Total noob question re: balance transfers

Determined2Save

Hi,

Sorry if this is a recurrent question - feel free to judge me harshly and point me to a previous thread if so! I have read around before coming here, but just have a couple of questions about the scary (to me) world of balance transfers.

Currently, I have a £600 balance each on an MBNA credit card (limit £2,000) and Barclaycard (limit £2,900). Given that I'm on a DFW spree, and paid £22 in interest between them this month (I pay off £50 plus whatever interest was accrued each month), I'm tempted to do a balance transfer on both to a single, 0% card.

My questions / concerns are:

1) given the high limit of my current credit cards, am I likely to get rejected due to seemingly having a high amount of available credit?

2) If I do get accepted, how likely (this is informed opinions, I accept) am I to get accepted for the full c. £1,200?

3) Will the two credit cards from which I'm transferring get automatically closed in the process?

Thanks in advance for any advice / wisdom you can impart!

jonesMUFCforever

1 - We don't know - any new card application will depend on your general credit rating.
2 - Most full cards would give you at least that IMO.
3 - No; cards will not be closed by using a balance transfer - you specifically have authorise each card closure.

[Deleted User]

Your current limits are low, but they need to be judged in relation to your income.

MrsTinks

Could you do a BT from each card to the other if they have any offers on? Barclaycard often do offers!

That way no new card and temptation

Determined2Save

Thank you for the responses! My credit rating is at the high end of 'good' according to Noddle, and I don't intend on opening any contracts in the foreseeable future, so I might brave it.

Again, really appreciate the insight

Determined2Save

MrsTinks wrote: »

Could you do a BT from each card to the other if they have any offers on? Barclaycard often do offers!

That way no new card and temptation

Very true! That would be a good compromise, I suppose! Thanks for the advice

Nebulous2

Use the eligibility checker on here to see the likelihood of being accepted. If other things such as good payment record and on the electoral roll stack up then three cards isn't a lot and the amount of credit you are looking for is fairly modest.