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Must Be A Risk-cos I Keep Gettin Refused Credit ???????

Hi
Is There Anybody There Who Could Give Me Any Advice Here Is The Situation.
I Have In The Past Tried To Transfer Credit Card Balances -and I Was Successful A Few Years Ago -however Since Then I Would Say All My Payments Have Been On Time ( Although Quite Often Min Pay -but Have Often Paid Off Large Amounts In One Go)
I Have A Morgage (since96)and Have Paid The Correct Amount On Time By Direct Debit, I Took Out A Loan Of £25,000 With The Intention Of Buying A Cheap House To Do Up With My Own Bank - No Problem This Was In July 03 Again Payments Made On Time Etc. We Ended Up Doing Work On Our House With Some Of The Money And Have £10,000 Left Which We Are Re-arranging To Pay Off The £25k Over A Shorter Time -i Have Had Quotes From My Bank Who Can Offer 8%apr -(prev Loan 7%apr They Say Cos Loans Cheaper Then) I Got A Quote Of Alliance And Leicester Who Can Offer The Loan For 5.6%apr -but Not To Me A Got A Letter Refusing Me. - I Have Also Been Refused Transfer Bal Credit Cards.
I Can Get Mobile Phone Contacts Am On Electrol Role.
Ideally I Want To Change Everything Over To The One Account Over 15 Years Inc Morg Which Means Morg Free A Year Or Two Early -but I Am Afraid I Will Get Refused Although There Is Double Equity In The House Than I Want To Borrow.
Has Anyone Got Any Clues As To What To Do And Why This Is Happening.
Many Thanks For Any Help In Advance
Xxx
**angel*eyes**

Comments

  • Reaper
    Reaper Posts: 7,277
    First Anniversary First Post Photogenic
    Forumite
    Lots of things affect your credit rating and the importance of each is treated differently by each lender so it is hard to say why you might be refused.

    Generally though they will compare the amount of debts you have compared to your income. If it is too high that will put them off.

    The amount of AVAILABLE credit is also considered. So if you had 8 credit cards with loads of unused limits on them that will count against you too. Cancel any you no longer need.

    Also making lots of applications for credit in a short period of time will count against you whether they are sucessful or not.

    How you managed your existing repayments plays a big part. If you keep missing the minimum repayment dates that counts heavily against you.

    If you don't think you should have a problem having read all the above then you should request a copy of all the information the Credit Reference agencies have on you to make sure it is correct. There are 2 main companies and each can only charge you £2 by law (although they will try to flog you more expensive versions with bells and whistles on). Click here for the order forms for Equifax and Experian.
  • i would say it would be better to increase the limits on your existing cc's than take out new accounts to do this you will have to pay off a minmum of 25%of the balance for 3 months in a six month period they would probably even offer it to you after those sort of transactions.they can increase your limit by upto 70% after this time/behavioural pattern.also at the moment people balance transfering from 0% to 0% card is costing the banking industry £1 billion a year, there are plans to end this asap(0% balance transfers).
    paying above the minimum payment is also registered on your credit file as a lot more positive than just paying minimum payment so the likelihood is your existing limits will be increased and you will get accepted for the other cards you apply for if you do as i suggested above.
  • I Have Just Written To Complain To My Bank Does Anybody Think I Will Have Any Luck!!!!
    **angel*eyes**
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