Need Advice My Credit Limit is Too Low!!

TheGaffer_2

Hi,

I'm currently coming to the end of my 0% term on my Virgin card so applied for the Fly and Buy Mastercard looking to transfer my £6000 balance, however even though Fly and Buy accepted my application they've stuck my credit limit at £3000 and transferred £2800 of my balance which leaves me with right up the swanny and wondering what the hell I'm supposed to do with the £3200 on my Virgin card???

Do I apply for another card or what, I could desperately do with some advice!!

Thanks

The Gaffer

thesaint

MBNA historically give high limits, so you shouldn't rely on getting another high limit elsewhere to balance transfer to.

You can try and get another card to transfer the rest to.

My 0% ran out a few weeks ago, I gave them a call and they reduced the APR from 17.9% to 11.9%. I told them I could get better (Natwest), but they applied it anyway if I need it. I also phoned Egg last week, they dropped my APR to 5.9%.

If you are stuck, it's worth doing what I did and see what they offer.

You also need to work on paying the balance off, it seems like you are not benefitting financially from owing so much money.

TheGaffer_2

Whats annoying is that they did the transfer without consulting me first!

thesaint

I don't understand how they managed to balance transfer unless you provided all the information to do it.

TheGaffer_2

By that I meant they could have told me that they couldn't transfer the full amount I requested and whether I wanted to go ahead with the balance transfer!

YorkshireBoy

TheGaffer wrote: »

By that I meant they could have told me that they couldn't transfer the full amount I requested and whether I wanted to go ahead with the balance transfer!

Why would you not want to go ahead with the transfer? After all, the damage has been done with the search and subsequent reporting (to the CRA's) of the account.

BTW, they did tell you what may happen when you gave them your balance transfer instructions...

Enter your card details below and the amount that you wish to transfer. Please list your Balances in priority order. We will accept Balance Transfers up to your Credit Limit which may result in partial payment of a Balance Transfer.

Source: MS Buy & Fly card application form.

Check out the Special Briefing. Didn't get the credit limit you want – DON'T ‘screw them!' article at...

http://www.moneysavingexpert.com/cards/bad-credit-rating

keeperbear

TheGaffer wrote: »

Whats annoying is that they did the transfer without consulting me first!

But I thought your aim was to transfer the £6,000. Surely transferring some of it is to a new deal is better than nonthing.

Penny-Pincher!!

I was given an immediate 7k limit on my Skycard.

HTH

PP
xx

TheGaffer_2

I didn't not want to go ahead with the transfer I was simply asking what my options were, whether it was worth ringing them or whether I should apply for another!

Anyhoo I've applied for another and got a card to transfer the rest on to now so thanks for everyone for their help.