£25K on cards. Just Xferred £15K to Barclaycard 0%. How long to apply for another card

HarlingtonStraker

Hi.  
£25K balance on the cards.   
Have applied and been accepted for Barclaycard 0% Transfer.  Have just put £15K on this.

How long is reasonable to apply for another 0% card - and transfer the remaining £10K
Experian score is 987.

Thank you all in advance.

CliveOfIndia

Ignore your score, it means nothing.

If you've made no other applications for credit in recent months then you could apply for another card straight away.  The general consensus is that a couple of hard searches close together is OK, more than that and it can start to look suspicious to lenders.

Of course, any new application will be assessed on its own merits.  And different lenders have different acceptance criteria, risk appetites and target customer bases.  So there's no guarantee that a different lender would accept you, or give you the credit limit you're looking for.

It's best to run some eligibility checks first, ideally on the lender's own website, then go with the one that gives you the best indicative chance - though do remember that an indication of acceptance on the eligibility check is no guarantee you'd be accepted when your full application is processed.

Nasqueron

Given you've gone from 25k of credit to 40k (assuming cards not shut), any further applications will be based on whether you can service 40k of debt + the extra new debt as there is no way to force you to BT it. If you got a ~16k limit on BC you must have some significant earnings yet have presumably run up 25k of debt to need to transfer, use those to pay down the 10k asap as no guarantee another card would be issued.

HarlingtonStraker

Sorry - Still at 25K on cards..   Just moved 15K from one to another.   
Want to move the remain 10K on a high interest card to a low interest card.

Earnings - I am fortunate.  But the interest is a lot. And I'd rather pay of the debt quicker than deal with expensive interest

CliveOfIndia

HarlingtonStraker said:

Earnings - I am fortunate.  But the interest is a lot. And I'd rather pay of the debt quicker than deal with expensive interest

I think the gist of the comment was that you earn a reasonable amount yet have still managed to accumulate £25K of unsecured debt.  The obvious inference being that you are living beyond your means, and perhaps should address your spending.

Sorry, that sounds horribly judgemental and is not intended as such !  Merely an assessment of the facts as far as we are able to gather from your posts.

Of course the debt may have been as the result of some essential and unforeseen event, which can happen to anyone, and if that's the case then it's really none of our business.

Hopefully this comment is taken in the manner in which it's intended - I'm genuinely not meaning to be horrible.

Hoenir

Closing down the zero balance account would be a step in the right direction. Though the move would temporarily appear negative. 

Nasqueron

CliveOfIndia said:

HarlingtonStraker said:

Earnings - I am fortunate.  But the interest is a lot. And I'd rather pay of the debt quicker than deal with expensive interest

I think the gist of the comment was that you earn a reasonable amount yet have still managed to accumulate £25K of unsecured debt.  The obvious inference being that you are living beyond your means, and perhaps should address your spending.

Sorry, that sounds horribly judgemental and is not intended as such !  Merely an assessment of the facts as far as we are able to gather from your posts.

Of course the debt may have been as the result of some essential and unforeseen event, which can happen to anyone, and if that's the case then it's really none of our business.

Hopefully this comment is taken in the manner in which it's intended - I'm genuinely not meaning to be horrible.

I wasn't meaning so much that he / she was living beyond means, rather if they got 15+k off the bat, they must have a good salary to qualify for that despite carrying so much debt. Hence at least is 15k is on 0%, the salary can be spent clearing more debt as the interest is lower. I did think that running up 25k of debt but qualifying for a 15+k limit suggested a lot of spending and money worries but sometimes expenses do overrun or there is a major problem

PaulHeslop

Defective Barclaycards. Despite being placed - in my wallet - alongside my credit cards with other institutions, my most recent three Barclaycards have only lasted a couple of months before they have become defective (unable to be ready at ATM/EPOS systems. Am I unlucky or are others experiencing this problem?

HarlingtonStraker

Thank you all for your comments. They have all been very helpful.