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goldenam85

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I applied for a credit card to do a balance transfer...
I applied for a credit card to do a balance transfer and I was approved for an amount less than the balance I want to transfer. What does this mean? It didn't tell me that information until after approving and issuing the card.

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When a person applies for a credit card they have no idea what the credit limit will be. The credit card issuer decides that after running your credit, collecting information from you about income, etc. When you apply for a balance transfer card, they do not issue the limit according to your other credit card debt. You can call the lender that issued you this balance transfer card and ask them to reconsider the credit line as it is not enough to cover the amount you want to transfer to the new card, but usually the initial limit will stay at what it is and requests for a higher starting limit will be denied, but it is worth a try though as long as they are not going to do another "hard inquiry". Make sure that they won't before proceeding. Also understand that you do not need to transfer the entire balance from the old card to the new, you could just transfer a portion of the debt if you wanted. Please do some reading on all of this so you can get a basic understanding of how this all works, it will save you a lot of headache in the future.

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Approval and balance transfer are two separate issues. There is no definitive way to tell what your starting limit would be exactly once it's approved, tho some cards has minimum starting limit but it isn't dependent on the amount of your BT.

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