Please help! Balance transfer credit limit too low!

YorkshireBoy

allacesal wrote: »

One last question (I promise), is there a limit on how many balance cards you can have?

If there is it's more than 10!

I'm now planning on applying for another 2, assuming they both offer a similar limit of £1,000??

No way of knowing what limit you'll get. You were taking a bit of a gamble going for BoS, bearing in mind they're part of LBG, ie LLOYDS banking group! Any reason why you didn't take the advice offered and try MBNA, who are well know for granting high limits?


If you are planning multiple applications, then go for duration over BT fee cost. This is because 3 or 4 applications in quick succession will damage your credit rating somewhat, and for a good while!


EDIT: Oh dear!...just remembered you're transferring from Halifax, which is underwritten/issued by BoS. Can you transfer a balance from Halifax to BoS?

allacesal

Yes I tried a preliminary application for MBNA who said they would most probably decline the full application, so not to bother!

Yes according to their small print you are able to transfer from Halifax to BoS to my surprise.

Would you recommend waiting a little while until my next application then??

YorkshireBoy

allacesal wrote: »

Would you recommend waiting a little while until my next application then??

In your shoes I'd get the application(s) in quickly, as once BoS start reporting your limit (and debt) to the CRAs other lenders will see this and may decline.

YorkshireBoy

allacesal wrote: »

Yes according to their small print you are able to transfer from Halifax to BoS to my surprise.

Did you know that before you applied? Or are you just generally lucky?

allacesal

Ok I'll get applying.

Haha I actually found that out first, it was actually quite easy to find on this site in the card info section. I'll get another application or two in and let you know how I go.

allacesal

Application accepted with Lloyds!! Similar to BoS but 26 months 0% on balance transfers

allacesal

Hi guys just wanted to run a quick question past you before applying for another balance transfer card.

I now have 2 x balance transfer cards, 1 with BoS and 1 with Lloyds, both for £950, so that leaves me with £1,200 approx on my Halifax Clarity Card.

Last week I had a third application for a BT card with Post Office rejected. I wanted to know whether i'll be OK to apply for another BT card with another provider or whether the recent rejection from Post Office will have effected my credit rating?

Any advice on whether I should apply for another BT card or wait a while would be greatly appreciated.

Many thanks

Candyapple

Post Office (underwritten by Bank of Ireland) are known to be quite difficult to get.

You are probably best trying for 1 more application with Barclaycard or Tesco but choose one. Also, if that gets rejected it's probably best not to apply for anything else for at least the next 6 months. If you get rejected and that still leaves you with a £1.2k debt, try your best to throw everything you have at clearing this debt during the next 6 months and then try applying again for a new BT card.

bengal-stripe

allacesal wrote: »

I now have 2 x balance transfer cards......Last week I had a third application for a BT card with Post Office rejected.....Any advice on whether I should apply for another BT card or wait a while would be greatly appreciated.

The rejection will not show, but the credit check will. You now had three applications within a week. That smells like (and presumably is) financial desperation.

It is quite likely, another application will result in rejection too, and further damage to your credit file. So, stay off further applications for the next six months, before serious damage has occurred.

allacesal

Ok guys thanks for the advice.

I've taken Candyapples advice and tried for 1 last BT card with Barclaycard, who said they will let me know within 5 days.

Let you know how I go on!

Thanks