Credit card transfer but lower limit?

pinkpig08

Hi, We've just come to the end of our 0% deal with Virgin and applied to Lloyds Platinum for their 14 month 0%. We have been accepted but our balance on Virgin is £3600, but Lloyds have given a credit limit of £1750. What do we do? Can we phone Lloyds and ask for it to be increased, or do we need to look for another card? Which will obviously be another to go on the credit file.

Thanks for any advice

Tixy

You could ask them to conisder an increase in the limit - not sure its that likely but nothing to lose by asking I'd say. Or you could just transfer over as much as you can for the time being. The you could try for another card elsewhere for the remainder of the balance or if you cannot get another card at least you'll have a good chunk at 0% whilst you focus on clearing the remainder.

bengalknights

You would have to find another card to transfer the remaining if Lloyd dont increase the limit.

The alternative is you could always give virgin a call and see if they have any promotions on offer you might find they have BT offer which means you could transfer out and then back in.

pinkpig08

I actually have a Virgin card in my name with a zero balance. May be worth giving them a ring to see if they've any promotions on - thanks

paulmcerlean

They wont increase the limit. Wont until they do themselves after a few months or when you can ask them, at 6 months.

Tixy

pinkpig08 wrote: »

I actually have a Virgin card in my name with a zero balance. May be worth giving them a ring to see if they've any promotions on - thanks

If your current balance is with virgin (in your partners name?) then you couldn't transfer from that balance straight to your Virgin card. You could either do it by super balance transfer (transfer money from your virgin card to your bank account and then use that to pay off the old virgin card - the fees for this type of transfer are usually a little higher - I think around 4%). If ringing virgin to ask for promotions check that they would be eligible for a super balance transfer and what the fee would be.

Jazzking

Hi pinkpig, sorry to jump on your thread but can I ask if when you applied for the LTSB card you got accepted and found out your limit straight away, i,.e. online?

My MBNA card offer is due to run out in June and was thinking of doing exactly as you've done but don't want to leave it too late to get an alternative card to bounce the balance too if LTSB are being stingy with limits

thenudeone

Nearly every card I know of will not consider a limit increase for at least 6 months. When they do, they may credit check you again and might reduce your limit!
Transfer what you can, then reduce the limit on the other card so that when any card issuer next does a check, you haven't got a high level of available credit.

pinkpig08

Jazzking wrote: »

Hi pinkpig, sorry to jump on your thread but can I ask if when you applied for the LTSB card you got accepted and found out your limit straight away, i,.e. online?

My MBNA card offer is due to run out in June and was thinking of doing exactly as you've done but don't want to leave it too late to get an alternative card to bounce the balance too if LTSB are being stingy with limits

It was quite quick, we applied on Monday and got the letter today.

I have since spoken to Lloyds and they have said that we can transfer some of the balance now, then in 3 months time it may be possible to increase the credit limit to transfer the rest.

bouncydog1

In the meantime, make sure you pay the minimum off the Lloyds balance the as much as you can off MBNA as this will have interest applied.