Balance Transfer

Quiche57

I have nearly £6000 on my credit card that i want to transfer - usual huge mistake of not making a note of when the 0% period had ended. I am being turned down and the most likely acceptance would be below that credit limit. Is my best bet to turn it in to a loan to get rid of this debt?

[Deleted User]

Not enough info to say.

What is your income?
Your total debts?
Available credit limits?
Credit history (not score)?
Who have you applied to?

Willing2Learn

Lorraine_Steward wrote: »

I have nearly £6000 on my credit card that i want to transfer - usual huge mistake of not making a note of when the 0% period had ended. I am being turned down and the most likely acceptance would be below that credit limit. Is my best bet to turn it in to a loan to get rid of this debt?

A loan does not "get rid" of the debt. It just puts the debt in another pot. The main problem with consolidation loans is that many MSE members have ended up doubling the debt as they get the loan and then still spend on the card.

Are you good at managing credit accounts?
Do you keep to your monthly budget?
Or will you be tempted to build a new balance on the card once you have a loan?

[Deleted User]

How do you know the most likely acceptance is below the limit you need?

Ignore the £1200 Representative Example, as it is just that - an example.

You won't know what limit you get until you complete an application.

CakeCrusader

Check your credit file. It will give you the date that you opened the card so you can work out when the deal finishes from there.



Be careful when applying for a balance transfer cards, if you make too many applications within a short space of time it will make you look as if you're desperate for cash. Have you checked the MSE credit club to see if you have balance transfers available at all? Gary's right, you won't usually find out the credit limit until after you've applied. Even if you get one with a lower limit you can still transfer the bulk of your balance (remember to factor in any costs though) and clear the remaining balance when you can, just remember to always pay more than the minimum (clear it in full if you can). Do check when your current deal runs out first though.