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  • FIRST POST
    • jhon_83
    • By jhon_83 14th May 19, 12:07 AM
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    jhon_83
    Credit Limit of a Balance Transfer Credit Card!!!
    • #1
    • 14th May 19, 12:07 AM
    Credit Limit of a Balance Transfer Credit Card!!! 14th May 19 at 12:07 AM
    Hello!
    I was about to apply for a 0% Balance Transfer Credit Card but do not want to carry on without knowing a second opinion. If you do not mind, would you tell me,
    a) Which 0% Balance Transfer Credit Cards have you recently applied for and what was the highest credit limit and longer interest free period they approved/gave you?
    b) How much money did you need to transfer and what were the actual credit limit and interest free period you received with the Balance Transfer Credit Card?
    c) What was the condition/nature of your Credit History (Electoral Roll, Defaults, CCJ, etc) when you applied for these Balance Transfer Credit Cards?
    KInd regards!
Page 1
    • Dobbibill
    • By Dobbibill 14th May 19, 5:01 AM
    • 3,719 Posts
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    Dobbibill
    • #2
    • 14th May 19, 5:01 AM
    • #2
    • 14th May 19, 5:01 AM
    A second opinion is not going to help as any offers anyone else has had will be based around their personal circumstances including income. This is used against the risk appetite of the lender in line with their lending criteria.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • hugheskevi
    • By hugheskevi 14th May 19, 7:21 AM
    • 2,264 Posts
    • 2,958 Thanks
    hugheskevi
    • #3
    • 14th May 19, 7:21 AM
    • #3
    • 14th May 19, 7:21 AM
    a) Which 0% Balance Transfer Credit Cards have you recently applied for and what was the highest credit limit and longer interest free period they approved/gave you?
    My credit limits vary massively between providers, ranging from £3,000 to over £13,000. As Dobbibill says, decisions are based on individual credit histories so there is little benefit looking at other's experiences.

    Having said that, Barclaycard, MBNA and Virgin have been the providers which have consistently given me the largest credit limits over the years.

    I only take offers with 0% fee, and most of these have been for 12 months. Santander was much longer though.

    b) How much money did you need to transfer and what were the actual credit limit and interest free period you received with the Balance Transfer Credit Card?
    I take as much as offered. I don't need any particular amount, I just use it as a line of free credit which is then put toward other financial goals.

    I usually select that I will do transfers later during application stage. If I put an amount, it will be for something quite large, around £10 - £15,000. I have no idea whether this influences any issuing decision, and if so what an 'optimal' figure may be.

    c) What was the condition/nature of your Credit History (Electoral Roll, Defaults, CCJ, etc) when you applied for these Balance Transfer Credit Cards?
    Spotless in all ways except a large amount of unsecured credit spread across a lot (about 7) cards, both in terms of access to unused credit and use of of credit.

    I try to keep used credit/available credit and used credit/annual gross income around the 50% marks as far as possible but particularly with used/available this can be difficult. I can usually push both limits beyond 50%, but only to about 60-70%.
    • jhon_83
    • By jhon_83 14th May 19, 10:52 PM
    • 5 Posts
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    jhon_83
    • #4
    • 14th May 19, 10:52 PM
    • #4
    • 14th May 19, 10:52 PM
    I usually select that I will do transfers later during application stage. If I put an amount, it will be for something quite large, around £10 - £15,000. I have no idea whether this influences any issuing decision, and if so what an 'optimal' figure may be.
    Originally posted by hugheskevi
    So what do you suggest me to do?
    I urgently need to transfer £4000 from an Aqua Card that's charging me £150 per month (contractual minimum payment). I definitely do not want to carry on paying £150 in interest but to repay the debt.
    Should I ask for a £8000 Credit limit when applying for the 0% Balance Transfer Card and cross my fingers to receive half of that amount?
    What can I do to get £4000 as my Credit Limit? Is there any strategy/loophole?
    • Nebulous2
    • By Nebulous2 15th May 19, 1:28 AM
    • 2,333 Posts
    • 1,550 Thanks
    Nebulous2
    • #5
    • 15th May 19, 1:28 AM
    • #5
    • 15th May 19, 1:28 AM
    Have you tried an eligibility checker? Do you have any failed applications?

    You can't ask for a credit limit, what you can ask for is an amount you want to transfer. I definitely wouldn't ask for twice what I needed. My experience like the other person was good with Virgin. I asked for a 12k money transfer and got it. That was about 18 months ago, and may have changed as they are under new ownership.

    You need to take whatever you can get, and possibly spread your debt over more than one card. If you're paying £150 pm on £4k shifting £2k will still save you £75 to put towards repaying the debt instead of paying interest.
    • Dobbibill
    • By Dobbibill 15th May 19, 5:23 AM
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    Dobbibill
    • #6
    • 15th May 19, 5:23 AM
    • #6
    • 15th May 19, 5:23 AM
    Do an eligibility checker.
    Do you have any other existing cards with a zero balance that you can ask about existing customer offers?

    Barclaycard are usually good for existing customers.


    If you get approved for a BT card, take whatever limit you are offered and transfer as much as possible to zero percent (this will normally be 90% of the credit limit given). If it's not quite enough, make one more application to see if you can get another card and spread the balance across 2 cards. If declined for either/or both - wait 6 months and try again.

