28 June 2016 at 10:45PM

Good evening, long time lurker in these forums and first time poster.

Question: I have a card with 5k on (Barclaycard) with the 0% running out in 2-3 months.
I have a second card 0% (Tesco) for another 24 months with 3k on (with £1500 available credit).

I have a credit limit of 11,900. (so says ClearScore)

I'm just wondering whether I can apply to transfer that 5k on to a new 0% (which would seemingly go over my credit limit) - I would be closing this card as soon as it transferred.

OR - Could I transfer 1500 from the Barclaycard to the Tesco. Then do a balance transfer on the remaining £3500 to a new 0%. (This would tip over the £11,900 especially with transfer fees)

Credit rating is good and stable.

Thanks in advance!

m4rc · 29 June 2016 at 12:36AM

The credit limit is not a limit they think you could get, it's what their system says you hold as a credit limit across your cards and accounts. I think that's what you were implying.

It doesn't mean if you apply for a card your limit will be capped at 11,900 in total. You could in theory apply for a card and get a 10k limit, not likely maybe but clearscore are not saying you can or can't.

bengalknights · 29 June 2016 at 9:37AM

It will come down to debt to limit ration and income as to whether you are able to get a card with similar limits

Credit Limit and Balance Transfer

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