Application Query

lukers88

Hi

I've just applied for a Balance Transfer credit card however the limit I've been given isn't actually enough to cover the balance I want to transfer. Had a thought about it and rather risk this happening again, I think the best way to go forward now is to pay off the amount with a personal loan. However, I'm conscious this might not look good as I've just applied for a credit card. I'm going to cancel the credit card in the morning, but will this affect my chances of getting accepted for a loan? Should I wait for x amount of time before trying to apply?

Anyone's help will be greatly appreciated!

Caz3121

why cancel the card? there is no guarantee of a loan for the amount you want (it will be classed as additional to the amount of debt you currently have even if you plan to pay off the existing debt)
Transfer the most you can to the balance transfer card, make the minimum payment + £1 whilst you throw as much as you can on the highest interest debt

[Deleted User]

As above. Do NOT cancel the card.

Take the offer and then consider additional options.

lukers88

Thanks guys. That actually makes a lot more sense!

sivs

As the other have said. Don't cancel card.. I would also try for another balance transfer card and if successful transfer remaining balance over.

An additional search shouldn't cause to much damage and if your not successful you are no worse off.