Balance transfer credit limit too low

Rosco75

Hi, I applied for a virgin money card. 0% 40 months balance transfers. After getting pre approved.
I have officially been approved today, however the credit limit is £500 but I need to transfer £4000.

Any suggestions what to do now?

Thanks in advance.

[Deleted User]

Transfer what you can and apply for a second BT card.

Candyapple

Read this:
http://www.moneysavingexpert.com/credit-cards/bad-credit-rating?_ga=2.192800618.1522868399.1498035606-722766352.1498035606

All you can do is apply for another card elsewhere and see if you get a higher limit:
https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=2.196094572.1522868399.1498035606-722766352.1498035606

Rosco75

Are the cards with shorter 0% balance transfer periods likely to offer more credit?

Candyapple

Rosco75 wrote: »

Are the cards with shorter 0% balance transfer periods likely to offer more credit?

No, however some lenders are more generous with their credit limits than others e.g. MBNA, Tesco.

RG2015

I posted on credit limits a few days ago and someone told me that Virgin Money tended to give the highest credit limits. I am surprised that there doesn't appear to be any way of knowing in advance what limit may be offered. Pre-approval is all well and good but pointless if the limit is far too low.

Rosco75

I'll apply for another, however it kinda defeats the purpose having the debt spread about since I was wanting to consolidate it.

Candyapple

If you apply for another and get another low limit then chances are that it is affordability that will be the declining factor. In which case, you should transfer as much of the £4k onto both 0% cards and then post up a statement of affairs over on the DFW boards because you need to increase your income/lower your outgoings.

http://www.stoozing.com/calculator/soa.php

http://forums.moneysavingexpert.com/forumdisplay.php?f=76