Bad Debt, Balance Transfer, Credit Limit.

CCCR96

Greetings Money Saving Experts,
I have a relatively large bad debt on a credit card which I am looking at switching to a 0% or low interest rate deal.
However the "assumed credit limit" on the new card is less than half of the bad debt or can this "assumed credit limit" be adjusted?
What's the best way to shift the bad debt?
Any help greatly appreciated.

grumbler

"Assumed credit limit" is pretty much meaningless. The actual one can be bigger and smaller.
That said, every little helps. A part of the balance can be transferred to 0%, not necessarily the whole balance.

When saying " Bad Debt", what do you mean? If your credit history has been seriously spoiled, you might struggle to get any credit card at all.

Fruit_and_Nut_Case

From my experience, the Assumed Credit Limit is £1200 and is a standard used so that a comparison can be made between different cards. As grumbler said, it's not necessarily what you'll be given.

CCCR96

When I say "Bad Debt" I mean the interest rate on the current card is exceptionally high.
My personal credit score is "Poor" but I have been working very hard on it for the past few years.
I need to move as much of the debt from the high interest card to a lower rate card to stop the crippling interest charges.

jamesd

Find out what you get. Move whatever the limit allows. Apply for another card if necessary after that.

grumbler

CCCR96 wrote: »

My personal credit score is "Poor" but I have been working very hard on it for the past few years.
I need to move as much of the debt from the high interest card to a lower rate card to stop the crippling interest charges.

Try https://creditcards.moneysavingexpert.com/?balance-transfer