Question Re: Applying for new 0% balance transfer card.

RickMoney

Hi,

I have a card with about £8.5k debt on it which has it's 0% intro rate coming to an end in January.

I'll be applying for a 0% balance transfer card but I'd like to know if when applying for the new card, you specify the amount of balance you want to transfer so you can definately move over the whole amount?

Is that the case?

Thanks,

Rick

rockm87

Hi
You can request it but it doesnt guarantee you will be given that as a limit.

RickMoney

I worried as much, I'll get an application in tomorrow and I guess if need be apply to a couple to cover the balance....

Thanks

RickMoney

Ok so was accepted for the Halifax for the full term but the estimated credit is lower than the full balance of the card that is ending. Is it best to wait and then request more credit from them over the phone or to make an application to another card provider to cover the shortfall.

Should I call and reduce the credit limit on the current card to maybe free up room for the new cards to extend?

SuzieSue

I very much doubt that Halifax will increase your credit limit until after around 6 months and even then they might not.

I applied for 2 Santander and 1 Halifax 0% BT cards in January and February this year and managed to get a total of £15k credit.

I then applied for a Post Office 0% BT card in around June this year but was turned down.

I then applied for an AA 0% BT card a couple of weeks ago and was expecting to be turned down but was accepted with a £5k limit.

YorkshireBoy

SuzieSue wrote: »

I very much doubt that Halifax will increase your credit limit until after around 6 months and even then they might not.

LBG (of which Halifax are part) have a bit of a reputation for actually reducing your credit limit if you're heavily indebted and making minimum payments. Happened to many others, and to myself this week at the 6 month point on a 13 month fee-free BT deal taken out in April this year, when they reduced the limit to £200 over the current debt on an initially maxed out £10K limit card.

scott_lithgows

Try for the Asda card.

SuzieSue

YorkshireBoy wrote: »

LBG (of which Halifax are part) have a bit of a reputation for actually reducing your credit limit if you're heavily indebted and making minimum payments. Happened to many others, and to myself this week at the 6 month point on a 13 month fee-free BT deal taken out in April this year, when they reduced the limit to £200 over the current debt on an initially maxed out £10K limit card.

Yes, this happened to my husband. He got a £8k limit from Halifax on a 0% BT card in February and they have reduced it twice now to just over his debt at the time. He had also taken out 2 Santander 0% BT cards at around the same time.

SuzieSue

scott_lithgows wrote: »

Try for the Asda card.

Doesn't it have a BT fee?

YorkshireBoy

SuzieSue wrote: »

Yes, this happened to my husband. He got a £8k limit from Halifax on a 0% BT card in February and they have reduced it twice now to just over his debt at the time. He had also taken out 2 Santander 0% BT cards at around the same time.

Yes I had a stoozing purge late 2014/early 2015, with cards from Lloyds, Halifax, Santander & Sainsbury's (all fee-free BT deals and average £9K+ limits), YB (£10K slow stooz purchasing), and Tesco (£4K). When you factor in an unused £25K Virgin card there's no wonder they were spooked really!

To be fair though, Lloyds, Halifax, & YB were all 'guaranteed' cards (so I wasn't formally credit searched) due to current account activity (another plus side to current switching!).

SuzieSue

YorkshireBoy wrote: »

Yes I had a stoozing purge late 2014/early 2015, with cards from Lloyds, Halifax, Santander & Sainsbury's (all fee-free BT deals and average £9K+ limits), YB (£10K slow stooz purchasing), and Tesco (£4K). When you factor in an unused £25K Virgin card there's no wonder they were spooked really!

To be fair though, Lloyds, Halifax, & YB were all 'guaranteed' cards (so I wasn't formally credit searched) due to current account activity (another plus side to current switching!).

Wow - we were happy to get £30k between us. But it has adversely affected our credit ratings - we were both turned down for the Post Office card in June.

But what I don't understand is why I was accepted for the AA card earlier this month as it is also run by BoI just like the PO card. My husband was rejected by AA.