Help - Transfering balance but been given a lower credit limit

Nix1982

i currently owe £3800 on my virgin card and the 0% deal has ran out (my credit rating is good) and i recently applied for a lyods tsb platinum card with 14 months 0% on balance transfers and i wanted to use it to transfer my virgin credit - but when it came they have only give me a credit limit of £1500
what can i do? can i ask for a higher credit limit? would that damage me credit profile if not accepted? or shall i cancel the card and try and get another card with a good balance transfer rate?
Nick

clio

You could transfer some of the virgin debt over to the new card as it will save you a few quid in interest, and maybes look around for another card then shift the rest off the virgin card..

Nix1982

i also have 3k on a barclaycard which i was hoping to find another decent balance transfer card to use..

YorkshireBoy

Have you read the small print regarding LTSB balance transfers?...specifically the requirement to make a £100 purchase on the card?

sara1880

tesco's are offing o% for 14 months on balance transfers, i dont have the best ever credit rating and they gave me an initial credit limit of £2.5k there is a balance transfer fee though and its a tad higher than some of the others i think off the top of my head it's 2.8%

TighterThanTwoCoatsOfPain

just ring and ask them... they can only say no..

I used to have a virgin card with £7200 limit which i cancelled a month ago as i had 3 cards with similar limits.

Little did i know that i would want to take advantage of another virgin brand, which if i use my virgin card would net me a discount of over £500.

I had to re-apply but this time i got a £3k limit. (not enough to make my purchase!) I just rang them and they tripped over themselves to increase it aplogising incase they had upset me and asked how much i needed! Within less than 5 minutes i had my old limit back. From how they were talking they would have thrown more had i wanted it...

clio

Tesco credit card offers 14 months 0% and Halifax have a good 0% offer on as well & Mint credit card is 14 months as well....

Nix1982

YorkshireBoy wrote: »

Have you read the small print regarding LTSB balance transfers?...specifically the requirement to make a £100 purchase on the card?

no i havent read that - it is the lyods tsb platinum card

Nix1982

i want to keep eveything down to 2 cards really and and get 0% deals and try and pay off as much as possible

Nix1982

will it ruin my credit score if i apply for more cards, or ask for a higher credit limit

YorkshireBoy

Nix1982 wrote: »

will it ruin my credit score if i apply for more cards, or ask for a higher credit limit

If you appeal the LTSB credit limit they may credit search you again. If they refuse to increase it, and if you then apply for another card elsewhere, you will have had 3 searches in quick succession.

If you then apply elsewhere for a home for the Barclaycard balance that'll be 4 searches.

Depending on your other circumstances, this could 'affect' your credit rating for a few months to come.

Then again, if you don't make any appeals/applications you'll be paying high levels of interest.

Your choice really.