Balance transfers

Thedave83

So, I have an Aqua credit card with a 8k limit, and currently using over 50% of that which goes against my credit score. 
I have just signed up to a Virgin money card and transferred a 4k balance to it with a 4.6k limit. So, right off the bat I'm near my credit limit on that card.
The Aqua card also has an offer for 0% on balance transfers.
Can I move the x amount of the balance back to the Aqua to reduce the balances to below 50% on both cards?

[Deleted User]

Firstly ignore the fake credit score, nobody ever sees it but you
Secondly, you should be paying down the balance quickly - there is no point in paying a second fee to transfer a balance back just so you can have a utilisation figure under 50%. 

As you pay the Aqua one off, just use it as a normal card and pay off in full every month while working to clear the Virgin one

chankie888

Balance transfer offers.

Just wondered if anyone knows about the balance transfer market. 

Currently i have three cards with £5k limit and no balances on them.  I have one card , £3k balance, with 0% period ending so wanted to transfer but the three cards, MBNA , Barclays and Lloyds have no 0% balance transfer offers. 

Have the banks stopped the 0% transfer deals to existing customers.?

[Deleted User]

No. But lending is tighter than you may have previously known it to be.

[Deleted User]

It's a bit hit and miss, Barclays were my go to for a long time, they have stopped for the last couple of months but I have them for 4 other cards

chankie888

Thanks for the comments!Deleted_User said:

It's a bit hit and miss, Barclays were my go to for a long time, they have stopped for the last couple of months but I have them for 4 other cards

Are any of these MBNA, Barclays or Lloyds? Im just thinking if there is anything I can do my side to help get a deal. My credit score is good/excellent though I do not want to apply for new card. Also if I need to pay off some the final 3k to open up then 0pc on existing card the requirement for 0pc transfer offer lessens. However in terms of used credit I would have thought it is already low enough.

chankie888

Deleted_User said:

No. But lending is tighter than you may have previously known it to be.

So it is a market thing rather than anything I can do to specifically influence? It seems I have enough headroom as I have nil balances on my cards.

[Deleted User]

From what you describe, you're not in the lowest risk categories. Carrying debt and fairly low limit cards indicate you're a higher risk - your credit score is not an indicator of how lenders see you.

It may just be affordability or there may be some negatives on one or more of your files.

Work on getting the existing debt down by overpaying as much as you can.

If you really need a BT offer, apply for a card that specifically offers one.

[Deleted User]

chankie888 said:

Thanks for the comments!Deleted_User said:

It's a bit hit and miss, Barclays were my go to for a long time, they have stopped for the last couple of months but I have them for 4 other cards

Are any of these MBNA, Barclays or Lloyds? Im just thinking if there is anything I can do my side to help get a deal. My credit score is good/excellent though I do not want to apply for new card. Also if I need to pay off some the final 3k to open up then 0pc on existing card the requirement for 0pc transfer offer lessens. However in terms of used credit I would have thought it is already low enough.

I have offers from Halifax/Lloyds as well as Natwest and Sainsbury's. I use the Sainsbury's card for shopping and fuel so not using that one and I am clearing down a Natwest transfer at the moment but they are useful to have - lower fee at 3% but only 12 months. I'm actually prepping the Halifax card for this as they are higher at 3.5% but give 18 months. The pain was Barclays was always 24 months so the most useful to avoid raiding the S&S account, will see as it's paid down a bit