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Difficulty in obtaining 0% balance transfer card

Streety675
Posts: 2 Newbie

in Credit cards
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?
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?
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Comments
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No lender will consider savings, you could go out this evening and squander the lot.0
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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?0
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Have you looked at 0% purchase cards instead?0
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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.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
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⭐️🏅😇🏅0 -
la531983 said:No lender will consider savings, you could go out this evening and squander the lot.
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.0 -
Streety675 said:la531983 said:No lender will consider savings, you could go out this evening and squander the lot.
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.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.
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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.
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.0 -
Streety675 said: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?
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.Life in the slow lane0
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