Balance transfer credit card

JeanHJ

Hello
I have may a simple question I'm undecided to apply for a balance transfer card because I don't want to damage my credit score first but the situation is as follows  I have only 1card since over 13 years and never missed any pay.I have previously reduced the limit by half quickly but due to circumstances in my job I got a 30% income cut. I see that the rest of the card balance  I need too much time  due to the shortened budget and 34% apr is doing the rest.Any tips available to make a decision easier.
Thanks jean

grumpy_codger

Check your eligibility with one of many tools available, e.g.

• Am I eligible for an interest-free card?

  -  and then try applying for real and see how it's going. One application (and a new CC if successful) will do no harm to both your imaginable 'score' and your real credit history/files.

fatbelly

JeanHJ said:

Hello
I have may a simple question I'm undecided to apply for a balance transfer card because I don't want to damage my credit score first but the situation is as follows  I have only 1card since over 13 years and never missed any pay.I have previously reduced the limit by half quickly but due to circumstances in my job I got a 30% income cut. I see that the rest of the card balance  I need too much time  due to the shortened budget and 34% apr is doing the rest.Any tips available to make a decision easier.
Thanks jean

That's what the eligibility checker is for - it does a soft search

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

Obviously you will still have to make the minimum payment as you do on your present card so if your problem is that you will not be able to afford this then a 0% bt will not help you.

In that case you will need to post on debt-free wannabe

JeanHJ

Hello many thanks I got on most cards 100% approved but they state £1200 can you update the amount when you at least apply and how does it work when you get only  £1200 I asked for something more but not lot. Thanks Jean 

VAP_Driver

Are you sure the £1200 isn't just the representative amount? They often use that figure as a baseline so you can compare cards to each other. In most cases, you don’t find out the actual credit limit they are offering you until you submit an application.

magpies79

Was going to say the same most say that as a representation of a possible limit i did a search for 0% on a comparison website seen I was pre approved for a Lloyds card so then went over to there website and did a eligibility check on there website and they let you put in an ideal limit you'd prefer and the results showed you your likely limit 

JeanHJ

Hello
Yes that's correct it's a representative example
Thanks jean 

JeanHJ

Hello
How can I get the card results re delivered there is nothing in my email inbox 
Thanks jean

JeanHJ

Hello 
I'm very careful with my 100% approval to go for a transfer credit card  after reading plenty of negative comments.Does anyone know when you apply and you get informed what kind of limit you get if you are still in the position not to accept the offer without a negative impact on your credit score.Im not interested on example the card I want to clear is 3k and the balance card I get has a limit of 1k I then have to repay the balance card and the existing card monthly incl the Apr. That makes no sense in my opinion then it's better to take a loan even with  a small interest.

grumpy_codger

JeanHJ said:

Hello 
I'm very careful with my 100% approval to go for a transfer credit card  after reading plenty of negative comments.Does anyone know when you apply and you get informed what kind of limit you get if you are still in the position not to accept the offer without a negative impact on your credit score.

AFAIK, you know the exact credit limit only when your application is approved.  However, the only 'negative impact' is a credit search recorded in your credit history.

Im not interested on example the card I want to clear is 3k and the balance card I get has a limit of 1k I then have to repay the balance card and the existing card monthly incl the Apr. That makes no sense in my opinion

It makes perfect sense because the total amount you have to repay remains the same. You do pay  a fee for BT, but you save much more on the interest. And if the new card credit limit isn't big enough to transfer full £3K, you can apply for another BT card to transfer the remaining balance.

Nasqueron

JeanHJ said:

Hello 
I'm very careful with my 100% approval to go for a transfer credit card  after reading plenty of negative comments.Does anyone know when you apply and you get informed what kind of limit you get if you are still in the position not to accept the offer without a negative impact on your credit score.Im not interested on example the card I want to clear is 3k and the balance card I get has a limit of 1k I then have to repay the balance card and the existing card monthly incl the Apr. That makes no sense in my opinion then it's better to take a loan even with  a small interest.

100% doesn't mean 100%, it means 100%*
*subject to credit check

Make of that what you will

A few lenders give you an idea of credit limit - NatWest did and it was what I got in the end, MNBA did offer a suggested limit from a soft check but it was too low for me to feel worth it so I didn't continue