Am stuffed - need to move credit card debt onto a lower rate but noone will take me

muffinchops

Have had a lightbulb moment about my levels of debt and am moving through the process of doing budget etc so that I can start to reduce it. One urgent issue is that I have credit card debts across three cards with interest rates of 21% and 17%. I have tried to get a better rate from existing lender - they insisted I apply for the lower rate card I wanted and then I was rejected. Am now afraid to apply for more in case I muck up my credit rating. Have checked my credit and my rating is good - would they be rejecting me because of level of existing debt (@£25K)?

Any advice on what I should do?

thriftymomma

Have you checked your credit files recently?

thriftymomma

Just noticed, yes you have. Yes, the amount of available credit and outstanding debt will have an affect on getting new credit. But obviously not all banks have the same policies so just because one declined you, doesn't mean another will too.
Best of luck.

CLAPTON

and what is your income
and are you a property owner
and are you on the electoral roll