using egg as a mule

xela_17

Am coming to the end of my 0% term on egg. I have a leaflet for the 18 month capital one offer and I might also try virgin (better credit limits I've heard). I have approx £5000 on my egg card which I want to transfer which is fine. However, I also have a loan I want to settle of approx £2000.

Now my question is: on the new cc application they generally want you to list your requested balance transfers. I can list the £5000 egg card one but what about the loan? I would have to transfer the egg card money first to new cc before I could put the loan on the egg card and then so to the new cc. But I wouldn't be able to list the loan money on the cc application so they wouldn't be able to take it into account when working out the credit limit. What should I do? (Sorry if this post is confusing).

fatboyonadiet

Maybe list a higher Egg limit, they don't check and if they approve it and do it will save you some hassle as just SBT your Egg.

mountainofdebt

Don't know if I've been lucky but I've been able in the past to trasnfer +ive balances away from egg.

Therefore (as far as my past experience is concerned) I don't see the problem in listing egg in both applications. However if you are concerned that you might get problems once your application is accepted and you know your credit limit why not transfer the amount so that (for a very short while) you have a negative balance on egg?

dealseeker

mountainofdebt wrote:

Don't know if I've been lucky but I've been able in the past to trasnfer +ive balances away from egg.

Therefore (as far as my past experience is concerned) I don't see the problem in listing egg in both applications. However if you are concerned that you might get problems once your application is accepted and you know your credit limit why not transfer the amount so that (for a very short while) you have a negative balance on egg?

To confirm I have just done a balance transfer from Capital One to egg. Trasnfer requested was higher than my amount outstanding (up to my limit) so had spare cash in my account. Then did an immediate balance transfer of the surplus cash in egg with no problem and could be used to pay off loan.

Providing you've had your egg card for a while the BT will be fee free too.