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  • FIRST POST
    • Superhoop91
    • By Superhoop91 14th May 18, 9:08 PM
    • 59Posts
    • 8Thanks
    Superhoop91
    Barclaycard
    • #1
    • 14th May 18, 9:08 PM
    Barclaycard 14th May 18 at 9:08 PM
    Hi,

    I've been trying to improve my credit file recently by reducing my overall debt, increasing my credit limit (utilisation depends on when the report was sent to the CRA), reduce the number of hard searches etc

    The eligiblity check for all barclaycard cards has risen to 80% likelihood of approval and I've done a soft search on the Barclaycard website as well which gives the same results.

    It could give me 27 months balance transfer and purchases which will improve my credit limit in total as well as allowing me to reduce my overall debt as well (moving to 0% debt and paying off my final couple of payday loans). Is it simple enough to say 80% is a high enough chance to go and try and apply. I've had just the one hard search in my account in the last two months, have only opened one additional credit card (up to 2) and no further payday loan application or accounts opened. I have lots of hard searches in March 2018 when I was desperate for a loan, should I let them drop off for 3/6/12 months before applying for anything but a credit builder card?

    I'm no longer in big need of a third card but a card like that this that I can transfer my 1300 CC debt to would be very useful as well as increasing my overall credit limit.

    What are people's thoughts?
Page 1
    • Dobbibill
    • By Dobbibill 14th May 18, 9:16 PM
    • 3,054 Posts
    • 3,974 Thanks
    Dobbibill
    • #2
    • 14th May 18, 9:16 PM
    • #2
    • 14th May 18, 9:16 PM
    There isn't a right or wrong answer unfortunately.
    80% chance of approval still gives you 20% chance of decline.

    They would also consider income, debt to income ratio as well as utilisation of existing lines of credit so it's a balance of probabilities you need to consider when applying.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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    It's about being better than you were yesterday.
    • zx81
    • By zx81 14th May 18, 9:17 PM
    • 16,827 Posts
    • 17,825 Thanks
    zx81
    • #3
    • 14th May 18, 9:17 PM
    • #3
    • 14th May 18, 9:17 PM
    Go for it. If declined, leave it for 3 months or so before trying again.

    The payday loans will be more of an issue than the searches.

    If successful, does the card offer money transfers?
    • Superhoop91
    • By Superhoop91 14th May 18, 9:55 PM
    • 59 Posts
    • 8 Thanks
    Superhoop91
    • #4
    • 14th May 18, 9:55 PM
    • #4
    • 14th May 18, 9:55 PM
    Hi it doesn't offer a money transfer I'm afraid but to be honest I can't imagine they'll give me anything over 1300 credit limit to pay off any of the loans but I am on a payment plan with them anyway. I'll use the extra time on my purchases to reduce my overdraft which I'll have to start paying interest on from July.

    Does anyone know if I apply for the best Barclaycard (still been told 80% chance of approval) that if I'm not successful if they offer another card (maybe a shorter term BT card?) Would hope the hard search wouldn't be in vein.
    • 20aday
    • By 20aday 15th May 18, 8:58 AM
    • 2,192 Posts
    • 911 Thanks
    20aday
    • #5
    • 15th May 18, 8:58 AM
    • #5
    • 15th May 18, 8:58 AM
    They sometimes offer differing lengths in terms of balance transfers:

    You may be offered a different credit limit, representative APR, purchase rate or promotional Balance Transfer period to any shown here as it depends on your individual circumstances. Subject to status.

    I applied for the Platinum card nearly two years ago; I got 24 months interest free with them but my APR was 24.9% instead of the advertised rate (they only have to offer it to 51% of successful applicants).
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
    • Superhoop91
    • By Superhoop91 15th May 18, 1:17 PM
    • 59 Posts
    • 8 Thanks
    Superhoop91
    • #6
    • 15th May 18, 1:17 PM
    • #6
    • 15th May 18, 1:17 PM
    20aday

    To be honest 24 months would still be fantastic.
    • Superhoop91
    • By Superhoop91 15th May 18, 1:19 PM
    • 59 Posts
    • 8 Thanks
    Superhoop91
    • #7
    • 15th May 18, 1:19 PM
    • #7
    • 15th May 18, 1:19 PM
    What credit limit were you given may I ask? (Even though I know it will be different for all)
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