Credit Limit Too Low on New Card

Belcheee

Hi all,

I have around £2500 on a credit card, I have been moving this around to take advantage of 0% offers and haven't paid any interest on it.

Recently I went for a Post Office credit card - they were only doing 0% for six months but they weren't charging a balance transfer fee (which would have cost me around £60) like most others.

My application was approved but they only gave me a credit limit of £1000 which leaves me with £1500 on my old card, which I will have to start paying interest on. I contacted them to try and get an increase but they wouldn't do it.

I phoned up my existing card (Intelligent Finance) to see if they would extend their 0% deal, the best they could do was bring it from 12.9% to 9.9%.

So, to get to my question, is it advisable for me to try and apply for another credit card with 0%, and stick the remaining £1500 on that one, or will applying for two cards so close together seriously affect my credit rating (which is spotless at the mo)?

Any advice welcomed.

The_Boss

I applied for a Barclaycard recently. They only checked Equifax. This has been the same for several others here.

So try applying for that - I'm assuming PO would have searched through Experian so if you can apply to an Equifax then that would be a lot better than another Experian

Coveredinbees!!!!

I'm glad you didn't tell the post office to get lost as at least you can transfur a grand off. I went shopping the other day (rare for me) and they had a promotion on for a credit card so I stopped for a chat and the guy offer me 10 grand with £25 max balance transfur fee for 0% over 6 months. I didn't take it cus I don't need it (yet) but it might be worth a walk in to town to see whats about. This was at bluewaters in kent if thats any help.

Belcheee

Sounds good boss, I might give it a go.

But before I do, I just wanted to check that Barclaycard aren't any part of the HBOS (Halifax & Bank of Scotland) group, as my Intelligent Finance card is provided by them and balance xfers between their own cards aren't included in the 0% offers. Anyone know?

The_Boss

Coveredinbees!!!! wrote:

I'm glad you didn't tell the post office to get lost as at least you can transfur a grand off. I went shopping the other day (rare for me) and they had a promotion on for a credit card so I stopped for a chat and the guy offer me 10 grand with £25 max balance transfur fee for 0% over 6 months. I didn't take it cus I don't need it (yet) but it might be worth a walk in to town to see whats about. This was at bluewaters in kent if thats any help.

First u p - accidentally hit 'thank' instead of quote - silly me.

I guarantee nobody offered youa guaranteed £10k. How does that bloke know you would get through a credit test and even get near that limit? He doesnt. But he does have sales targets for the number of people to get, even if he knows that this product might not be for them.

funschine

I would wait 2 or 3 months because each application affects your credit score

The_Boss

Belcheee wrote:

Sounds good boss, I might give it a go.

But before I do, I just wanted to check that Barclaycard aren't any part of the HBOS (Halifax & Bank of Scotland) group, as my Intelligent Finance card is provided by them and balance xfers between their own cards aren't included in the 0% offers. Anyone know?

Nope, they are not so feel free to go ahead and apply!

The_Boss

funschine wrote:

I would wait 2 or 3 months because each application affects your credit score

Did you read my first post?

Belcheee

The only thing I first thought when you mentioned Equifax and Experian was that wouldn't they both show me as having applied for two cards within a month?
I got an Experian report a couple of months ago and it showed everything so I would have thought Equifax, even though it's a different company, would show the same applications, etc?

The_Boss

Belcheee wrote:

The only thing I first thought when you mentioned Equifax and Experian was that wouldn't they both show me as having applied for two cards within a month?
I got an Experian report a couple of months ago and it showed everything so I would have thought Equifax, even though it's a different company, would show the same applications, etc?

Nope, not true.

I applied for an Egg money card last month. A search was done on Experian, but nothing on Equifax.

And for yesterday's Barclays application a search was done on Equifax, but not on Experian. And I only have 2 other credit searches in the last 6 months on Equifax so I'm well chuffed. This was a calculated move by me and many others have been searched on only Equifax for this as Barclaycard appears to only use them.

Belcheee

I didn't realise different credit reports were actually that different.

I think I will go ahead and try for this Barclaycard - I guess if for whatever reason I do get rejected I will just hold off applying for anymore for a while. The interest I would be charged each month on my remaining £1500 wouldn't be more than £12 or so anyway, if the interest rate is 9%.
Plus my outgoings are about to drop so I can put the extra towards paying it off...

Cheers for the advice everyone.