0% Credit Card - What are my chances of getting anything better?

princess*daisy

Hi all :wave:

In December, I applied for the 20 month 0% BT card with Halifax, in the hope that I could shift at least some of my outstanding CC balance across. At present, I have two other CCs -

Barclaycard - 6243 (6500 limit) - 16.9% APR
Natwest - 2568 (2750 limit)

I was accepted for the Halifax 0%, but only for a £500 limit, which was disappointing. However, I fully understand the reason for such a small limit - two existing CCs that are close to being maxed out and also I had one missed payment on one of them recently (due to my own stupid forgetfulness - other than this I have a glittering record of making payments on time :cool:).

So, assuming that I pay over the minimum payments over forthcoming months and keep the Halifax card but don't use it (these two factors would improve my ratio of used:available credit), what is the likelihood that if I applied again in 6 or 12 months for a different 0% card I would get a better BT limit offer?

Thanks in advance

pheonixrising21

Can you do a part BT? I.e transfer £500 from the highest APR CC to the 0%? It won't save much, but it will help. You will be charged a BT fee (probably) but you should make this back over the course of the year in saved interest.

Might also be an idea to reduce the credit limits on your other cards as and when you can i.e. as soon as you balance is below £6000 on Barclays, recduce the limit to £6000 (allowing room for the interest for that month though)

InsideInsurance

All depends on how much you are over paying by. If you mean just pennies more then in 6 months time you probably wont have decreased your limit:usage ratio by that much and so will probably still struggle to get a good limit.

If in 12 months you've paid off half of the total balance and got your utilization down to 45% then you've a better chance of something more

princess*daisy

Ah great, thanks for the replies and advice, much appreciated

I was going to transfer some across to Halifax CC, but once fees are taken into consideration I could only transfer across about £450 - it seemed a lot of hassle for such a small amount?

I think I will probably just try to claw back as much available credit as possible and then try again in 12 months.