£2500 Balance Transfer and cancelling applied card???

lincolnuni

Right I hope this makes sense....

I need to pay off my student overdraft of £2500 with the Halifax bank by the end of September.

So I applied for an Egg balance transfer card and got accepted online. However it only says the credit limit is £1000 and I thought it would be higher than this....will I be ok ringing them tomorrow to cancel this or will it go against me?

Also does anyone know of anyone who offers a balance transfer card of £2500 or close enough.

Thanks for any help guys!

Lawler

YorkshireBoy

lincolnuni wrote: »

will I be ok ringing them tomorrow to cancel this or will it go against me?

Cancelling would be foolish! That's £950 of your overdraft at 0% for a year and you're going to say "no thanks"!

Also does anyone know of anyone who offers a balance transfer card of £2500 or close enough.

Limits are set on an individual basis, and are 'subject to status'.

Try MBNA, Virgin, Post Office for the extra £1,500 or so.

lincolnuni

Yes I suppose so but it would have been a lot easier not juggling different cards.

If I rang Egg and asked if they could extend to £2500 do you think it could be possible.

If not would I be ok to apply for a new card straightaway for the remaining amount and if so which ones because they don't tell you how much credit you can get :-/

Thanks again for any help with this

Lawler

PNPSUKNET

with you wanting 1.5 times more not so sure they will been honest

jonesMUFCforever

The search will stay on your credit files anyway even if you cancel and too many searches in a small amount of time will trigger automatic declines.
As other posters have stated take what you have been offered now - it may be your only option.

YorkshireBoy

lincolnuni wrote: »

Yes I suppose so but it would have been a lot easier not juggling different cards.

Outcome is more important than ease!

If I rang Egg and asked if they could extend to £2500 do you think it could be possible.

Doubtful.

If not would I be ok to apply for a new card straightaway for the remaining amount

The quicker you apply, the less chance there is of the Egg card account showing on the next search.

and if so which ones because they don't tell you how much credit you can get :-/

In addition to the three I already gave you in post #2? OK then...M&S and use their Sterling travellers cheque loophole for 10 months 0% with a 1% fee.

lincolnuni

Thanks for the advice guys much appreiated.

One more quick question the cards that have been listed above - is there any way to know how much credit is being offered before you apply?

Thanks again,

Lawler

YorkshireBoy

lincolnuni wrote: »

One more quick question the cards that have been listed above - is there any way to know how much credit is being offered before you apply?

Unless you're pre-approved for a card by your bank (I have personal experience of HBOS and LTSB doing this), there's no way to find out before applying.

However, anecdotal evidence on here, and my own personal experience, would indicate that MBNA, along with Egg, are known to give the highest credit limits.

How about the 14 month Virgin card?

lincolnuni

Well I think ive made a royal !!!! up!

I applied for a Natwest CC and got declined so tried for a Santander card. They will send the decision in the post but just looking at other people who have applied with them and the majority get declined....my overdraft needs to be paid by end of September and it doesnt look like I will be able to apply for anymore cards now :-/

Going to ring Egg in the morning and see if I can get the credit limit extended from £1000 but im not getting my hopes up

Lawler

YorkshireBoy

Unbelievable!!

lincolnuni wrote: »

Well I think ive made a royal !!!! up!

I agree...

I applied for a Natwest CC and got declined so tried for a Santander card.

Neither of which will transfer an overdraft balance directly* at 0%!!

What was the point of asking for advice and then ignoring it? I gave you 4 card providers, and even suggested one in particular, and you go and trash your short term credit rating with 3 searches (and a 4th if Egg search you again for the limit increase request)...meanwhile a large part of your overdraft remains interest bearing come the end of September.

I'm thinking the Egg card application was a lucky guess, in that it allows overdraft transfers at 0%? Or maybe you thought, mistakenly, that all cards offered this facility?


* If Santander do accept you, and give you sufficient credit limit, you could repay the Egg debt and then transfer the overdraft again to it. Repeat until you have the whole £2.5K at 0%.