Need to 0% transfer about 8k, little help pleeeease?!

Muststopworrying

Hi all!



I currently have a the following:





Barclaycard about 5k 0% until September 14



Natwest card 3.5k 0% until August 14



Tesco 2.5k 0% until June 15



When I took out the Barclaycard I was in a 30k job, so got a 7k limit and transferred two cards onto it.









I am now in a 20k job and just panicked as recently got a Sainsburys 15 month 0% card for purchases and the limit was £1200, it is like a back up to free some money from current account to pay some bits off the above cards.





When the Barclays and Natwest expire I was hoping to get the Nationwide 26 month 0% to transfer them onto, but I am now thinking I wont get any where the limit I need to do this ?


When they approve you, can they see what you have on other cards and factor that in to what they would set your limit to?


Many thanks for any advice.


Dave

GingerBob_3

Whatever else you do, get one of the Nationwide 0% for 26 months with only 0.75% fee. Put what you can onto it and take it from there.

grumbler

£18K used in total and £19.2K available?

With £20K salary you are likely to find it difficult to get any more sizeable credit.

Lightbulb moment I think.

Muststopworrying

Thanks for the replies, must have missed them!

Sorry, dont understand the 18k and 19.2k part?

I have just been approved on a new card with an estimated £1500.00 limit.

Am I right in thinking that each card I apply for are going to give me the same, or is it like a pot which they take £1500.00 from each time?

I now how about £4500 k on one and about £3300 on another as we are virtually at the time I need to transfer.

Any help much appreciated

Cheers

Tixy

Sorry, dont understand the 18k and 19.2k part?

They were referring to your debt and card limits.
Are your total credit card debts £18k? and your total credit card limits £19.2k?

Given your level of debt and salary you will likely struggle to get accepted for new cards with high initial limits. Given that you now have 2 new accounts with small limits you may well struggle to get accepted for any new credit until your debts have reduced a bit.

Muststopworrying

Blimey no, lol, I have £4500.00, a £3300.00, a £1200.00 and a £2200.00 roughly speaking.

I have an immaculate history so always seem to get accepted.

If push comes to shove I can make large dents in them but I am trying to juggle things at the moment, as we often seem to!

So it is not likley I could apply for say three more and get £1500.00 on each? I was planning to wait until approved and recieved then try another?

Muststopworrying

Actually to point out, the £7k card I got back in old job, is the one I now have £4500.00 left on and need to transfer, hope that helps.

Tixy

So you owe £11.2k on credit cards? and what are your total limits?

The more your owe compared to your salary then the less likely you are to be accepted or the more chance they will only offer you a low limit even if all payments have always been made on time. That is obviously down to risk profiling and them calculating your perceived affordability.

There is anecdotal evidence on this forum that in the current climate that once your debts are in excess of 50% of your salary you will generally find it harder to get accepted for new credit products.

That said you may find you are able to get accepted for another card, or even 2 with lowish limits.

If you have been juggling the debts for a while then do you have any old open card accounts with no balances on them? If so its worth contacting those old lenders and asking if they will offer you an promo deals on balance transfer.

Muststopworrying

Funny you should say that because as crazy as this sounds, I have another card with a £4500.00 limit and 0.00 balance who sent me a 0% transfer for 12 months offer all be it with a 3%, which I guess I can still use to clear the £7k limit card with the £4500.00 balance if needed? I believe the 7k card would then have a 0.00 balance, which I guess in another month I could transfer the £3300.00 onto as they also sent a offer of 0% for 12 months with 3% fee, hope that makes sense?!

redpete

Muststopworrying wrote: »

So it is not likley I could apply for say three more and get £1500.00 on each? I was planning to wait until approved and recieved then try another?

No it's not likely. When lenders assess the risk of lending money to someone they are likely to take into account the amount of 'live' debt as a persentage of income and the amount of available credit (amongst other things). So if either or both rises you are less likely to get more credit.

Muststopworrying

Hi all

Just to say, many thanks for all your help with this so far

So, to my amazement through the post I received a BT offer for much longer than I would have expected on the card with the £4800.00 limit, so the £4500.00 has been resolved nicley!

I now have the £3300.00 I need to transfer by the end of next month.

For that I have the 28 month card with £1500.00 limit, so believe I can BT 95% onto?

So was going to apply for another card in the hope I would get another £1500.00 limit, then I can just pay off the anything left over to clear it.

My question being, would it be ok to apply for another card now? I applied and was accepted for the above £1500.00 card...which I have not used yet...about three weeks ago.

Many thanks in advance