Struggling to get large balance transfer

CarolineO72

Hi,
Having some issues trying to get a worth while balance transfer and need some advice! At the start of 2016 I had a Barclaycard with £7500 on it, I tried to do a balance transfer to cover it all with MBNA in march and it offered £500 which I didn't use. I had good credit score at this time (Experian 900). I tried in October with Tesco and it offered me £1500 Which I used to get rid of some of the debt( Experian credit score 830). The Barclaycard is now at £6500 and I just can't get a balance transfer that gets anywhere close to it to help me out! Should I go for a deal that isn't so great with a smaller interest free period so that they hopefully offer me more? Or look for the best deal and hope? I imagine all I will be able to do is get small credit cards every 6ish months to try and chip away at it?

YorkshireBoy

Unless I'm missing something, your debt has actually increased by £500 over the last 12 months? Why is this?

How many cards do you have? And their limits and balances?

Your income?

Ben8282

You say you had a £7500 balance on your Barclaycard but don't say what the actual credit limit is.
With a (presumably) £7500+ credit limit on the Barclaycard you should not be getting £500 credit limits on mainstream cards.
There is something not good somewhere in your credit history I think. If you have not missed payments, exceeded credit limit, defaulted etc then I would suggest perhaps very high utilisation % or high balances in relation to income (you don't say if you have any other cards or balances).
Is this £7500 recent spending or is it an expired (or about to expire) 0% deal.
In view of the result of your 2 last applications, I sincerely doubt that you will be offered a card with a sufficient credit limit to cover the whole Barclaycard balance in the foreseeable future.
I am very tempted to suggest that you may like to consider a loan to repay the outstanding Barclaycard debt so long as the APR is lower than the Barclaycard APR.

CarolineO72

Hi,
The credit limit on my Barclaycard is £7500 and it is currently at £6500(used the Tesco to clear £1500 but due to my partner losing her job had to use £500 for bills this month)
I have an Tesco credit card with £1215(credit limit £1500)
And MBNA £500 credit limit and nothing spent
I have no missed payments on anything and I have checked my Experian to confirm this, my credit cards are all near there limit due to not being able to get a credit card to cover the bulk of the debt.
I have had a loan in the past, although it is great to reduce the monthly payments andhebinterest is lower I found that after a year of paying off £300 a month I had actually only cleared £1500 of the loan so do not want to get another, I want to go for 0% balance transfers so what I pay off actually goes against what I owe

MallyGirl

have you tried the eligibility checker on here.
have you looked at your credit history with the 3 CRAs?

lynz68

Your credit score is useless it counts for nothing and I hope your not paying for it.

As the credit cards you have are very close to there limits and the more recents offers you have had are considerably lower I think it's highly unlikely you will get a 0% balance transfer card. Banks will probably see you as a risk due to the high utilisation of the cards you already have.

You could maybe apply for another card but if unsuccessful you need to look at reducing your outgoings. Have a look at the debtfreewannabe board you will get some great advice over there.