0% Balance transfer advice needed please!
Geworgie
Posts: 25 Forumite
in Credit cards
Hello!
So we have a substantial amount of debt (32k) that we are working towards paying off at a rate of around £800 p/m.
2 finance agreements
1 overdraft
1 car loan
4 credit cards - 3 of which are 0% until 2019ish
Our debt and spending is now firmly under control and as far as I can see it we're in the best position we can be... Almost!
One of the credit cards is accruing interest on a balance of around £8500. We've had to just suffer this as we've been unable to get another 0% card so we left it and suffered the interest while our credit scores built back up again so we could apply again.
I was looking today at 0% cards and I think our scores are good enough now that we will be accepted.
My question is this; is there a way to know how large your credit limit will be ahead of applying? I'd ideally like one card to transfer the entire balance to although transferring even half to a 0% card would be an improvement...!
Thanks.
So we have a substantial amount of debt (32k) that we are working towards paying off at a rate of around £800 p/m.
2 finance agreements
1 overdraft
1 car loan
4 credit cards - 3 of which are 0% until 2019ish
Our debt and spending is now firmly under control and as far as I can see it we're in the best position we can be... Almost!
One of the credit cards is accruing interest on a balance of around £8500. We've had to just suffer this as we've been unable to get another 0% card so we left it and suffered the interest while our credit scores built back up again so we could apply again.
I was looking today at 0% cards and I think our scores are good enough now that we will be accepted.
My question is this; is there a way to know how large your credit limit will be ahead of applying? I'd ideally like one card to transfer the entire balance to although transferring even half to a 0% card would be an improvement...!
Thanks.
0
Comments
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No.
Take whatever limit you are offered, if you can get a card at all.
Remember that your score isn't relevant in applying for credit (or anything else). The main issue will be your indebtedness and your income.0 -
Thanks!
Managed to get a 0% for 32 months covering the entire balance so I'm happy with that!0 -
Thanks!
Managed to get a 0% for 32 months covering the entire balance so I'm happy with that!
Brilliant. For an encore, you've got nothing to lose by sticking in a further application for a money transfer card. If successful, you might be able to knock back some of your other interest bearing finance. Perhaps use the eligibility checker first.0 -
chattychappy wrote: »Brilliant. For an encore, you've got nothing to lose by sticking in a further application for a money transfer card. If successful, you might be able to knock back some of your other interest bearing finance. Perhaps use the eligibility checker first.
Strongly agree.0 -
Thank you for that!
Now we have the new cc all our finances are 0% now. Hoorah!! So we just crack on paying it all off.
Spending it is much more fun!! 🙄0 -
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Hey could I ask who you got the new card with? In similar situation 😐0
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Emmacansdale32 wrote: »Hey could I ask who you got the new card with? In similar situation 😐
Hi i asked as well advised it with mbna but i wasnt eligible
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Aaaahh OK. Thank you for the reply0
This discussion has been closed.
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