Tesco Credit Card

sjf20

Hi,

I have applied for the Tesco balance transfer card and been accepted but the limit is half of what I need to transfer. I have not received the card or paperwork yet with it being easter weekend but I was wondering if they sometimes give you a different limit to the one shown when you apply as thats what happened with my Barclaycard. Also i now have an empty Lloyds TSB Advance card with a really high limit that i would never use, would it be worth lowering this to help my chances?

Thanks

Sean

jonesMUFCforever

Yes it might but not straightaway. It will take time for the lower limit to filter through and effect your credit files.
In the meantime transfer up to 95% of the limit on the Tesco card it will be better than nothing.

sjf20

Thanks for the reply, I transferred the 95% on Thursday night (When I Applied) and it was already showing on my Lloyds available credit by Friday afternoon so that was speedy of Tesco, Gonna ring Lloyds on Tuesday and reduce the limit to something more sensible

Thanks

Sean

YorkshireBoy

Your trouble is that you'll only have repaid a very small amount by the time the LTSB card's new limit has been reported to the CRAs.

What you'll then be saying to Tesco is "I know I'm maxed out but can I please have some more credit?"

It isn't going to happen in my opinion, so close or reduce the limit on LTSB, wait till it shows on your credit file (could be 3-4 months in my experience with them!), and then apply elsewhere to shift the rest of your debt to 0%.

sjf20

YorkshireBoy wrote: »

Your trouble is that you'll only have repaid a very small amount by the time the LTSB card's new limit has been reported to the CRAs.

What you'll then be saying to Tesco is "I know I'm maxed out but can I please have some more credit?"

It isn't going to happen in my opinion, so close or reduce the limit on LTSB, wait till it shows on your credit file (could be 3-4 months in my experience with them!), and then apply elsewhere to shift the rest of your debt to 0%.

Yeah I thought that one, to be honest the moneys in the bank to clear the card so I might just pay half off, Just got off the phone to Lloyds and although they couldn't process a decrease until Tuesday they have offered me the Avios Duo card so I can use the 56 interest free period

zerog

You could just apply for a second card now. If you had done this 10 seconds after Tesco decided on the limit they would give you and you realised it was not as high as you wanted, you might have had a good chance, but possibly not any more depending on whether Tesco has already updated the CRAs with the new account (recently opened accounts look bad)