Possible actions to increase credit limit.

marycanary

I have built up a Stooze pot on two credit cards, with a 0% interest rate that ends in December 2025. The total amount will be approximately £16,000 in December. I've also used other 0% fee cards and would now like to transfer both balances to a Barclaycard.

Is there anything I can do between now and the end of November to increase my chances of obtaining a credit limit high enough to cover these transfers? I have kept other cards open in the hope of obtaining new balance transfer offers, but all the offers have included a fee.

It may not be possible to answer these questions, but is it best to keep the cards or close them down? I have been offered a Chase card. Would it be a good idea to accept this to reduce my utilisation rate, or will it be counterproductive?

Thank you in advance.

born_again

Lenders look at your available credit & your affordability & income to pay this back.

So might not be possible, depends on a lenders risk appetite, which change over time.

In reality unless you are on a very good wage, thee odds on getting a further £16K is not very good.

Hoenir

Lenders can also see the promotional balances being rolled over and over. They've no idea that you are stoozing.  Irresponsible lending will weigh on their underwriting. 

Altior

Fee free BT options on existing cards are pretty rare in my experience. The odd one appears. 

The best bet if you are not already doing it is running the eligibility checker(s) to see if there are options of new cards with lower or zero fees. Don't forget, many providers will permit more than one credit card. If you can get a second card on a new deal, some of them will permit shifting the available credit from an old card to the new one. 

Overall it's a balance between total available credit and the percentage of available credit being used. So obviously closing existing cards not being used will increase the usage (without increasing your borrowing). 

Emmia

Do you already have a Barclaycard with a suitable limit, or are you seeking to open one to BT to?

Barclaycard tend to be a bit stingy in their limits, so if you're applying for a new card you may not get the limit you're seeking.

marycanary

Thank you, everyone, for your replies. I don't think I am likely to obtain the credit limit I want from Barclaycard. I've never had a BC, so I have no history with them.Later in the year, I'll see what I can get from BC, and also if there is another one for the balance, perhaps with a shorter 0% period.