Duped?

dumbsinger

I'm completely new to this. I recently checked my eligibility for a transfer to a new 0% deal on the MSE site. Santander was top of the list and it indicated 100% likelihood of acceptance. I applied, indicating how much I needed to transfer and the details of the relevant card. I was accepted and it wasn't until I logged on to my Santander account that I realised that the credit limit they had stipulated wasn't sufficient to cover the amount I needed to transfer. Had I known the credit limit before, I wouldn't have accepted the terms. I feel I've been duped into accepting this card when Santander never had any intention of transferring the amount required. What should I do? 

CliveOfIndia

You can't do anything.  When you apply for an eligibility check, it gives you an estimated likelihood of acceptance, based upon a small subset of data.  When you make full application, the lender will run all your data through their internal algorithms, and give you a result based upon their proprietary lending criteria.

You haven't been "duped", this is how it always works.  Transfer what you can, then either apply for another BT deal, or else just pay off the remaining debt.

Ayr_Rage

There isn't anything you can do, you were accepted but the fact they didn't give you the credit limit you hoped for is just tough luck.

MyRealNameToo

dumbsinger said:

I'm completely new to this. I recently checked my eligibility for a transfer to a new 0% deal on the MSE site. Santander was top of the list and it indicated 100% likelihood of acceptance. I applied, indicating how much I needed to transfer and the details of the relevant card. I was accepted and it wasn't until I logged on to my Santander account that I realised that the credit limit they had stipulated wasn't sufficient to cover the amount I needed to transfer. Had I known the credit limit before, I wouldn't have accepted the terms. I feel I've been duped into accepting this card when Santander never had any intention of transferring the amount required. What should I do? 

Some lenders tell you the estimated limit before you do the full search others dont. There is never a guarantee you'll get the limit your want, sometimes it'll be more, sometimes less. Thats just the nature of credit cards. 

dumbsinger

Thank you, I've learnt a lesson. Now, should I cancel the new card or transfer the maximum amount (about 50% of the debt)? My intention wasn't to increase my overall credit limit, I hoped to get rid of the other card

CliveOfIndia

dumbsinger said:

Thank you, I've learnt a lesson. Now, should I cancel the new card or transfer the maximum amount (about 50% of the debt)? My intention wasn't to increase my overall credit limit, I hoped to get rid of the other card

As per my previous reply, transfer what you can.  You'll still be making a saving in terms of interest.  

Brie

I'd say transfer what you can, reduce the limit on the card you want to get rid of, and then apply for another BT card.  reducing the limit on the card you want rid of will increase your chances of acceptance on somewhere new as you should appear to be less of a risk.

dumbsinger

Thank you for the advice, I did as you said and applied for an additional card to transfer the remainder of the debt. The credit limit was pre-approved on the second card so I knew it would cover it