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xpc
xpc Posts: 6 Forumite
10 Posts Second Anniversary
edited 1 December 2020 at 8:32AM in Credit cards
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Comments

  • eskbanker
    eskbanker Posts: 36,942 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The short answer to your question is no, there isn't any way of knowing what credit limit you'd be offered without applying.

    No harm in taking an objective view of your credit situation as it'll be seen by prospective lenders though, so consider the following....

    Underwriters will consider total available credit as well as other affordability measures - even if you're not running any large balances then do you have other credit cards?

    Having said that, it can be a double-edged sword - if you don't have other credit cards, and evidence of managing them well, then getting a new one with a credit limit of over £20K is somewhat unlikely.

    Have you checked what your credit files look like, and tried the eligibility checker on here at https://creditcards.moneysavingexpert.com/?money-transfers?
  • MallyGirl
    MallyGirl Posts: 7,201 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I would make one application. If you get it then go for the loan at a reduced size, if not then the loan @ 2.8% for the required settlement (as long as that is a lower APR than you are currently paying.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Dobbibill
    Dobbibill Posts: 4,191 Ambassador
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    and as long as that is the rate offered - many don't get the headline rate so read the info carefully.

    See what credit limit you are offered on application - some of it at 0% is better than none ;)
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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    Just be better than you were yesterday.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Dobbibill wrote: »
    and as long as that is the rate offered - many don't get the headline rate so read the info carefully.

    See what credit limit you are offered on application - some of it at 0% is better than none ;)

    ..........but is it though?

    Partial loan repayment may mean the monthly repayment staying the same plus then at least a minimum payment on the card.

    IMO getting a loan at a lower rate would be a better solution with as many overpayments as the OP could afford.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    The chance of your getting a money transfer card with an initial credit limit in excess of £20K is very very low.
    If your current credit card has a £5K limit then expect a credit limit in that range. You will not suddenly be given £20K elsewhere. even though your current available credit is disproportionately low in relation to your income.
    The existence of £21K outstanding debt will not help the situation.
  • Sncjw
    Sncjw Posts: 3,562 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Also take in account your effectively being assessed on double the debt. So 40k debt.
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment paused to pay off cc 

    Starting balance £66,565.45

    Current balance £58,108

    Cc around 8k. 

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