Balance Transfer Problem

vectrex

I'm just posting here to get some advice before I make matters worse...this is what has happened so far!


I have a 0% card that's coming to the end of its 0% offer (next month).


I did the eligibility check on this site and found a good selection of cards giving me and 80% rating....so I thought Id apply for a card and balance transfer the 10.5K I had on the card to the new card.


I applied for the card online (which I'm guessing has registered as a credit check now) and I was accepted... but I didn't complete the application as they only offered me a credit limit of £1000.


So... I went back to my current card provider and asked them to extend the 0% period (they offered this to me back in October but I didn't realise I was so close to running out) anyway they refused this time.


So...what would be the best step. Contact the card I applied for and ask them to up the credit limit from £1000 to £11000 ...I don't actually want extra credit just to keep what I currently have at 0%


If I contact the same card will they have to do another credit check (even though I passed yesterday)


As I said just looking for a bit of advice as I don't want to go off applying for other cards and damaging my credit score! and I certainly don't want to start paying interest on 10.5K next month :-(


Cheers

MallyGirl

the problem is that a new provider will see that you owe 10.5K and factor that in when offering you a new credit facility. You say you are going to use it to pay the first one off but they don't know that. Unless your salary and other financial commitments support borrowing 21K you are not going to get what you want.

[Deleted User]

Take the 1k and BT to that. Perhaps apply for one more and see what you get but I would leave it at that.

Then throw as much as you can at the interest bearing balance.

debt_monkey_2

i have a similar dilemma i was hoping i will be able transfer all of it over to the card but they are only offering me 1200...what shall i do.. i need to transfer something in the region 16k

vectrex

Has something changed to make this more difficult. The debt is currently on a Barclay card....it was on a virgin credit card before...It was approx18K when I transferred it to Barclaycard... So I would have thought I was in a better position now to transfer onto another card again at 0%.


When you apply for a credit card shouldn't the balance transfer go through first...then they could offer you a credit limit that takes the BT into consideration.

[Deleted User]

They can't make you close the other card. So you would end up with a £10k debt and another £10k available for you to go out and spend.

That's what makes lenders nervous, as to many people go out shopping with their new found credit limit.