Whether to state that I want to transfer a balance on application

So I have a credit card that had interest free purchases which ends middle of October so I am looking to apply for a new balance transfer credit card soon.

I have around £2800 of debt on the card.

When I apply for the new CC, if I state that I am looking to transfer a balance of £2800, will this affect my liklihood of being accepted ? My thoughts being, if they are willing to give me a credit limit of £2000, will they then decide to not accept the application or will this have no affect?

As regards the rest of the debt I have more than enough money to cover the debt (earning me interest in several different accounts).

Thanks in advance

Replies

  • ConsumeristConsumerist Forumite
    6.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    . . . When I apply for the new CC, if I state that I am looking to transfer a balance of £2800, will this affect my liklihood of being accepted ? My thoughts being, if they are willing to give me a credit limit of £2000, will they then decide to not accept the application or will this have no affect? . . .
    In the general scheme of things, any information you give in an application could affect the decision to grant you credit. If in doubt, don't volunteer the information.

    If it helps, the Santander credit card offers a fee-free 0% balance transfer for 15 months and does not ask that question in the application process.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • I haven't kept records but I'd be tempted to say that on applications where I've put down a high balance to transfer then I've been given a high limit.
    I wonder if they use that info to determine your limit.
    E.g. if you want to transfer £2800 then they may give you a £4k limit, but if you want to transfer £10k they may give you a higher limit?
  • To date my offered credit limits are usually around £1000 if I get accepted at all as I have a rather old default on file.

    Took a stab in the dark applying for MBNA money transfer card today (to stooze) and asked for a £5k transfer. Almost fell off my chair when I was immediately accepted for a £5,600 limit, so it seems it does have some sway - I just wish I'd asked for more!
  • edited 4 October 2015 at 9:49PM
    poiuytrewq10poiuytrewq10 Forumite
    19 Posts
    edited 4 October 2015 at 9:49PM
    I'm thinking JimmyTheWig may have processed my credit card application...

    I stated that I wanted to transfer a balance of £2700 in the end and received a £4000 limit.

    Maybe, once they have checked that you are eligible to have credit, that they will give you an amount just above what you are looking for.

    For those interested, the MSE card checker gave me a 90% acceptance chance for the card.

    Happily stoozing away now! :D
  • You'll find that most t companies use straight through processing so in other words it just depends on how you score whether you get a card and the limit they give you, and most of it happens automatically. They will know you have outstanding debt because they or the system will have checked the credit reference agencies. I think you are looking too deep into this. How do I know, work for a credit card company.
  • MrsShazbatMrsShazbat Forumite
    733 Posts
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Forumite
    In the general scheme of things, any information you give in an application could affect the decision to grant you credit. If in doubt, don't volunteer the information.

    If it helps, the Santander credit card offers a fee-free 0% balance transfer for 15 months and does not ask that question in the application process.

    I applied for this today and got accepted straight away. Never done a balance transfer before so am on a major learning curve!
    SPCNo.15 #20 (14 £416.53; 13 £191.52; 12 £260.48; 11 £480.95; 10 £682.31; 9 £442.64)
    £1 a day for Christmas 2022 #29 £0/£365
This discussion has been closed.
Latest MSE News and Guides

Fans demand refunds from Leeds Festival

...after Rage Against The Machine pulls out

MSE News

The 'Ask An Expert' event

Check out last week's energy-themed Q&A with MSE's experts

MSE Forum

Free museums & galleries

Where to get your culture fix across the UK

MSE Deals