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  • FIRST POST
    • xpc
    • By xpc 17th May 18, 2:23 PM
    • 26Posts
    • 14Thanks
    xpc
    Money Transfer Card Limits
    • #1
    • 17th May 18, 2:23 PM
    Money Transfer Card Limits 17th May 18 at 2:23 PM
    Hi, is there any way to get a fairly accurate estimation of a likely balance on a 0% money transfer credit card? I have looked through the main page but it doesn't seem to indicate what sort of balance is possible as this is down to personal circumstances.

    I currently have an approx 21k settlement figure for a loan and wondered if it could be possible to get a 0% money transfer for 20k. I am not having any problems paying the loan, just exploring ways to reduce the overall cost. I have investments that could pay off the outstanding amount, but these have been increasing at a higher rate than the interest charge. I could get another loan at a lower rate but would obviously prefer 0% if possible.

    My annual salary is ~70k with no other unsecured debts.

    Thanks
Page 1
    • eskbanker
    • By eskbanker 17th May 18, 2:37 PM
    • 8,771 Posts
    • 10,042 Thanks
    eskbanker
    • #2
    • 17th May 18, 2:37 PM
    • #2
    • 17th May 18, 2:37 PM
    The short answer to your question is no, there isn't any way of knowing what credit limit you'd be offered without applying.

    No harm in taking an objective view of your credit situation as it'll be seen by prospective lenders though, so consider the following....

    Underwriters will consider total available credit as well as other affordability measures - even if you're not running any large balances then do you have other credit cards?

    Having said that, it can be a double-edged sword - if you don't have other credit cards, and evidence of managing them well, then getting a new one with a credit limit of over 20K is somewhat unlikely.

    Have you checked what your credit files look like, and tried the eligibility checker on here at https://creditcards.moneysavingexpert.com/?money-transfers?
    • xpc
    • By xpc 17th May 18, 2:54 PM
    • 26 Posts
    • 14 Thanks
    xpc
    • #3
    • 17th May 18, 2:54 PM
    • #3
    • 17th May 18, 2:54 PM
    Thanks for your reply, it looks like I will just have to apply then and see what is offered.

    I do have another credit card with a 5k limit that is used and fully paid monthly. I have had this for a few years and have at least one closed credit card account with an unblemished payment history.

    I have looked at my credit files and all appear to be fine, there is nothing I can see that could go against me from a history/payment perspective - though lenders may see other things like available credit as you say.
    Using an eligibility checker I can see that I am likely to be accepted for the card. I was hoping there may be a way to see what balance would be possible though as I do not want more than one hard search on my credit file in regards to this.
    I am likely to be accepted on the Sainsburys loan at 2.8% for Nectar card holders so this would be my alternative.
    I now need to decide whether to apply for the credit card or just go straight for the loan.

    Thanks again for your help.
    • MallyGirl
    • By MallyGirl 17th May 18, 3:12 PM
    • 3,133 Posts
    • 8,172 Thanks
    MallyGirl
    • #4
    • 17th May 18, 3:12 PM
    • #4
    • 17th May 18, 3:12 PM
    I would make one application. If you get it then go for the loan at a reduced size, if not then the loan @ 2.8% for the required settlement (as long as that is a lower APR than you are currently paying.
    • Dobbibill
    • By Dobbibill 17th May 18, 8:18 PM
    • 3,420 Posts
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    Dobbibill
    • #5
    • 17th May 18, 8:18 PM
    • #5
    • 17th May 18, 8:18 PM
    and as long as that is the rate offered - many don't get the headline rate so read the info carefully.

    See what credit limit you are offered on application - some of it at 0% is better than none
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    • jonesMUFCforever
    • By jonesMUFCforever 17th May 18, 10:21 PM
    • 25,372 Posts
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    jonesMUFCforever
    • #6
    • 17th May 18, 10:21 PM
    • #6
    • 17th May 18, 10:21 PM
    and as long as that is the rate offered - many don't get the headline rate so read the info carefully.

    See what credit limit you are offered on application - some of it at 0% is better than none
    Originally posted by Dobbibill
    ..........but is it though?

    Partial loan repayment may mean the monthly repayment staying the same plus then at least a minimum payment on the card.

    IMO getting a loan at a lower rate would be a better solution with as many overpayments as the OP could afford.
    What goes around - comes around
    give lots and you will always receive lots
    • Ben8282
    • By Ben8282 18th May 18, 3:18 AM
    • 2,477 Posts
    • 1,139 Thanks
    Ben8282
    • #7
    • 18th May 18, 3:18 AM
    • #7
    • 18th May 18, 3:18 AM
    The chance of your getting a money transfer card with an initial credit limit in excess of 20K is very very low.
    If your current credit card has a 5K limit then expect a credit limit in that range. You will not suddenly be given 20K elsewhere. even though your current available credit is disproportionately low in relation to your income.
    The existence of 21K outstanding debt will not help the situation.
    • Sncjw
    • By Sncjw 18th May 18, 8:41 AM
    • 1,969 Posts
    • 1,155 Thanks
    Sncjw
    • #8
    • 18th May 18, 8:41 AM
    • #8
    • 18th May 18, 8:41 AM
    Also take in account your effectively being assessed on double the debt. So 40k debt.
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