Credit Card trouble

T3ctonic

Hi to everyone on MSE, first time posting!

I have just applied for the new Tesco Credit card to be used as a 0% balance transfer. I need to transfer £4812.62 but they have just told me that my limit is £3000 and I can only transfer £2800 at the moment. I asked for an increase straight away explaining how much I need to carry over but Tesco said I would have to wait until I receive the card before considering upping my limit.

I need to transfer this cash before the end of feb, is it likely they will up my limit? I thought my rating was pretty good as I have an unused card with a limit of £10K and the card with the "ready to tranfer" money has a limit of £8k and no other debts!

I dont really want to split the debt onto 2 cards as 1 will be getting hit with interest after feb!

Whats my plan of action?

seeya23

why not try flybe card or bt card

dolally_2

Hi,

It might help to either cancel the 10k card or request a reduced limit from both cards that you currently have.
Depending on your salary some companies may view you as having too much available credit.

YorkshireBoy

T3ctonic wrote: »

Whats my plan of action?

• Don't bank on getting an increase on Tesco for at least 6 months.
• Throw another application in for the balance, but do it quickly before the Tesco account appears on your credit file (at the moment only the search is visible).
• The £10K 'unused' credit card could be negatively affecting your credit-worthiness IMHO. Consider closing/reducing the limit substantially, because at the moment you have £13K of unused available credit.

T3ctonic

Thanks for the info guys!

Ok, 10K card has been cancelled but Egg say it could take up to 30 days for other creditors to see the change. This tarting is a lot less straight forward than I first thought! Is there anything else I can try?

p00hsticks

T3ctonic wrote: »

I thought my rating was pretty good as I have an unused card with a limit of £10K and the card with the "ready to tranfer" money has a limit of £8k and no other debts!

So looking at it from the credit card companies point of view, you already had £18ks worth of credit and they've offered you another £3000, making £21,000 of credit available to you in all. That's quite a lot of money - think how much it is as a proportion of your annual income.

The fact that you haven't actually used all of it doesn't necessarily mean that you couldn't go out tomorrow and do so, and in the current climate banks are being ultra cautious in their lending generally, so unelss you;re a really high earner it's not surprising they're not prepared to offer you much more at the moment.