Balance Transfer Problem

scj

I need help in getting a balance transfer card, I currently have £9000 on a barclaycard and want to move this to an interest free balance transfer card. I have run an experian credit report and everything is good, the only problem that was flagged was that due to the combination of a loan and my barclaycard I am not eligable for more than £2000 of additional credit. Due to this I cannot get a credit card to transfer my balance to.

I have no interest in keeping the barclaycard once the balance transfer is complete, but by having this balance its stopping me getting another card.

A bit of a catch 22 really, is there anyway out of this.

izools

Experian Credit Expert don't say how much additional credit you may or may not be eligible for.

How much is your annual income?
How much is your Barclaycard limit?
How much is the outstanding balance on your loan?
What are the monthly repayments?

If you can share this information we'll be in a better position to forecast the likelihood of you being approved for the sort of limit you want.

scj

Thanks for your help,

OK Here goes,

My annual income is £25000 and a balance on a loan of £12000, my barclaycard limit is £10000.


Experian did give me an amount that I was good to borrow on top of what I already have, when I applied for a card from one of the card companies (cant remember which one) the credit limit they would allow me to have was the same as Experian told me I was good for, I cant remember the exact figure but it was around £2000 .

My problem is that I dont want to increase my borrowing, just move it.

I am trying to start to sort out my finances and totaly new to all of this.

YorkshireBoy

Your unsecured debt is almost the same as your income. That's very high!

You're utilising 90% of your available credit on the card.

You therefore present a very poor picture to any potential lenders.

Presumably you took the £2K offered...so at least you're only paying interest on £7K of credit card debt?

You say you don't want to increase your borrowing, but the lenders don't know that. From their viewpoint, you could carry on using the Barclaycard...as they've no way of forcing you to close it off to new spending.

scj

No I haven't taken the £2000 additional card, I am hoping for a way to move the whole card and cancel my Barclaycard, therefore not increasing my debt but simply moving it.

YorkshireBoy

scj wrote: »

No I haven't taken the £2000 additional card

You should have taken it. As it is you've wasted a credit search, which will impact your ability to obtain further credit in the short term.

I am hoping for a way to move the whole card and cancel my Barclaycard, therefore not increasing my debt but simply moving it.

I think the only way you'll even come close to doing that is to get a loan from Barclays, who could then force closure of the Barclaycard?

redpete

scj wrote: »

No I haven't taken the £2000 additional card, I am hoping for a way to move the whole card and cancel my Barclaycard, therefore not increasing my debt but simply moving it.

But to repeat what YB pointed out - any new lender won't know that you will stop using the Barclaycard regardless of what you say.

scj

Thanks for your help guys, I had a feeling that might be the case, but being new to all this thought it was worth asking the question as to if there was a sensable way to get around the problem.

I didnt want to make un educated assumptions and later find out I could do something I hadnt thought of.