Help deciding on how to apply for a new 0% BT CC.

zerocool237

I could do with some advice on my next move for a 0% balance CC application.

My current affairs with my exsisting CC's are 6.5K on a Halifax CC with a 10k limit that i've actually reduced the limit from 15k since the new year, this has a APR of 22.95%. And i have Post office CC with 1.6k on it with a 2.2 limit but this has a 0% on that till march next year.

Now obvisouly the aim is to pay the halifax card off quickly hence the need for a new 0% CC to transfer some of the balance over, i want a card that i can use online but also pay at a branch and i've been looking at the Nationwide CC recently. Now what i'm unsure of is should i leave my limit on the halifax on as is or should i reduce it some more? my salary is 17.5k and have no other debts and i've read that it can appear that you maxing your card out if the balance is near the limit but i'm thinking that by me having too much available credit this could ruin the chance of me getting another CC or a might get one but not a great credit limit on it, what should i do regarding my Halifax limit?

CannyJock

Your available credit is 70% of salary which isn't too bad in the current climate. Might make it tight for moving the full 6.5K across in one move.

I'd say from recent experience that "total credit" is more important at the moment than "unused credit" so your thoughts on reducing the limit make sense. An extra 3k would make a difference to your Halifax balance.

It can take up to 2 months before your credit report reports the new credit limit, can't remember how quick HBOS are in updating the CRAs.

I'd be tempted to put in an application to Virgin for their 16 month 0% deal and request a 6.5K transfer on the application form.

List of alternative 0% deals on the stoozing site (supported by MSE): http://www.stoozing.com/0fees.php

You might need to reduce halifax, move a chunk, reduce halifax again, move the rest of it. Bit of juggling but worth doing.

zerocool237

CannyJock wrote: »

It can take up to 2 months before your credit report reports the new credit limit, can't remember how quick HBOS are in updating the CRAs.

Thanks for the reply CannyJock.

Its a shame that it can take up to 8 weeks for the reports to be updated, if they were changed quicker than that i would probably wait a month longer and pay a bit more off the Halifax CC and reduce the CC limit to 7.5k then apply for 2 new CC's on the same day and request a 2.5k BT for each but thats all in an ideal senario which is unlikely!

Well i have sent for my report from Experian by post today so i will check the report for any surprises before applying for more credit but thinking about it more rather than trying to BT to one card would it be worth my while to actually apply for 2 cards on the same day like i've mentioned, i cannot think of a reason why not?!

CannyJock

Might be worth a shot. I normally blitz applications for stoozing on a Sunday afternoon, each card provider will be able to see a search pretty much real-time but there's no additional available credit on your report. Weekend applications is to try and delay any updating of the searches on the credit report.

You need to be aware that this cooks your credit report for between 6 and 12 months, so if it doesn't work and you get declined for your applications your credit report will be in a worse position because of the multiple searches.

zerocool237

CannyJock wrote: »

I'd say from recent experience that "total credit" is more important at the moment than "unused credit" so your thoughts on reducing the limit make sense. An extra 3k would make a difference to your Halifax balance.

It can take up to 2 months before your credit report reports the new credit limit, can't remember how quick HBOS are in updating the CRAs.

I have reduced my CC limit for the halifax card to 7.5k at the begining of the week!

Well i got credit report today. Theres 2 searches showing but one is from january and its my previous credit report, which aparently doesnt show when companys check my file. So the only one on there really is my last credit application with the PO on 11/08.

Looking at the report it seems all info is updated on the 7th day of each month and looking at the balance showing for the halifax CC on the report it matches the end of may CC statement i have for my CC, so if i'm right, i can wait till after july the 7th and the report should show the new limit and the latest balance?! then i can have a bit more confidence in applying for a new BT CC.