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Help - Balance Transfer Advice Needed
becky701
Posts: 30 Forumite
in Credit cards
Hi,
I have 2 credit cards, both are getting interest.
I want to apply for a balance transfer card, but I need around £10,100
The lenders won't tell me the credit limit before I apply, so do I chance it and apply for one which may not provide me with the limit I need, or apply for 2 separate balance transfer cards?
Obviously that will then incur 2 hard searches, I have been pre-approved for a number of cards and don't have a bad credit rating, but I want to ensure I choose the best option.
I need to do this today of possible
Thank you for any advice!
I have 2 credit cards, both are getting interest.
I want to apply for a balance transfer card, but I need around £10,100
The lenders won't tell me the credit limit before I apply, so do I chance it and apply for one which may not provide me with the limit I need, or apply for 2 separate balance transfer cards?
Obviously that will then incur 2 hard searches, I have been pre-approved for a number of cards and don't have a bad credit rating, but I want to ensure I choose the best option.
I need to do this today of possible
Thank you for any advice!
0
Comments
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I would apply for both. If you end up with too much credit limit only transfer what you need, split it between the cards. You'll be using a smaller percentage of your total available credit which might improve your credit rating.
Over pay the new 0% apr cards and don't take on more debt.0 -
Lloyds gave me a predictive credit limit when I used their eligibility calc, so you could try that one.
Even if you only get, say, half the £10k needed, that's better than what you're paying now.
But if you're not looking to get a re/mortgage or any other important credit facility, two hard searches is not the end of the world.0 -
Be sure to apply for cards that are in different bank groups than the cards you already have because you are unlikely to be allowed to do the BTs otherwise. So if you have a NatWest card don't apply for an RBS one.
Don't forget that if you only get one new card and can clear just one of the old cards you may then be eligible for a BT from that cleared card which you can then use on the other old card.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung0 -
NatWest gave an estimate of limit too on application
Pre-approved and credit rating are meaningless. Take the suggestions and do a search on the provider site directly and see. Then have a look at TopCashBack or QuidCo and see if you can get a referral cash bonusSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Amazing thank you everyone, will go and have a look. The ones I'm looking at have a low fee, and I went through one application no Tesco, but again until I went to actually apply & run the search they wouldn't give me a credit limit0
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