Balance transfer of 5k

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indigo_child
indigo_child Posts: 19 Forumite
in Credit cards
For years I've been a credit card tart, and always managed to clear my balance before the 0% ends. This time around unfortunately, although planned, I will have around 5k left to pay so I am going to attempt a balance transfer. My credit history is good, I don't default on anything, I'm a home owner, on the electerol role etc. With a rough combined income of 50k, so my eligibility is good.

My question is, how do I know if anyone will give a credit limit to accommodate the transfer I need? Most advertise a limit of £1200. From experience I know tesco and sainsburys have higher limits (I'm with sainsburys now), and I've always had much lower limits with others.

TIA😘

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  • MallyGirl
    MallyGirl Posts: 6,627 Senior Ambassador
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    Generally you don't know. £1200 is the standard amount used so deals can be compared - it bears no relation to what you might be offered. Anything you can swap to 0% is better than nothing so accept what you get offered - so many people reject offers of cards with less than the full amount they were after which is silly. You can always try 1 more application if you don't get offered enough.
    There are a couple of providers that give some indication but I don't know which they are.
    Tesco has always offered me the lowest - I got £18k from Barclaycard when Tesco only gave £4500
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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    £1200 is a representative example and is used for ease to work out balances/interest over a 12/24/36 etc month period.
  • chelseablue
    chelseablue Posts: 3,303 Forumite
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    Another one to try would be Virgin, I was given an £11,000 limit when I applied to them
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    chelseablue wrote: »
    Another one to try would be Virgin, I was given an £11,000 limit when I applied to them

    It's still entirely circumstantial though
  • indigo_child
    indigo_child Posts: 19 Forumite
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    Ah, thank you everyone. I was hoping it was the case that it wasn't a max limit, wasn't sure if there was some personilastion going on with the calculators.

    It does seem a bit silly that they make you play this guessing game though :/

    Also I'm being dim, is it 2 rolls of the dice per card, or 2 applications to any card before you trash your credit rating?
  • born_again
    born_again Posts: 14,461 Forumite
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    indigo_child wrote: »
    Ah, thank you everyone. I was hoping it was the case that it wasn't a max limit, wasn't sure if there was some personilastion going on with the calculators.

    It does seem a bit silly that they make you play this guessing game though :/

    £1200 is so they can all give you the same figures to make it easier to make a balanced judgement on what it will cost you.

    They will not be able to give you a figure without a hard credit check. As each lender has it's own criteria, which will change over time given their need for new customers.
    Life in the slow lane
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    It’s not a guessing game.

    Some lenders will give you an estimated limit pending final checks.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
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    indigo_child wrote: »
    For years I've been a credit card tart,
    indigo_child wrote: »
    Ah, thank you everyone. I was hoping it was the case that it wasn't a max limit, wasn't sure if there was some personilastion going on with the calculators.

    It does seem a bit silly that they make you play this guessing game though :/

    Also I'm being dim, is it 2 rolls of the dice per card, or 2 applications to any card before you trash your credit rating?
    Considering that you say you have been a 'credit card tart' for years you appear surprisingly lacking in credit card knowledge.
    Were you told your credit limit before you applied in your previous applications?
    Did you get a credit limit in excess of £1200 in your previous applications? You presumably have one now if you want to do a balance transfer for £5000.
    Quite why you would wish to make two applications for any one card (i.e. a second application immediately after a rejection) is beyond me. If you get rejected apply elsewhere.
    You wont 'trash your credit ratinbg'. However, multiple applications in a short space of time can make you look desparate for credit and may decrease your chances of acceptance.
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