How can I maximise chance that new credit limit will match old?
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I recently took out a 0% credit card from Virgin Money, and was given what I think is a very generous credit limit. When the 20 month period is over, I anticipate I'll be at or near this limit and will want to transfer the whole balance to another 0% card. But it's struck me that, for a brief period, this involves having two cards with high credit limits: the Virgin card, and the hypothetical new one that I'll be transferring to. Now *I* know that after the transfer I'd be closing my Virgin card rather than racking up new debt, but the new company won't know that... so I'm concerned I won't get a new card with such a high credit limit - or perhaps no new card at all, given how high the Virgin credit limit is. Is there any way to quantify and/or mitigate this risk?
I figure one way might be to reduce the limit on my Virgin card - either now or later in the term, based on this forum's advice - in the hope that the new company will get closer to matching it. For instance, consider two scenarios (with made-up figures):
Virgin £2,000 limit
new card £1,000 limit
Virgin £1,500 limit
new card £1,500 limit
In both cases, my total credit adds up to £3,000. But in the first case I could only do a balance transfer of £1,000, whereas in the second case I could transfer £1,500.
However, I know it's not as simple as "new card limit + old card limit = £3k", so I thought I'd ask here for any better rules of thumb or things I can do in the run-up to the end of the 0% period.