Applying for new BT card-should you say amount you want to transfer on app form?

irish_eyes_3

Hi

I need to transfer my CC debt from Post Office CC and I've got an Ulster Bank application (no fees BT card) but I never know if I should say I want to do a BT on the application form or ask about it afterwards if you are accepted?

I recently got a new Natwest CC to BT my debt too but I didn't say I wanted to transfer my existing debt on the application form- and only got offered a limit of £1450 when the CC debt I need to transfer is £5000!!!!:mad:

SO- any advice- should I say I want to transfer my debt of £3500 on the form - or not bother?

I think my credit rating is ok- I had a missed payment one month recently with the Post Office CC as I had switched bank accounts and the DD didn't switch over but I paid it straight away for that month still.

Also due to today's not very great economic climate, banks are not giving out credit as easily


Any advice is greatly appreciated!

Thanks!!

GeorgeUK

First of all, don't do too many applications at one time - this will damage your credit score. About 2 in a 3 month period is acceptable.

Was the limit low possibly because of your income?
If so, would it be more helpful to try to signup over the phone and ask if the household income could be taken into account (if applicable)

Don't know about the forms, but online i get asked if i wish to do a BT when signing up (no idea about Ulster Bank). You can usually only BT 90%-95% of your limit, so i would suggest asking for £4000 BT. You don't need to use it if you get it and if they don't want to give that much, they'll just give what they think is an acceptable risk anyway.

marvin

Don't think it makes much difference TBH I would though always now wait till I see the credit limit before transferring or you may end up with a small amount on a card rather than all of it in one place.

irish_eyes_3

Thanks for the reply George....

My income isn't on the low side at all- and also I've been a Natwest customer for over 4 years also so I honestly couldn't understand the low limit offered to me!

I've been waiting very impatiently to transfer this debt as the last time I tried to in March I was rejected for a CC- again I couldnt understand why- the only thing I could come up with was that I was a BT card tart and they didn't want to indulge me with giving me another card to tart on!!!

I'll take the plunge and put down the £4000 limit and see where I get-if I get rejected its going to be another tedious and expensive few months waiting :mad:

Moggles_2

Completing the balance transfer request on a credit card application can sometimes speed things up by a day or two, but until you've been accepted and told your credit limit, it's best to keep your options open, IMO, and leave this section blank or if asked, state you may be interested.

Of course, you might want to commit yourself to a balance transfer if you're short of time before another 0% deal runs out, have no other option anyway and/or believe the balance transfer could influence the credit limit eventually offered. (I've no real evidence for the latter, just a suspicion that a BT may sometimes influence the credit limit on a new card.)

Personally, I feel the small advantage gained is outweighed by the disadvantages. An horrendous story involving LTSB and Capital One was posted on the Best Balance Transfers sticky last year. Incompetence on this scale is fortunately rare but, for peace of mind, I would wait until safe receipt of your card & credit limit before requesting your BT(s) by phone when you activate your Ulster Bank card