Balance Transfer advice sought.

kinny999

Afternoon folks, I'm looking for some help as I'm wary of applying for balance transfer cards without being wholly sure im making the right move ; and at this point, im not.

Basically, i've a poor to middling credit score, and ive approx £5000 of credit over 2 cards (capital one and barclaycard) that i'd like to combine onto one card (if possible although i understand the amount is maybe too large) -

Can anybody offer some sage advice, i've been pre approved for marbles and aqua cards but they're all assumed limits of £1200 and i imagine that pending an approval it;d be for that amount and leave me with a third card that i can't really use for much?

Can i apply for 2 £2500 balance transfer cards?

I've looked and a loan isnt in the equation.

Any and all advice welcomed

[Deleted User]

Your score isn't a factor in lending. Only your cedit histroy. What does yours show?

The £1200 is representative limit. Yours will be different. Perhaps less, perhaps a lot more.

You don't request a limit, but will be given one, If you need a second card, you can apply for one.

spadoosh

If youre not going to get accepted for a loan i cant see you being accepted for 2 0% balance transfer credit cards.

Some banks ask what youd like the limit to be, others will just give you a limit based on their own conclusions. Its rarely the representative example. And youll only find out when you apply.

What you can do though is transfer as much as the interest bearing debt to a 0% BT card to reduce the total cost of the debt to you. So say you only get accepted for one 0% card transfer as much as the debt to that card and then youre only paying interest on the balance thats left.

Bear in mind there is no guarantee of an interest free balance transfer card being available to you when the interest free period ends so plan to repay the full amount before then.

Candyapple

Marbles and Aqua are both subprime lenders so the limit they will likely give you will be less than £1k.

Have you used the eligibility checker?
https://www.moneysavingexpert.com/eligibility/credit-cards/

Check to see if there are any other card providers first.

If all else fails

1. Apply for the Marbles and Aqua cards
2. Balance transfer as much as you possibly can
3. Close your Barclaycard/Cap One cards when the balances are clear to prevent re-spending on them
4. Whatever you couldn't balance transfer over, go here: http://www.whatsthecost.com/snowball.aspx
5. Get another job / cut back on other things and pay down as much as you can to clear the debt
6. See where your finances are again in 12 months time to see if you can get a better balance transfer card