Juggling CC's and balance transfers

TheMysterious1

Hi Guys

Hopefully you can help me out here a bit.

Basically trying to consolidate all my balance transfers on CC’s and applied for a Virgin CC today and got accepted! Nice one! J Got a limit of £3100. I have checked my credit report and it states I had a total credit limit left of £5000 so I have in effect £1900 left from today’s Virgin limit. Is this correct or could it yet be increased? Could I apply for another card to gain the rest of this credit so I can get rid of another CC debt?

Also when I have transferred the balances, is it worthwhile cancelling these cards or just keeping them for their credit limits? I’m wondering if I cancel one card and transfer the balance…the credit limit on the cancelled card can then be used to apply for another card and give me a better credit limit?

I currently hold Egg, Barclaycard, Tesco and now Virgin. I am thinking of applying for the Halifax card as I used to have this CC before but it has been way over a year. Could someone recommend the best Halifax card for balance transfers.

Thanks for your help guys.

c0lc0l

TheMysterious1 wrote: »

I have checked my credit report and it states I had a total credit limit left of £5000 so I have in effect £1900 left from today’s Virgin limit. Is this correct or could it yet be increased? Could I apply for another card to gain the rest of this credit so I can get rid of another CC debt?

I'm not sure i understand this? As far as i'm aware, the part on your credit file where it states your remaining credit limit left, isn't telling you how much credit companies will still loan to you. It is how much credit you currently have available but aren't using. So if you had a total credit limit left of £5000 and now have been given £3100 with virgin, when you next check your credit file it will show you now have £8100 total credit left.

That's how i understood it anyway, maybe someone else can confirm?

Dabooka

c0lc0l wrote: »

I'm not sure i understand this? As far as i'm aware, the part on your credit file where it states your remaining credit limit left, isn't telling you how much credit companies will still loan to you. It is how much credit you currently have available but aren't using. So if you had a total credit limit left of £5000 and now have been given £3100 with virgin, when you next check your credit file it will show you now have £8100 total credit left.

That's how i understood it anyway, maybe someone else can confirm?

The words "nail" and "head" spring to mind.

CannyJock

TheMysterious1 wrote: »

Could someone recommend the best Halifax card for balance transfers.

Halifax Plus card, 13 months 0% - full list of 0% cards here http://www.stoozing.com/0fees.php

You might want to look at your credit report again and add up all the "Credit limit" and "Overdraft limit" amounts on cards not "Settled", then add up the balances reported - this'll explain the numbers you're seeing - it's not how you've interpreted it

TheMysterious1

ahhh thanks guys.

so would it be better for me to transfer the balance and close that card down so I have got rid of "all of its limit" or does it not matter having such a large credit still available and applying again for another card?

i.e. egg card has £3k but cc limit is £6.4k so if i transferred the egg card £3k to the virgin card i in effect would get rid of £6.4k of the credit available. would this help in me applying for another card having a lower level of credit available? if i could get another card that would give me the £6.4k that i've got on egg that would be awesome!

does it matter that i have just applied for a cc and got accepted to how long i should wait to apply for another card? also i think i remember reading on here that if you were a previous halifax cc card holder they are likely to accept you more readily. how true is this and what would you need to say to be able to achieve this.

thanks again for your help.

CannyJock

TheMysterious1 wrote: »

so would it be better for me to transfer the balance and close that card down so I have got rid of "all of its limit" or does it not matter having such a large credit still available and applying again for another card?

Takes 2 months before it will show with the CRA's as settled. Personally I wouldn't bother unless you've already got a half-dozen cards.

TheMysterious1 wrote: »

i.e. egg card has £3k but cc limit is £6.4k so if i transferred the egg card £3k to the virgin card i in effect would get rid of £6.4k of the credit available. would this help in me applying for another card having a lower level of credit available?

Maybe worth a try. But means waiting a couple of months till CRA's are updated.

TheMysterious1 wrote: »

does it matter that i have just applied for a cc and got accepted to how long i should wait to apply for another card?

The search from the previous application will matter. Standard advice is maximum of 1 application per month, in the current climate I think that's still quite high.

TheMysterious1 wrote: »

also i think i remember reading on here that if you were a previous halifax cc card holder they are likely to accept you more readily. how true is this and what would you need to say to be able to achieve this.

No proof I've saw. Apply online as an existing customer and maybe improve your chances.