credit limit on new cc not enough

karolina1

I've applied for a new 0% bt card to shift cc debt as current 0% is coming to an end. Ideally I'd like to shift 5k, but the limit I've been given is only 3k. When would be a suitable time to apply for another card?

Dobbibill

No-one can say for certain when the right time would be to apply, it would depend on a number of factors like how many applications you have made recently, who your current credit card is with, your income, overall available credit facilities.

Another option to look at is existing customer offers eg - does you card you have a balance on offer a MT? (Credit limit allowing of course.)

For the moment, you can at least get almost £3k onto the 0% deal which is better than nothing.

PeacefulWaters

It's time to throw more than minimum payments at your debt.

Pass the parcel balance transfer activity that doesn't deal with the issue of a high balance has finally caught up with you.

As for your question, try now. But there are no guarantees.

leestafford

I agree with PeacefulWaters, just prioritise getting rid of it

karolina1

Another option to look at is existing customer offers eg - does you card you have a balance on offer a MT? (Credit limit allowing of course.)


9.9% is an option I have with another card I already have


This is the first time I've applied for credit in about a year, usually get offered a higher credit limit

wiseonesomeofthetime

karolina1 wrote: »

I've applied for a new 0% bt card to shift cc debt as current 0% is coming to an end. Ideally I'd like to shift 5k, but the limit I've been given is only 3k.

I had this issue fifteen months ago and resolved it by splitting the BT between two cards.

What I had not considered was the damage it did to my credit file as I now had two cards near maximum credit limit and my active daily usage card, so when I tried to change my active card, I was declined.

Given that many accounts don't often decent interest rates any more, I've decided that this stoozing business is not for me. Missing out on £3 a month is not going to impact hugely on my life. Just one less Costa a month and I can put that in a jar instead.

planteria

if the aim is to pay off the debt, then yes, making payments larger than the minimum is going to help. but in terms of increasing the likelihood of higher limits, i'm not convinced.
i have always had DDs for full balance (purchase cards) and minimum payment (for BT cards).
my first thought would be to speak to the provider of the new card, tell them that you can't move the full balance across unless they can squeeze up the limit for you, and see what they say.
understanding who this provider is would help us, of course.