Need some advice ...

[Anonymous]

I have 4 credit cards with a combined limit of 70K. I'm owing approx 12K. I've never been late or missed a payment. Credit score is 799. I need to do a balance transfer, but I'm currently not getting any 0% transfer offers from my other cards. Issuers (one of which is Chase) have told me to check sites at the beginning of each month to see if there are offers. I'm in a bit of a bind, with my 0% having run out on that 12K I owe. I'm thinking of applying for a new card with a 0% offer. QUESTION - Given what I've written, anyone have an estimate of what my credit limit would be on that new card or any other suggestions?  Thanks, Len

[Anonymous]

Need to post the cards you already have.

[Anonymous]

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@Anonymous wrote:

I have 4 credit cards with a combined limit of 70K. I'm owing approx 12K. I've never been late or missed a payment. Credit score is 799. I need to do a balance transfer, but I'm currently not getting any 0% transfer offers from my other cards. Issuers (one of which is Chase) have told me to check sites at the beginning of each month to see if there are offers. I'm in a bit of a bind, with my 0% having run out on that 12K I owe. I'm thinking of applying for a new card with a 0% offer. QUESTION - Given what I've written, anyone have an estimate of what my credit limit would be on that new card or any other suggestions?  Thanks, Len

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Welcome to the forums!  It's really hard to estimate what your credit limit would be - I doubt anyone will be able to give you a definitive answer.  A lot of factors will come into play; such as your debt-to-limit ratio, whether or not one or more of the cards are high utilization, etc.   It sounds like you have stellar credit and getting a high limit card should be a breeze.  

I'm probably not the best person to answer your question, but I'm sure someone else here can point you toward a card or bank that is known to give generous credit limits and hopefully a 0% intro APR.

[Anonymous]

Got to list which lenders rejected.

[yfan]

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@Anonymous wrote:

I have 4 credit cards with a combined limit of 70K. I'm owing approx 12K. I've never been late or missed a payment. Credit score is 799. I need to do a balance transfer, but I'm currently not getting any 0% transfer offers from my other cards. Issuers (one of which is Chase) have told me to check sites at the beginning of each month to see if there are offers. I'm in a bit of a bind, with my 0% having run out on that 12K I owe. I'm thinking of applying for a new card with a 0% offer. QUESTION - Given what I've written, anyone have an estimate of what my credit limit would be on that new card or any other suggestions?  Thanks, Len

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Well, first, a question back to you: can you pay the entire $12K you owe, in cash, right now? If yes, looking for a balance transfer card is a smart idea, and you will probably be approved for a card with a high limit. If not, the same financial factors that are keeping you from paying it all down now would give issuers a pause if they suspect you are simply trying to move debt you cannot afford to pay aroud. No issuer wants to assume that risk.

[Focused10]

Need more information, such as your income, debt to income ratio, etc. But with your score, there are several 0% cards out there now...AMEX, Cap One QS...it's a matter of what your total picture looks like.

[Anonymous]

I cannot pay it all back right now. I'm stuck trying to sell some things.

[yfan]

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@Anonymous wrote:

I cannot pay it all back right now. I'm stuck trying to sell some things.

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In that case, I don't see big limits with 0% balance transfer offers coming your way at the moment. Yes, credit cards are meant to give you the ability to carry a balance, and there's nothing wrong with that. But when you use that ability, issuers expect to collect interest, and there's nothing wrong with that either. Issuers are unlikely to assume your debt risk for the sole purpose of extending the 0% period on debt you cannot fully pay now.

[Anonymous]

I dont completely agree. They wouldnt offer cards like Slate that are specifically designed for BT if that was the case. OP, It would help to know the following to give the best picture:

rough income (can be a range if you're not comfortable saying exact numbers"

AAoA

what cards you have right now

number of inquiries

I dont think you'll be approved for the whole 12k right off, but at least close to it.

[Anonymous]

2 BOA cards, 2 Chase cards, total credit limit is 70K. Semi retired 40K income. No inquiries done yet. Sorry I dont know what "AAoA" means. Total credit card debt is 13K.