Credit Card advise for transferring large balance

cavegitl

Hi,

Mu husband and I relied on our existing credit cards to see us through a bit of a cash flow crisis we had after moving house and funding a refurb.

At the time, we were new to our address (so not on the electoral roll) and had just applied for a mortgage and loans.

It has taken some time for our credit ratings to recover (mostly because our local council are very slow updating the electoral roll) and we both now have "excellent" ratings with both equifax and experian. We earn around 40k each.

My husband has 12k on some extortionately expensive credit cards and I have 4600k on a 0% deal that ends this August.

We clearly need credit cards with high limits so wondering if anyone has advise on who to apply with? Might we be able to transfer my husband 12k onto one card? Should I move some of his debt to me?

Any advise much appreciated.

InsideInsurance

cavegitl wrote: »

we both now have "excellent" ratings with both equifax and experian. We earn around 40k each.

My husband has 12k on some extortionately expensive credit cards and I have 4600k on a 0% deal that ends this August.

We clearly need credit cards with high limits so wondering if anyone has advise on who to apply with? Might we be able to transfer my husband 12k onto one card? Should I move some of his debt to me?

You are going to struggle to move £4.6m onto any credit card, I'll assume the k was a mistake

Credit "ratings" from CRAs are useless, no one bar you and a few ancillary companies (like insurers) see it. Any proper lender has their own method of "scoring" you based on your history (provided by the CRAs) and the answers to their questions to them.

The fact your other half has extortionately expensive cards suggests not all is as "excellent" as you believe in which case other lenders may not be willing to consider any interest free periods let alone ~£14k (which is a fairly large limit for a new applicant) you'd need given the rules for doing BTs

Of cause if your situation is better you then you can transfer the debt to yourself but then it does become purely your debt. Obv not wishing your relationship any ills but there are plenty of posts on here from people who transfer debts, find their partners been cheating and then are lumbered with servicing the debt

cavegitl

My husband has had his cards for yonks. He had them for air miles and paid them off every month. They were never used for actual debtand they had a better offer on them years ago.

Yes I meant my credit card debt was 4.6k and my husbands 12k so a total of 16.5k.

I'm really after advise on which companies are more likely to offer larger or more generous balance transfers, rather than speculation on my marriage or whether my husbands credit rating is really as good as I am alleging.

YorkshireBoy

cavegitl wrote: »

I'm really after advise on which companies are more likely to offer larger or more generous balance transfers...

Best: MBNA
Next best: The bank that receives your (total) £80K salaries and pays your bills/sees your spending/saving patterns.


Other than the above two (or three if you don't have a joint bank account), any other suggestions which follow will simply be based on personal experience*, and their situations will not necessarily match your own.



* MBNA are widely recognised by most on here as being very generous with credit limits. My own is almost £25K.

cavegitl

Thanks Yorkshire Boy, that's really helpful.

drunk1

I'd agree with MBNA. They have given me the most overall (I have 3 separate accounts with them) all with generous individual amounts and a hefty accumulative amount.

I would also agree with the bank that sees your monthly outgoings and salary. For me, it's RBS and out of all my credit cards that is the one with the largest credit limit.

Not really added much but just wanted to confirm/reassure the advice given above is solid IMO.

I would maybe even consider a loan for such amount, you can get loans for 4.6% which would just be slightly more in cost (depending on length of loan) comparative to a 2/3% balance transfer fee. Would save unnecessary applications that might not give you the credit limit(s)/0% promotional rate offers.