Balance Transfer and Credit Limits

Money100983

Hi All
First time poster here looking for some advice. I have a credit card with a £7500 limit on it and a balance of £4000. I am paying so much interest a month that I just took another card out with 0% balance transfer for 28months. However, the new card limit was only £2500 so I cannot transfer the balance which is infuriating. I did a quick check and they say they can review the credit limit after 6months. 

Do you know if there is a way I can get the new card provider to up my limit to the £7500 (or maybe even the combined £10,000) if I prove/arrange to close my existing card as part of the balance transfer??
Many Thanks
Mark

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Money100983 said:

Hi All
First time poster here looking for some advice. I have a credit card with a £7500 limit on it and a balance of £4000. I am paying so much interest a month that I just took another card out with 0% balance transfer for 28months. However, the new card limit was only £2500 so I cannot transfer the balance which is infuriating. I did a quick check and they say they can review the credit limit after 6months. 

Do you know if there is a way I can get the new card provider to up my limit to the £7500 (or maybe even the combined £10,000) if I prove/arrange to close my existing card as part of the balance transfer??
Many Thanks
Mark

You could start by asking them.

cymruchris

Unlikely - they've given you a limit based on a number of internal factors. You can ask - but I don't think in the current climate you'll be successful. What would happen if they upped your limit - and you 'promised' to close your other card - but didn't - then went on a spending spree? They are mitigating their risk. The best way forward to is to transfer what you can to the new card in order to minimise the interest you're paying, and then use eligibility checkers over the coming few months to see if you can get another card through another provider and transfer the remainder.  If you can't - you'll have to focus on getting the debt down as quickly as possible by looking at your outgoings and seeing what you can cut to the bone, or have a look around the house and see what can be sold to reduce that debt. 

SuperAllyB

Not sure if you've done so or not, but transfer as much of the balance as possible to the new card anyway. It would more than half your interest.

Dobbibill

Transfer what you can to this card (normally 95% of the limit)

maybe do an application using an eligibility checker for one more card and see how much of a limit you get to transfer as much more of your balance as possible

If there is any balance left on card 1 pay as much as possible to reduce the interest you have to pay

get a plan to pay off as much as possible, if not all the balance on the other cards before the promotions end

visit the DFW board for suggestions on where you can reduce costs in your budget such as switching energy providers, paying your council tax over 10 months instead of 12 etc

Money100983

Thanks. That’s kind of what I suspected. If I transfer £2500 to the 0% card and then pay down the existing card to £0 in the next 3 months and close the card, will that “filter through” the systems to show I no longer have £7500 credit available and thus make it easier to take out another card or to ask the 0% card provider to now up my limit????

[Deleted User]

No.  Clear your other card but keep it open. Don't let lenders think that other providers no longer want you to have credit facilities.

The debt is your problem, not your low limits.