Can I apply for 2 difference balance transfers from the same card?

forward

Hi, I'm new to this forum and sorry if this is not the right place to post about this.

I've got Barclays credit card with £3700 debt on it and a 27.9% interest rate. I've just been approved for MBNA 0% 14 month balance transfer card but only for £2700.

I'd like to apply for another balance transfer for the leftover debt of £1000 to a different card but not sure if I'm likely to be approved and should I wait a bit or apply straight away or if already applying for MBNA balance transfer affected my credit rating. Can you advise please? I can't afford to be paying that huge interest rate on my Barclays card anymore. Thanks

Foxy-Stoat_3

Yes, but you will only be able to transfer 90-95% of the debt on the MBNA card, but as long as you already have the other card then you can make another balance transfer.

Also, do cancel the Barclay Card once you have zero'd the balance.

forward

Thanks. Not sure if I made myself clear. If I transfer £2700 on the MBNA card it still leaves me with £1000 on Barclays so I'd like to transfer as much of it onto another card (not sure which one yet) but how likely I'm gonna be approved for another transfer so soon after I've got this balance transfer? And will this MBNA transfer affect my credit card rating?

Paully232000

No-one will be able to tell you if you will be approved for a second card, but I would try to apply for another one, but be careful if you are turned down.

Also, having a new card with 2700 available credit means that you can transfer only about 2400 onto it taking into consideration fees for the transfer.

forward

Thanks Paully!
I didn't realise that.

Do you think I should wait a bit to apply for the new balance transfer or should I do it straight away? I'm asking this cos I heard on Money Saving Expert tv program something about advising not to apply for too many cards at the same time cos it might affect the rating.

Paully232000

Some may disagree, but I wouldn't wait, but if you are turned down then look a bit more closely into your credit files, taking into consideration income as well, to see a possible reason for decline.

Forget your credit rating/score, nobody sees it apart from you, each financial institution has its own rating scale when deciding on who to lend to. When people talk about applying for too many cards at once, it is mainly when you apply, and apply and get rejection after rejection, and one could assume that you are desperate for credit, which in turn can lead to a further decline. One or two applications isn't going to do much harm.

and get as much transferred as you can asap to your new card, start saving on interest payments.

also, while i am here, if you are declined and are stuck paying 27.9% on whatever balance is left, pay the min on the 0% card and as much as possible above the min to the other.

forward

Great. Thanks a lot!