which cards best for high balance transfers/credit limit?

mummy_dumpling

here are our current CC details

CC1 - apr 13.9% - balance £3200 - £5k limit
CC2 - apr 15.9% - balance £3400 - to limit
CC3 - apr 13.9% - balance £4400 - £5k limit

we are paying £250 per month on card payments (min payments) which is getting us nowhere but all we can afford

we would like to transfer our balances to a card(s) with a lower interest rate so we can afford to pay more than the minimum each month

can anyone recommend a card that is likely to give us the credit limit we need?

thanks

grumbler

mummy_dumpling wrote:

can anyone recommend a card that is likely to give us the credit limit we need?

Acceptance and limits depend on your circumstances and credit history: [font=Arial, Helvetica, sans-serif]Your Credit Rating[/font]

For best cards start with Martin's article:
Best Balance Transfers (cut the cost of existing credit card debts)

YorkshireBoy

mummy_dumpling wrote:

here are our current CC details

CC1 - apr 13.9% - balance £3200 - £5k limit
CC2 - apr 15.9% - balance £3400 - to limit
CC3 - apr 13.9% - balance £4400 - £5k limit

we are paying £250 per month on card payments (min payments) which is getting us nowhere but all we can afford

we would like to transfer our balances to a card(s) with a lower interest rate so we can afford to pay more than the minimum each month

can anyone recommend a card that is likely to give us the credit limit we need?

thanks

It's hard to recommend a particular card(s) as they don't seem to be consistent in their approach to limits given, although I can tell you that Capital One & Virgin gave me my highest limits. However, you may have something more important to do first...

You need to get a copy of your credit report before doing anything here. That way you will see what potential lenders see when they "score" your application.

Getting hold of your report first will enable you to correct any errors and generally tidy up the file prior to letting a new CC provider have a look at it.

This is essential as your current 3 cards are fairly heavily loaded at the moment. If you are rejected for a couple of applications then on the 3rd application you will be assessed as a desperate borrower - which of course you are, but you don't want to tell them that do you?

Just one point on the minimum repayments, transferring all your debts to a 2% card will mean monthly payments of £220. Transferring them to Capital One at 3% will mean your monthly payments are £330. ie you won't see (much of) a reduction in your outgoings - indeed, they could increase. What you must remember though, is that because you are not paying interest, ALL your payments are going towards reducing your balance. Do not miss, or reduce (as with the Virgin below) payments during the 0% introductory period.

If you could move the debt to an MBNA (or Abbey/A&L/Virgin etc) card your minimum payments would be £5. However, if you're not disciplined to pay the £220/330 as you would with the standard 2%/3% cards, then your debt will escalate and you will finish up in SERIOUS trouble at the end of the 9 month introductory period.

Finally, I'm assuming (because you have already obtained nearly £14K of available credit) that all your electoral role/time with bank/time at address/salary's etc are in order?