Credit Card Advice Please

Devo

My Egg anniversary offer is nearly up and I am looking to apply for a new CC and hopefully transfer my Egg balance onto it at 0% for as long as possible :T

Now... I just wanted to ask what the rough guidelines were relating to the amount of credit you have, relevant to income? The reason I ask is because I don't want to apply for a new card and get rejected. My current finances are as follows:

Basic income - £18,500

Egg Card - £3650 - 0% till 1st Dec (£4000 limit)
Barclaycard - £0 balance - (£4100 limit)
Barclays graduate account - £1700 o/d - 0% - (overdraft limit £1800)
Abbey graduate account - £900 o/d - 0% - (overdraft limit £1000)

Do people think I'll be able to successfully get a new CC or do you think I'll get rejected I know it's a difficult question, but my credit history is good (regular payments, no defaults, various settled accounts etc) and I am on the electoral roll etc etc.

I would cancel my Barclaycard before I apply, but don't want to do that - get rejected - and then have nowhere to transfer my Egg balance. I have spoken to Barclaycard and I can either get 6.9% LOB or 5 months interest free with a 2% fee.

Thanks in advance...

Systemaddict_2

Each lender (CC company) make their own decision based on their credit scoring of you, sometimes taking their priorities in to account (e.g. targetting certain age, income group etc.)

The amount of total credit available to you (whether you use it or not) play an important role the CC company risk assessment and eventual offer of a card & credit limit.

Several CC company also base their offer of credit limit and/or interest rate on the level of risk.

If you close any cc a/c, your credit file may take upto 6 or even 8 weeks to be updated.

You can always apply for a new credit card to test the ground (for approval, credit limit offered), but make sure you read the criteria first and insure that you do not hold any other type of card from the same company (e.g. MBNA, Virgin, A&L, etc are all from MBNA).

Good Luck.

Devo

I reckon I may be lucky in that I'll be accepted for a new card, but I don't think I'll get a large enough limit to take the full balance of my Egg card. If this is the case, should I just cancel the new card or see if I can haggle a bigger limit

My maths isn't quite up to scratch and so could someone please calculate whether I'd be better off putting the £3650 onto my Barclaycard (end of Nov, before anniversary runs out):

1) At 6.9% for LOB (until next June when I get another Egg anniversary offer)
or
2) 0% for 5 months with a 2% fee, but then there will be a period (between end of 5 month 0% and beginning of next Egg anniversary) where I will be incurring maximum interest :eek: