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Loan and balance transfer
Hi all,
Typically, things have all happened around the same time, and I now need to shift my credit card debt (£5k) to another 0% balance transfer. I have no concerns re this as I currently have a credit card limit across the two cards of £18k and have never gone anywhere near that figure.
However I also need a new car fairly quickly, so am looking to top up my existing loan (£1,650 remaining) by £15k.
Would making two applications so close together have a huge effect on my credit score? I'm trying to work out which order would be best to make the applications.
I've had no searches since 2020, never defaulted and my utilisation rate is low.
My current thought process is to apply for the loan first, then shift the balance transfer. As any hit on my credit score could affect the % rate offered for the loan but the worst that could happen with the balance transfer is a shorter 0% period. My only worry is that a new card could potentially not offer me a £5k limit.
Does anyone have any experience/advice they could share?
Typically, things have all happened around the same time, and I now need to shift my credit card debt (£5k) to another 0% balance transfer. I have no concerns re this as I currently have a credit card limit across the two cards of £18k and have never gone anywhere near that figure.
However I also need a new car fairly quickly, so am looking to top up my existing loan (£1,650 remaining) by £15k.
Would making two applications so close together have a huge effect on my credit score? I'm trying to work out which order would be best to make the applications.
I've had no searches since 2020, never defaulted and my utilisation rate is low.
My current thought process is to apply for the loan first, then shift the balance transfer. As any hit on my credit score could affect the % rate offered for the loan but the worst that could happen with the balance transfer is a shorter 0% period. My only worry is that a new card could potentially not offer me a £5k limit.
Does anyone have any experience/advice they could share?
0
Comments
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Your credit score isn't a factor in lending. You'll be assessed on your circumstances, history and affordability.
You'll fairly well saddled with debt already, so dependent on your income, You're likely to struggle with wanting another 15k, plus enough credit to BT the existing card.
Try an eligibility checker for a BT card and see what you might get. If you're not able to get a 5k limit, then the chances of a 15k loan are minimal.
It would also be wise to consider if you can find a car for less than 15k.2 -
Are there any eligibility calculators that will tell you what limit you’ll be given? The one on this site doesn’t give that option.
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Some of the lenders' own checkers will give you an estimated limit.0
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Not sure if it’s to late for you mbna do a soft check and tell you the limit they will give you before you apply.0
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