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Reducing a credit card limit with a debt
Toastie
Posts: 389 Forumite
in Credit cards
Would it be wise to lower my debt on my Morgan Stanley card from £5900 to a lower limit? I currently have £2135 on the card and i'm hoping to apply to an MBNA Platinium Card for a 0% balance transfer.
Is it wise though? I've read the forum quite a bit (posts from 2005) saying they had reductions that then went below there debt causing problems!
Any suggestions?
Is it wise though? I've read the forum quite a bit (posts from 2005) saying they had reductions that then went below there debt causing problems!
Any suggestions?
8,000 / 10,000 saved. Another 2,000 by April 2011!
0
Comments
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If that's the only debt you have I would BT the £2,135 over & then close the Morgan Stanley Card.
ImVho this would probably be a more effective way of keeping your credit score up-together.
HTH
M_o_30 -
Unfortunately not. I have two other Cards. One of which is a balance transfer from this card (for 1k) which a month ago was shuffled with another card.
I was just hoping the next balance transfer card i get would have a higer limit with a lower limit on this card.8,000 / 10,000 saved. Another 2,000 by April 2011!0
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