Whether to state that I want to transfer a balance on application

poiuytrewq10 · 23 August 2015 at 5:46PM

So I have a credit card that had interest free purchases which ends middle of October so I am looking to apply for a new balance transfer credit card soon.

I have around £2800 of debt on the card.

When I apply for the new CC, if I state that I am looking to transfer a balance of £2800, will this affect my liklihood of being accepted ? My thoughts being, if they are willing to give me a credit limit of £2000, will they then decide to not accept the application or will this have no affect?

As regards the rest of the debt I have more than enough money to cover the debt (earning me interest in several different accounts).

Thanks in advance

Consumerist · 27 August 2015 at 11:09AM

poiuytrewq10 wrote: »

. . . When I apply for the new CC, if I state that I am looking to transfer a balance of £2800, will this affect my liklihood of being accepted ? My thoughts being, if they are willing to give me a credit limit of £2000, will they then decide to not accept the application or will this have no affect? . . .

In the general scheme of things, any information you give in an application could affect the decision to grant you credit. If in doubt, don't volunteer the information.

If it helps, the Santander credit card offers a fee-free 0% balance transfer for 15 months and does not ask that question in the application process.

JimmyTheWig · 7 September 2015 at 3:45PM

I haven't kept records but I'd be tempted to say that on applications where I've put down a high balance to transfer then I've been given a high limit.
I wonder if they use that info to determine your limit.
E.g. if you want to transfer £2800 then they may give you a £4k limit, but if you want to transfer £10k they may give you a higher limit?

SeduLOUs · 28 September 2015 at 10:27PM

To date my offered credit limits are usually around £1000 if I get accepted at all as I have a rather old default on file.

Took a stab in the dark applying for MBNA money transfer card today (to stooze) and asked for a £5k transfer. Almost fell off my chair when I was immediately accepted for a £5,600 limit, so it seems it does have some sway - I just wish I'd asked for more!

poiuytrewq10 · 4 October 2015 at 9:48PM

I'm thinking JimmyTheWig may have processed my credit card application...

I stated that I wanted to transfer a balance of £2700 in the end and received a £4000 limit.

Maybe, once they have checked that you are eligible to have credit, that they will give you an amount just above what you are looking for.

For those interested, the MSE card checker gave me a 90% acceptance chance for the card.

Happily stoozing away now!

Bagpuss2711 · 4 October 2015 at 10:09PM

You'll find that most t companies use straight through processing so in other words it just depends on how you score whether you get a card and the limit they give you, and most of it happens automatically. They will know you have outstanding debt because they or the system will have checked the credit reference agencies. I think you are looking too deep into this. How do I know, work for a credit card company.

MrsShazbat · 11 January 2016 at 9:35PM

Consumerist wrote: »

In the general scheme of things, any information you give in an application could affect the decision to grant you credit. If in doubt, don't volunteer the information.

If it helps, the Santander credit card offers a fee-free 0% balance transfer for 15 months and does not ask that question in the application process.

I applied for this today and got accepted straight away. Never done a balance transfer before so am on a major learning curve!

Whether to state that I want to transfer a balance on application

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