Balance Transfer - Not getting an option to the limit i need.

Jaffabfc

Hi,

I am wanting to move a £10k credit card (which is running out next month at 0%) to another one but i am only getting options for around £500 on another card what options do i have? 

There surely has to be a better option.

sammyjammy

If you aren't getting useful options its a bit of a red flag IMO.  You could see if your existing provider will make you a new offer.

eskbanker

Jaffabfc said:

I am wanting to move a £10k credit card (which is running out next month at 0%) to another one but i am only getting options for around £500 on another card what options do i have? 

There surely has to be a better option.

At the risk of being flippant, the best option is to repay the debt.

Assuming that's not realistic, you can look around for other cards, but there aren't any guarantees of decent credit limits, and the more searches you do, the less likely it is that applications would succeed, i.e. if prospective lenders sense that you're desperate for more credit then they're less likely to provide it.

https://www.moneysavingexpert.com/eligibility/credit-cards/search/?goal=CC_BALTRANSFERV2

cymruchris

As above - if the eligibility checkers are all coming back with low limits - it indicates that lenders might believe you're at your limit of affordability. Priority if you're coming off 0 percent is to do all you can to get that debt down as quick as you are able. If you've only used comparison sites - it might be worth running the eligibility direct on lenders own websites to see what they might offer - the likes of MBNA/Lloyds/Halifax tend to give indications of potential credit limits - so that might be worth double checking - but in essence the key is to kill the debt, and not carry it at 0 percent forever.

born_again

Jaffabfc said:

Hi,

I am wanting to move a £10k credit card (which is running out next month at 0%) to another one but i am only getting options for around £500 on another card what options do i have? 

There surely has to be a better option.

Income V available & used credit = what a lender may offer.
So given a current £10K debt, unless you have a decent income, is not going to see much of a offer of further credit.

So say you have a £20K income. You are already 50% into that with current debt. No lender is going to offer another £10K. FCA would have their nuts for irresponsible lending..

fergie_

As others have said, ideally you want to pay down what you can. Failing that, the initial options if you can't shift the balance would be attempting to negotiate with the lender or seeing if you can get a loan at a sensible APR to pay it off.

If those aren't options, you may want to start reading about debt advice here.