0% ending advice

andju6290

my 0% credit card offer runs out in 2 months. I have 5k debt on it. Limit is 9K. I will not be able to clear much off it before it ends.
Any advice : i was thinking to apply for a 0% balance transfer preferable long one. To do so looks like it may be one with a fee. Im not too concerned about that but if I shift the 5k over would I be likely to get for e.g a similar 9k limit as I have on current card. Im not planning to use all but just want an idea how these things work as haven't done this before. Im not too concerned about carrying that level of debt, just rather not have to get a loan and pay interest.

Ive always paid more than the min monthly payment . Annual; salary is 52K.

So as a first time BT 0% er does anyone have advice and any general tips/ pitfalls (aside from debt itself !). Advice appreciated,always worth checking out before launching in.

Ben8282

If this £5,000 is your sole non-mortgage debt and your credit files are in good order with no adverse information, based on your salary and in the absence of any adverse factors that you have not mentioned, I think that you have would have a realistic chance of being able to transfer the balance.
Have a look at what card you would like to transfer the debt to. If the issuer has their OWN eligibility checker to check eligibility for the card use it as it is likely to give a more accurate result than a third party eligibility checker.
It would be inappropriate for me to suggest any particular lender.
This is just a personal opinion, but I have always wondered if perhaps it is better not to go for the very best offers on the market as such lenders will know that their offer is the best current offer around and will therefore be getting lots of applicatons and may be more selective than a lender offering a good but not quite as good offer.

[Deleted User]

You won’t know what limit you’ll get offered til you apply.

The question is why hasn’t the balance been cleared as of today?

andju6290

just unforeseen expenditures.
I did the MSE eligibility and it says i am pre-approved for a couple of the longer term BT's

andju6290

ok thanks I did the MSE eligibility and it says i am pre-approved for a couple of the longer term BT's and 100 % chance on others, some 95%. is this reliable? is going for a 95% risk rejection and spoil credit rating ?

[Deleted User]

You won’t know til you apply.

You have not credit rating to spoil.

andju6290

Thanks for reply. Would I be more likely accepted with the 5k balance with one of the cards you have to pay %fee? On basis they get something off me straight off

MallyGirl

makes no difference - they will have much more complex internal rules than that. Just apply for the one that will work best for your circumstances - then build up an emergency fund so that you don't have to use credit cards for 'unforeseen' anything.

vacheron

andju6290 wrote: »

Any advice : i was thinking to apply for a 0% balance transfer preferable long one. To do so looks like it may be one with a fee. Im not too concerned about that but if I shift the 5k over would I be likely to get for e.g a similar 9k limit as I have on current card.

andju6290 wrote: »

So as a first time BT 0% er does anyone have advice and any general tips/ pitfalls (aside from debt itself !). Advice appreciated,always worth checking out before launching in.

My advice to your original question would be that if your first BT card application isn't perhaps as large as you qould like / need, then within the next 10-20 minutes... (or even simultaneously if you have a few browser windows open), apply for the next one(s).

This is the way I have historically applied because by the time the first application is completed the credit agencies haven't had time to update the search on your record, so you appear just as credit worthy on each application.

Of course, there is a downside to this which is by the time all applications have been processed by the CRA's your credit report will look worse for future applications, but by then you will hopefully have achieved your objective and have enough for your BT, so as long as you aren't planning on any other large credit applications for a while, such as a mortgage etc, you should be OK.

Just make sure if this works that you don't run up even further debts which another "unforeseen expenditure" would make you incapable of paying off and thereby pushing you even further into debt.

andju6290

Can anyone explain one thing. In applying for BT card there are 2 choices 29 months but purchases 0% for 3 months and another card says 0% purchases for 12 months - im not sure what that means . Don't want to apply until I fully understand.

andju6290

Just to elaborate on above lest its unclear - does it mean if I make any purchases after that time I get hit with charges ?