BT up to limit?

Example79

Hi,

I have been browsing through this forum for a while. Am I right in thinking that if you are near your limit then you will probably be refused a 0% card for Balance Transfer?

I have an MBNA card with a £4k limit, of which £3.5k is used. I would like to transfer to a 0% card, would it be a problem that I have used so much of my available credit? Also, my husband has a Tesco 0% card which is pretty much up to the limit. Neither of these cards are in joint names.

Thanks in advance

*Scarlett

It sometimes surprises me how the card companies work.

Just because you are at your card limits does not mean that you are at the limit of your available income.

Tesco seem to have some good 0% deals at the minute (up to 27 months balance transfer) - you can choose purchases, balance transfers or combination and I don't think there is any reason that you could not apply in your own name. They recently gave me over £7k credit and I only work part time!

You could also look at Barclaycard - I think they have some 0% offers at the minute.

If you credit history is good then you should be able to secure a new card (if you want to tranx a balance from the MBNA card make sure you don't take one from the same provider obviously).

You might also want to look at "life of balance" lower interest rates if you don't think you can pay the balance within the interest free period.

http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards

Cycrow

i was recently refused a Tesco card. and i had a simlar debt to you.
4K limit with about 3.5k on it.

They gave me the reason that i had too much debt, so its possible you might struggle

You-kip

Cycrow wrote: »

i was recently refused a Tesco card. and i had a simlar debt to you.
4K limit with about 3.5k on it.

They gave me the reason that i had too much debt, so its possible you might struggle

Not buying that pal!

bigadaj

You-kip wrote: »

Not buying that pal!

Good old bugsy!

You-kip

bigadaj wrote: »

Good old bugsy!

My posts are nothing like this Bugsy Fella as I've gone through all his posts and yet to see where we post in the same form.

izools

Example79 wrote: »

Hi,

I have been browsing through this forum for a while. Am I right in thinking that if you are near your limit then you will probably be refused a 0% card for Balance Transfer?

I have an MBNA card with a £4k limit, of which £3.5k is used. I would like to transfer to a 0% card, would it be a problem that I have used so much of my available credit? Also, my husband has a Tesco 0% card which is pretty much up to the limit. Neither of these cards are in joint names.

Thanks in advance

It seems to me from other posts here as well as experience of friends and indeed my recent personal experience that Barclaycard can be forgiving of those with a high debt to limit ratio.

If you want to be in with a really good chance of approval you could try for this card which offers 0% for 18 months but be careful to clear it in this time or transfer in month 17 as it has a 24.9% follow-on rate:

http://www.barclaycard.co.uk/personal/credit-cards/gold

A great BT card for those with a less than impeccable credit history - and they gave me a £10K limit :rotfl:

Example79

Thanks. I think I will try one of those.

Thanks for your help.

Sledge68

I recently transfered a balance to a 0% Barclaycard with no problem. The restriction was that I could not transfer more than 90% of my Barclaycard limit.

fozmcfc

No problem with you trying for the Barclaycard, but if you are refused, remember, you can't transfers between cards that are issued by the same company.

For instance, MBNA are behind the Virgin and Fluid cards as well as several others. As you have an MBNA card, you won't be able to transfer between MBNA backed cards.

A while back now, but I had an Egg card, with £3.5k on it and a limit of £4k.

I applied for and got a Virgin card, with a 6k limit and was able to transfer off it.