    In the meantime keep chipping away at the debt so you require a lower credit limit in the future. Consider heading over to the DFW board where you'll get helpful suggestions about tackling the debt.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • Candyapple
    • By Candyapple 15th May 19, 11:11 AM
    • 3,180 Posts
    • 2,651 Thanks
    Candyapple
    • #7
    • 15th May 19, 11:11 AM
    • #7
    • 15th May 19, 11:11 AM
    So what do you suggest me to do?
    I urgently need to transfer £4000 from an Aqua Card that's charging me £150 per month (contractual minimum payment). I definitely do not want to carry on paying £150 in interest but to repay the debt.
    Should I ask for a £8000 Credit limit when applying for the 0% Balance Transfer Card and cross my fingers to receive half of that amount?
    What can I do to get £4000 as my Credit Limit? Is there any strategy/loophole?
    Originally posted by jhon_83
    If you have an Aqua card, that says your credit history is poor which means all the 0% offers will likely not be available to you as they tend to be reserved for those with a good/excellent credit history and high credit limits with a combination of good/excellent credit history plus high income/low debts.

    Your chances of getting another card with a £8k limit would be slim to none, I'd hazard a guess of getting a limit around £1k mark if you are lucky, with another subprime lender.

    By all means, use the eligibility checker to see if anything comes up, but donít hold your breath.
    https://www.moneysavingexpert.com/eligibility/credit-cards/

    I think your best bet will probably be Capital One:
    https://www.capitalone.co.uk/creditcards/0-balance-transfer-credit-card-12-months.jsf

    All you can do is apply for what is available to you and move as much money across to 0% where possible, and then take a look at your income/outgoings and cut out anything unnecessary and throw the spare money at clearing the Aqua debt.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Gary_Dexter
    • By Gary_Dexter 15th May 19, 11:25 AM
    • 4,722 Posts
    • 3,084 Thanks
    Gary_Dexter
    • #8
    • 15th May 19, 11:25 AM
    • #8
    • 15th May 19, 11:25 AM
    What can you do?

    Cut back on other spending, earn more, sell some stuff, throw as much at it as you can to clear it etc.

    Use an eligibility checker to see if you're even eligible for a BT card first, though this won't tell you the limit you'll get.

    Even if you specify you want to BT £4k over that doesn't mean they will give you £4k.
    • jhon_83
    • By jhon_83 15th May 19, 9:26 PM
    • 5 Posts
    • 0 Thanks
    jhon_83
    • #9
    • 15th May 19, 9:26 PM
    • #9
    • 15th May 19, 9:26 PM
    You need to take whatever you can get, and possibly spread your debt over more than one card. If you're paying £150 pm on £4k shifting £2k will still save you £75 to put towards repaying the debt instead of paying interest.
    Originally posted by Nebulous2
    Which cards would you suggest me to apply for?


    Do an eligibility checker.
    Do you have any other existing cards with a zero balance that you can ask about existing customer offers?
    Barclaycard are usually good for existing customers.
    Originally posted by Dobbibill
    Do you mean transfer money from a, let's say, 21% Barclaycard to a 0% Balance Transfer BarclayCard?

    If you get approved for a BT card, take whatever limit you are offered and transfer as much as possible to zero percent (this will normally be 90% of the credit limit given). If it's not quite enough, make one more application to see if you can get another card and spread the balance across 2 cards. If declined for either/or both - wait 6 months and try again.
    Originally posted by Dobbibill
    Which cards would you suggest me to apply for?
    • zx81
    • By zx81 15th May 19, 9:39 PM
    • 22,468 Posts
    • 24,657 Thanks
    zx81
    Which cards would you suggest me to apply for?
    Originally posted by jhon_83
    The eligibility checker will help you answer that question.
    • Dobbibill
    • By Dobbibill 16th May 19, 5:48 AM
    • 3,719 Posts
    • 5,012 Thanks
    Dobbibill
    Which cards would you suggest me to apply for?




    Do you mean transfer money from a, let's say, 21% Barclaycard to a 0% Balance Transfer BarclayCard?



    Which cards would you suggest me to apply for?
    Originally posted by jhon_83

    You can't do same brand AFAIK - so Barclaycard to Barclaycard wouldn't be allow. It would need to be from one brand (where the balance is held) to another brand (do you have any cards already which have a zero balance?)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • jhon_83
    • By jhon_83 18th May 19, 9:36 PM
    • 5 Posts
    • 0 Thanks
    jhon_83

    You need to take whatever you can get, and possibly spread your debt over more than one card. If you're paying £150 pm on £4k shifting £2k will still save you £75 to put towards repaying the debt instead of paying interest.
    Originally posted by Nebulous2
    Which cards would you suggest me to apply for?
    • Gary_Dexter
    • By Gary_Dexter 18th May 19, 10:04 PM
    • 4,722 Posts
    • 3,084 Thanks
    Gary_Dexter
    Whichever lender you wish to use.

    So long as it’s not in the same family as the card your transferring from
    • jhon_83
    • By jhon_83 19th May 19, 12:23 AM
    • 5 Posts
    • 0 Thanks
    jhon_83
    (do you have any cards already which have a zero balance?)
    Originally posted by Dobbibill
    No
    ........
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