Balance Transfers and Rebuilding Credit. Vanquis - Capital One

gibboking

Hello

Thanks in advance for any advice.

My hubby has a Vanquis Credit card that he has had since 2012. He has a £4k limit with £2.5k owing on it.
He is paying it off at £100 a week as he wants the debt gone, and also wants to rebuild his credit score for future mortgage deals.
Anyway .... After looking at his credit score on clearscore it said he has been pre approved for various credit cards, he has applied and been accepted with a £1500 limit balance transfer card with capital one. 0% for 6 months. On application he was asked if he wanted to transfer any balances and he put in the vanquis details including the full £2500 owing on it before knowing what his limit on the new card would be.....So my questions are.. 1. Do they transfer the full limit (£1500) from vanquis to capital one or do they take so much so that its not over/near to the limit? 2. Do they do this automatically, meaning we don't have to do anything else? 3. Should hubby apply for another card for the remaining £1000 on vanquis or just get it paid off super quick?


Thank you

[Deleted User]

They'll BT an amount of 90/95% of the limit he's given.

Check to see whether it's done automatically by monitoring both accounts.

If he can get the remaining balance paid off in 10 weeks it may not be worth another BT, given the fee, but you'll need to do the maths.