Credit card transfers - multiple cards - help please

puglover_3

Hi all.


I want to transfer 3 credit cards to 0% cards and need some advice on the best way to do this. I have 8k 3k and 2k on 3 separate cards. is it best to transfer them separately or add the 2k and 3k together as I would be surprised that I would be able to transfer the 13k to one card.


working hard to get my debts down


many thanks

MallyGirl

Any new application will have to assume you are not going to be paying off the old debt. Your new limit will be based on that. If you make a rough assumption that total limit shouldn't exceed 50% of gross salary then you would need to be on around £50k to achieve a £13k limit in addition to what you already hold. This is not a hard and fast rule but helps as a guideline. If your salary is not in that ballpark you will just have to take what you can get (if anything) and transfer either from the soonest expiring 0% deal, or from the highest standard APR you will revert to (if they are all similar in expiration).

Candyapple

I have 8k 3k and 2k on 3 separate cards.

Who are the card providers and what are the credit limits?

Do you have any other debts e.g overdraft, other cards, loans, car finance etc?

Ever had any late payments, defaults, CCJs?

puglover_3

Thank you cards are as follows
Barclaycard - £8k Limit is £10,500
Capital One £2,500 Limit is £3,250
Vanquis £2,300 Limit is £3,550


Overdraft £5,000
No Loans, CCJs or late payments


many thanks

bigadaj

Ok, how much do you earn and what rates are the debt at on each of the cards.

You can do a soft search on this site and with some providers to work out the likelihood of getting other cards, don't make too many applications as that will affect your credit file, one or two now and then leave it for a few months.

Mbna are well know for generous limits and good deals but see what the soft searches say, transfer what you can and then hit the highest interest debt as quickly as you can which should save interest and allow more debt repayment.

YorkshireBoy

The £5,000 overdraft... is that debt or just a facility?

Dobbibill

Have BC not given you any offers?

They are normally known for offers for existing customers, although the balance you are carrying with them may be delaying any offers at the moment given your utilisation is exceeding 75%.