How much balance to transfer?

teamcarrot

I have a 0%credit card with a £4500 limit that is currently pretty much maxed out. The 0% period ends at the end of this year,and as such I’ll never be able to pay off the balance before they startcharging interest. The obvious option isto switch to a 0% balance transfer card. I’ve used the MSE balance transfer checker to see which cards are available,and it said I have an 80% chance of getting a Halifax card with 15-months 0%for a very low fee. Ideal. The problem is that this checker doesn’t takeinto account existing balance.



When you applyfor a balance transfer card they ask how much you would like to transfer froman existing card.

The question is, HOW MUCH DO I TRY AND TRANSFER FROM MY EXISTING CARD ONTO MY NEW ONE?

Given that this is £4500, there is everychance that they may not want to give me a limit that big, let alone transferthe funds onto it. I don’t want to askfor a large transfer if it will jeopardise my chances of being accepted andhence damage my credit rating.



What is thebest way to proceed with balance transfers in order to give me the best chanceof the application being accepted?



I hope some ofyou have experience of this! Thanks



Tom

[Deleted User]

Just request the £4,500. They will know you are carrying that elsewhere from their credit search.