Credit limit on balance transfer card?

MatthewLondon

Hi,

I'm thinking of applying for a balance transfer credit card as two-thirds of my minimum payment (all I can afford atm) goes on interest! :mad:

Whenever I've gotten new cards in the past, I've been limited to £200-ish to begin with, and then the limit slowly increases. Is this the same with balance transfers? I don't want to only be able to transfer £200 and end up paying 2 sets of minimum payments every month!

Also, is it possible to use a transfer card to pay of my wife's card? Newly married so the card is in her maiden name . . Just thought I'd ask

Thanks

sistafromanothermista

MatthewLondon wrote: »

Hi,

I'm thinking of applying for a balance transfer credit card as two-thirds of my minimum payment (all I can afford atm) goes on interest! :mad:

Whenever I've gotten new cards in the past, I've been limited to £200-ish to begin with, and then the limit slowly increases. Is this the same with balance transfers? I don't want to only be able to transfer £200 and end up paying 2 sets of minimum payments every month!

Also, is it possible to use a transfer card to pay of my wife's card? Newly married so the card is in her maiden name . . Just thought I'd ask

Thanks

This may indicate a poor credit rating. Order your CRA reports from each CRA. (Credit ref agency see sticky at top of board)
If your credit rating is poor then it may be unlikely you'll be accepted for a 0% card anyway.


Even if you did get a limit of say £200 (unlikely) it's £200 @0% so much better than XYZ @ X%!!

Yes it's *possible* depending on who the cards are with. Don't forget though the debt then becomes your sole responsibility.





More info is needed really.
Income
Debts
Current cards held (are they sub-prime?)

MatthewLondon

sistafromanothermista wrote: »

This may indicate a poor credit rating. Order your CRA reports from each CRA. (Credit ref agency see sticky at top of board)
If your credit rating is poor then it may be unlikely you'll be accepted for a 0% card anyway.


Even if you did get a limit of say £200 (unlikely) it's £200 @0% so much better than XYZ @ X%!!

Yes it's *possible* depending on who the cards are with. Don't forget though the debt then becomes your sole responsibility.

TBH, the last card I got was a pre-selected Capital One card - shouldn'thave taken it but I was in bind - so that may explain the lower initial limit?

But I would be paying two sets of minimum payments, which may work out more expensive each month?

Ah, I trust her

sistafromanothermista wrote: »

More info is needed really.
Income
Debts
Current cards held (are they sub-prime?)

I've got 2 cards (roughly £1200 and £200 @ 33% IIRC) and my wife has £1500 at 25%. We pay roughly £100 each month - min payment

sistafromanothermista

You would need to do the math as to the min payments as some cards take 1% of the balance others up to 2.5%

What cards are they?
What is the limit on each card?
What is your income?

If you are on low income and the debt to earnings ratio is high you more than likely won't be accepted for a 0% card.

sfax

I don't think what you intend to use the card for has much bearing really. The lender won't think they can give you more credit because they trust that you will transfer debt from another card and then close the old card. They'll say you have x, if we give you y, you'll x+y and will you be able to pay it back

MatthewLondon

sfax wrote: »

I don't think what you intend to use the card for has much bearing really. The lender won't think they can give you more credit because they trust that you will transfer debt from another card and then close the old card. They'll say you have x, if we give you y, you'll x+y and will you be able to pay it back

Yes, that is what I was concerned about - that the provider will just calculate what I can afford and not take account of what I intend to use the card for

rising_from_the_ashes

MatthewLondon wrote: »

Yes, that is what I was concerned about - that the provider will just calculate what I can afford

Yup - it will be on their lending criteria & will take account of your income / outstanding debt / available credit as well as things like job, electoral role & all the other things they look at

MatthewLondon wrote: »

not take account of what I intend to use the card for

They have no way of knowing what you'll use it for - even if you do BT, you'd still be able to run the debts back up on the old card so they will view it as you're increasing the amount of credit you have available / debt you can get into

rising_from_the_ashes

Why don't you pop onto the DFW board and post a SOA - sure we'll find some cut backs so you can pay it back quicker?

How much do you owe?