Balance transfer options confusing me, help!

Options
lifegoeson2013
lifegoeson2013 Posts: 33 Forumite
First Anniversary First Post Combo Breaker
in Credit cards
Hi
I want to do a 0% balance transfer of 10k to a credit card. I earn 26k. I'm selling my home at the moment and expect it to sell within next couple of months - they go quickly where I live, so I'll be clearing the card balance - I only need this facility for a 3-4 months.
I've gone onto every comparison site and even though I type in 10k it resets to 1,200k as the default. I don't want to apply for 1,200k - that's no use to me and I'm getting very frustrated.
What am I doing wrong? Does anyone know of a lender who I'd be best to go to for this type of facility?
Thanks in advance

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    Assuming you are eligible for a BT card, you won't know what limit you are going to get until you make a proper application...Have you tried the MSE eligibility checker?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • lifegoeson2013
    lifegoeson2013 Posts: 33 Forumite
    First Anniversary First Post Combo Breaker
    Options
    Yes I have, it does the same thing. "representative example of £1,200". I'm guessing this is the standard for eligibility checkers...
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    You're misunderstanding what a 'representative example' is.

    It's a representative example, and bears no correlation to the limit you will be offered.
  • onlyfoolsandparking
    onlyfoolsandparking Posts: 1,779 Forumite
    First Anniversary First Post Name Dropper
    Options
    Your not doing anything wrong technically speaking, as far as I know all lenders give you a starting credit limit based on the information you give them, their credit score of you and how much of a risk you are.


    I think it would be extremely rare to get a starting limit of 10k best I ever got was 7k upped to 10.5k 12 months later so you are gonna struggle, you could apply for 2 cards and do 5k on each although I wouldn't advise making 2 applications close to each other, up to you though.


    Regarding the house sale it's great that you will be clearing the balance when it sells but this would mean nothing to the CC companies it's all if's and ands, from their point of view and things can change.


    Maybe apply for one BT card not asking at application stage for a BT see what limit your given then do the transfer, majority of lenders give you 90 days to do a transfer so your safe with that option, then a few months later or longer if possible apply for another one using same theory.


    I try and avoid the situation you find yourself in by keeping at least 2 cards free at all times to A, take advantage of offers and B, not leave myself exposed to a large balance generating big interest.
  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
    First Anniversary Name Dropper First Post
    Options
    Could you telephone one of the card providers and ask them for better terms? It may not work but at least you get to spell out what you need up front.
  • BoGoF
    BoGoF Posts: 7,099 Forumite
    Name Dropper First Anniversary First Post
    Options
    Terry_Towelling wrote: »
    Could you telephone one of the card providers and ask them for better terms? It may not work but at least you get to spell out what you need up front.

    There is no 'may not work' about it......it would be waste of a phone call. Nobody can tell what credit limit will be given until a credit search is carried out.
  • Nasqueron
    Nasqueron Posts: 8,818 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    To be honest given the likely BT fee and the fact you would like to pay off soon after the house sale, might be better to simply suck up a few months interest or just see what card you get and use that to the maximum and pay off the rest as much as you can. Given you earn 26k and already have 10k of debt, the chance of getting another 10k of card limit is probably quite low given you aren't paying the card off in full each month anyway (assuming the 10k isn't on a BT deal already)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards