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Difficulty in obtaining 0% balance transfer card

OK, I'm about to make a purchase of £5500. I have the cash available to make the purchase, but I'm trying to be savvy by finding a 0% balance transfer credit card and spreading the cost over several months / years if possible and leaving my cash where I can get a return on it.
However, We both have a relatively low income from rental properties and a casual part time job. We don't have a mortgage and our outgoings are quite low and no dependants. Despite having a credit score of 999 and £100k+ in savings and investments, it is proving difficult to obtain a 0% balance transfer credit card with a decent 0% period. I'm classed as having a low credit rating (as far as lenders are concerned) due to our relatively low income and are therefore not offered the better deals.
Is there a way around this?

Comments

  • la531983
    la531983 Posts: 3,162 Forumite
    1,000 Posts Second Anniversary Name Dropper
    No lender will consider savings, you could go out this evening and squander the lot.
  • Isthisforreal99
    Isthisforreal99 Posts: 157 Forumite
    100 Posts Name Dropper
    edited 19 August at 2:53PM
    Ignore your made up credit score. Bottom line is if your income is low then your options are limited. Have you any other forms of credit?
  • crumpet_man
    crumpet_man Posts: 740 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Have you looked at 0% purchase cards instead?  
  • Brie
    Brie Posts: 14,878 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The chances of applying for a new card and immediately getting £6k limit on it is unlikely.  You'd need about £6k instead of the £5500 you quote as you can't use the full credit limit for a BT or MT.  

    If you already have a card you might ask for the limit to be raised, assuming they are also have a MT offer going.
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  • la531983 said:
    No lender will consider savings, you could go out this evening and squander the lot.
    I guess an employed person on a high salary (and with zero savings) can lose their job tomorrow so that's not much security either.

    Anyway I've managed to get a 0% on purchases and balance transfers for 15 months after talking to the Nationwide...£3950 credit limit, so that's not too bad.
  • Nasqueron
    Nasqueron Posts: 10,811 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    la531983 said:
    No lender will consider savings, you could go out this evening and squander the lot.
    I guess an employed person on a high salary (and with zero savings) can lose their job tomorrow so that's not much security either.

    Anyway I've managed to get a 0% on purchases and balance transfers for 15 months after talking to the Nationwide...£3950 credit limit, so that's not too bad.
    A job is considered stable, while yes you could lose your job, you tend to know if the firm is doing redundancies (which you'd have to reflect in your application). However, any lender could be stung by an unscrupulous customer on unfair lending if they considered savings and then the person spent it all as the dog was sick or car needed to be replaced and then couldn't afford the CC bill.

    Sam 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.

  • MyRealNameToo
    MyRealNameToo Posts: 841 Forumite
    500 Posts Name Dropper
    Brie said:
    The chances of applying for a new card and immediately getting £6k limit on it is unlikely.  You'd need about £6k instead of the £5500 you quote as you can't use the full credit limit for a BT or MT.  

    If you already have a card you might ask for the limit to be raised, assuming they are also have a MT offer going.
    What limit you will be offered is very much a personal thing, dont remember the last time I got a new card with less than £6k limit, sort of anyway. 

    The arguable exception is Natwest which offered me a £1,500 limit via soft search but then MBNA offered £30k initial limit straight after so never took Natwest up on their offer. 
  • born_again
    born_again Posts: 20,699 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    OK, I'm about to make a purchase of £5500. I have the cash available to make the purchase, but I'm trying to be savvy by finding a 0% balance transfer credit card and spreading the cost over several months / years if possible and leaving my cash where I can get a return on it.
    However, We both have a relatively low income from rental properties and a casual part time job. We don't have a mortgage and our outgoings are quite low and no dependants. Despite having a credit score of 999 and £100k+ in savings and investments, it is proving difficult to obtain a 0% balance transfer credit card with a decent 0% period. I'm classed as having a low credit rating (as far as lenders are concerned) due to our relatively low income and are therefore not offered the better deals.
    Is there a way around this?
    I guess that you have other cards with a available balance of enough for the purchase. Given the mention of "Balance Transfer"

    So what available credit do you have?
    As that is the biggest effect on getting a new card.

    Income V available credit = Affordability

    Forget about credit score. It means nothing to lenders. They never see it. 
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