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Credit Card transfer query!
AllanM
Posts: 14 Forumite
in Credit cards
Hi all,
Just wanted to ask. I have a MC with a limit of £6300. The balance of which is £4500.
I wanted to transfer to a 0% interest card. I have been pre-approved for a card but it only has a limit of £1200. Will they approve, say a card of £5000 limit? I dont want to apply for this card and then realise its affected my credit score when I then cant transfer the full balance.
I also intend to apply for a mortgage in the next 3/4 months should I just wait until I have done that so it doesnt affect my mortgage app?
Many thanks for any help.:j
Just wanted to ask. I have a MC with a limit of £6300. The balance of which is £4500.
I wanted to transfer to a 0% interest card. I have been pre-approved for a card but it only has a limit of £1200. Will they approve, say a card of £5000 limit? I dont want to apply for this card and then realise its affected my credit score when I then cant transfer the full balance.
I also intend to apply for a mortgage in the next 3/4 months should I just wait until I have done that so it doesnt affect my mortgage app?
Many thanks for any help.:j
0
Comments
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You won't know your limit until a succesful application has been made.
General wisdom is to avoid new credit if applying for a mortgage in the next 6 montha.0 -
£1200 is pretty much the standard limit when a representative example is shown, it has nothing to do with the limit you will be offered.0
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Many thanks :beer:0
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Even if it's only 1200 it's still money you aren't paying interest on.
Your existing debt and not clearing it in full will affect your mortgage anywaySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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So you would advise applying for the card?0
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Only if you want to pay less interest and save money.0
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