Balance transfer advice

[Bythestrikeofthenight]

I foolishly spent too much on a credit card I got a year ago (it was 0% for 12 months) and am about to start occuring interest. I want to do a balance transfer and did a prescreen. I got 100% pre-approval on a 9 month one and 80% approval on a 23 month one. Realistically, I need the 23 months to pay it off but I'm worried if I get rejected for that I won't be able to get the other one. Can I apply for both at the same time and if approved for the one I need just use that one or is it safer to get the 9 month one & hope I can get another one after the 9 months is up?

Advice much appreciated.

Just bumping this

I'd do the 9 months so you can build on your credit rating, try to overpay a little or make Two payments a month, then reapply after 8 months, better than going for the 23 and being refused and taking a hit IMO.

So I've applied and only been given a £300 credit limit when I need much, much more to pay it off. What are my options now? Would a consolidation loan be better?

Really worried now as I assumed I'd get one to cover most of the balance when it clearly isn't going to happen.

On Experian my credit rating is 100%

You can also only transfer a balance of upto 90% of your credit limit, so your £300 card you could only transfer £270 onto, and you need to check if there's also a transfer fee, as that will make up part of the £270, its usually around 3%.

How much do you need, what's your income and what other debts do you have?

Experian score means nothing by the way, lenders each have their own risk criteria.

You Experian credit rating is meaningless. If this is costing you money, cancel it and send the money to your credit card instead. Use Credit Karma and MSE credit club to monitor your credit file for free.

Apply for the other card, you have nothing to lose. If you get it, balance transfer as much as you can and whether it's one or two cards, pay the minimum plus £1 each month, as this removes the minimum payment marker from your credit file, which improves how lenders see you. You could also look for a low rate balance transfer which might be easier to get.

For the credit card that's currently costing you more in interest, you just need to throw what you can at it to get it down and perhaps try again for an offer in 6 months time. Live as frugally as you can, cut all your other bills as much as you can, get a second job if possible, be honest about wants and needs to reduce your spending to free up as much money as possible to get out of debt as quickly as possible.

2900 for the full balance, my income is £1945 pm, have another card that's also close to being used for the same amount though that's still 0% for another year. Also a 2k overdraft which I've only managed to get out about twice in eight years.

The card that is about to start costing me intetest is 26%, the other is 18% so a bit less concerning.

When I prescreened on MSE around 6 weeks ago I was offered much better cards, & nothing has changed with my finances since.