Balance Transfer Leaves a Balance!

JackH2019

Hi,
I recently applied and was accepted for balance transfer as my current offer expires soon.

My application was accepted, but I got a credit limit well short of current credit card/current balance.

My query is how my credit rating would be affected if I make further applications in order to get a balance transfer deal that covers my outstanding balance that is going to be on full interest soon?

Should I do this, or wait a few months?

Thanks

[Deleted User]

Any further search will show on your files, like the first one.

If rejected, leave it a few months.

JackH2019

Ok, thanks zx81.

I suppose I'll just have to suck it & see really.

I think I'll probably be accepted, I have no bad credit issues.

The real issue for me is what credit limit they set for me, which I think is the unknown factor?

Nasqueron

At the very least you can get rid of a lot of debt and then more of the money you were paying each month will go on clearing the more expensive debt while you pay the minimum on the BT card until main card is cleared, then hit the BT card - make sure you have a plan for paying off the BT card such as a good monthly payment or, if you trust yourself, a savings plan to pay off the balance at the end. If you are bad with money then set the direct debit to pay a good sum every month so it's not tempting you to spend it

JackH2019

Thanks Nasqueron, That's good advice. I suppose that's why I'm a tad perplexed with the low credit limit, I've always paid well above my minimum payment £50 a month above min payment actually. I always felt that this would/should reflect good on any future moves such as this.

[Deleted User]

Remember that your new card is additional lending. Lenders will be concerned once you reach a certain level.

JackH2019

Sure, I get that. But I don't use a credit card generally. I think the last time I used any credit card was about 12 months ago for a big purchase. I do have other credit cards with £0.00 owing on them, still not sure which camp to go with on that one ie. some people say to cancel un-used cards/ accounts, others say cancelling them can hurt your credit score.

Maybe keeping them has damaged mine at this point??

[Deleted User]

You don't have a credit score at all, damaged or not. What you have is credit history.

Lenders will look at your available credit against your income. If you post your cards, their age, limits and your income, we can give better advice. But I wouldn't go cancelling anything if you're about to make another application.

JackH2019

Ok, thanks for that , it sounds like the explanation that applies- no score, only history.
Yep, I won't cancel anything for now.

I would need to dig out exact details, but off hand

- Bank of Scotland £4,000 limit 3 yrs old
- Tesco £6,500 limit, just over 3 years old
- Nationwide £4000 limit, 4 yrs old
Nothing owing on these.

Income is just under £33k

[Deleted User]

What about the card with the current balance?

And what did you get on the new card? And from who?

You look like you might be approaching the limits of what lenders will feel comfortable with.

JackH2019

Ah sorry, forgot about them.

Existing is with Virgin £6000 limit, £1000 available

New card is Sainsburys £2k limit