Credit limit vs balance transfer

molerat

Or go straight in and apply for another card. It worked for me 2 days apart and both gave above the BTs I asked for. Now gives me 90 days to build up some more and then clear my slow stooze TSB cashback card again (which was nearly full and BTd out to Tesco). The lenders may look on it differently if you are consolidating debt as opposed to stoozing though.

robfranklin

molerat wrote: »

Or go straight in and apply for another card. It worked for me 2 days apart and both gave above the BTs I asked for. Now gives me 90 days to build up some more and then clear my slow stooze TSB cashback card again (which was nearly full and BTd out to Tesco). The lenders may look on it differently if you are consolidating debt as opposed to stoozing though.

Do you mean apply for another Sainburys card or just going for another BT one? So requesting another BT card you don't think would be disastrous?

[Deleted User]

A card from a different lender.

robfranklin

Deleted_User wrote: »

Was that figure on acceptance, or the representative limit?

Limits are often lower than requested. Otherwise, we'd all have billions of pounds worth of limits.

robfranklin wrote: »

That's really interesting to know, how would you suggest going forward here then, assuming I am just transferring £1200 of £2250, definitely wrong to apply for another BT on such short notice, or is credit file only impacted if I actually accept the sainsburys card?

Thanks for help all. Did the instant re-apply and got a much higher £5000 limit on another BT card.

Question now is, do i shift balances all onto the one large BT card or mix and match between that and the Sainsburys one, which came with a limit of £1200. Would that make sense for the free perk? Or is it better to shift all to one card do you think?

molerat

The downside of the Sainsbury's card is the 2.25% minimum payment if you are stoozing.

faddy

Anthorn wrote: »

If you have given the card number and expiry date to transfer a balance from and they cannot transfer the full requested amount they are likely to transfer a reduced amount in accordance with the limit after allowing for fees and any maximum percentage of credit limit allowed for BTs.

Are you talking about card issuers in general or Sainsbury's in particular?

Incidentally, why do some (but not all) want the expiry date of the card you're transferring from?