One of those threads again i do apologise....

sistafromanothermista

Obviously everyone's situation is different so searching the topic does not answer my own personal question

I earn between 32-36k a year
I have (in my name) 11k on Credit cards.

It's all on 0% at the moment but £6750 of this is due to expire in May.
The limit's are as follows;

£4231

---

£5000 credit limit
£6750

---

£11,500 credit limit


I am looking to obviously get another 0% card to transfer the balance (which will be at around £5500 at that time)
My question is this, what is the likelyhood based on earning to debt ratio that i would be accepted for another 0% card?
I have copies of all reports from all 3 CRA's and all is good with them.

BugsyBrowne

You can ask on here till the cows come home but it will be guesses if you'll be accepted or not.

talana

My question is this, what is the likelyhood based on earning to debt ratio that i would be accepted for another 0% card?

It'll be on earnings to available credit ratio.
You have £11k debt but £16.5k available credit (ie potential debt).
So reducing your credit limits would help...

sistafromanothermista

I know that i won't 100% know until i actually apply for the cc i was just wondering 'tis all if anyone has/had been in a similar financial position and been accepted. I have read a few threads on debt-income ratio in the past but typical when i have input those words into the advanced search at the top i can't really find anything!!!


Can someone maybe point me in the direction of how to use the search facility maybe a little better in order to answer my questions?


:beer: Bugsy.

sistafromanothermista

talana wrote: »

It'll be on earnings to available credit ratio.
You have £11k debt but £16.5k available credit (ie potential debt).
So reducing your credit limits would help...

Will it? i thought i read somewhere on here that reducing your limit was actually detrimental to the credit report? So i have been a bit reluctant to do it IYSWIM...

Gromitt

sistafromanothermista wrote: »

Will it? i thought i read somewhere on here that reducing your limit was actually detrimental to the credit report? So i have been a bit reluctant to do it IYSWIM...

Indeed, but if your available credit is in excess of 50% of your annual income, requesting additional credit may be declined, so it would be better to reduce your existing credit limit in order to apply for more (eg. a different lender)

sistafromanothermista

Yep. Understood. So are you saying that if i reduce my limit it won't have an effect on my credit rating at all?

jo-bo

DO NOT REDUCE YOUR LIMITS!! If you do then you run the risk of looking like you're debt stressed. Who are your current providers?

sistafromanothermista

Ok, conflicting advice :rotfl:
Current provider of that particular card is Barclaycard.

talana

jo-bo wrote: »

DO NOT REDUCE YOUR LIMITS!! If you do then you run the risk of looking like you're debt stressed. Who are your current providers?

If you don't you run the risk they'll say "salary £32k, available credit £16.5k, that's too much. Credit request denied"
Basically it looks like you're stretched too far.

smithers1981

i wouldn't be reducing ANY credit limits if you reduce limits then debt to available credit limit will not look good. if you can shift the Barclaycard to a fresh 0% deal there is a huge chance Barclaycard will offer you a balance transfer deal meaning you can switch the remainder back onto the Barclaycard.

If you have a good credit history no missed payments i would say you are odds on to get another card accepted.