New Balance Transfer - Eligibility Check

Sharon87

I've got about 14k all on 0% deals. Now I have about 28k limit on all my credit cards combined. I want to apply for another card with a longer 0% balance transfer deal. I'm slowly paying the balances off and a longer deal will help me.

I've been looking on the eligibility checker on this site and even without knowing my debt it's saying I have a slim chance at the better 0% deals, despite a 35k year income, lived at my house for 3 years... How accurate is the eligibility check on here? Has anyone applied for one they had 10% for and got it?

I know I should close at least one of my empty cards - I assume this is the reason I wasn't accepted for a couple of cards last year. Do you think that's the best idea? Close a card, wait for a bit and apply for a new one?

[Deleted User]

The low chance is more likely due to your debts than the limits. Closing a card will worsen your utilisation further, which is already quite poor.

Look to pay some if the debt down.

onlyfoolsandparking

Yes I'm sure a longer deal would help and its up to you whether you apply, I'm not sure how accurate the eligibility checker is (used it myself a few times) the only real way to test its accuracy is to apply.


As has been said you definitely shouldn't close any cards down, utilisation is an important factor 50% is ok 30% is better.


Personally I would pick the best card you think is suited for your needs, apply, if you get it great, if not your no worse off (providing you don't apply for another for 6 months) you are at least paying your debt down.

AliceBanned

Recently I found the MSE eligibility checker can be surprisingly inaccurate. I applied for a Lloyds credit card when it was showing 95% acceptance - and was turned down.


i guess it works on algorithms so nothing is guaranteed - it is a just a guide but I had no idea I would be turned down when likelihood was showing to be high. I owe around £10k at the moment with a salary slightly higher than yours. In the end I opted for a Marbles card for just a few months and then one of my existing cards (First Direct) offered me 20 month BT at 0%. Do you have any cards that you could approach to get a new deal? Especially ones that you have been consistenly paying down? I hadn't thought of trying it and had phoned First Direct about something else when they offered it.

[Deleted User]

You obviously fell on the 5% of people that didn’t qualify - so technically it’s not inaccurate.

AliceBanned

!!! wrote: »

You obviously fell on the 5% of people that didn’t qualify - so technically it’s not inaccurate.

Ah true. . I probably felt it was inaccurate because that's never happened before - I've applied for lots in the past with that % and less and never been refused so I was quite surprised.

Sharon87

So my current credit cards are only offering a maximum of a year's balance transfer. I want at least 2 years lol.

But 2 cards in the past month have INCREASED my limit. I knew one of my MBNA cards was increasing, it went from a 4k limit to a limit over 7k!! There'a about £1400 on that card at the minute. They're offering a 1 year balance transfer but with a 3.5% fee (Barclaycard are offering a year at 2.4%). The other card limit went from 2k to 3k.

So I do have options, it's just whether I should get rid of one card (I have 7 cards in total, some clear, some with a small amount on, others with large amounts!). Then I can try and apply for another, if I get it great! I'm using 47% of my credit. If I get rid of the 2k Nuba card that'd be 50.2%, so still pretty good. It also reduces any temptation knowing there's a card not being used lol. (I like looking at holidays, which just tempts me lol)