Refused for every c/c applied for

zenith1820

Hi

Ive got a good credit score (excellent), never missed any paymenmts etc but ive been declined every credit card ive applied for lately. I do have a £15k loan with tsb and about £8k on a a&l (part of mnba) card but never had any problems with payments etc. The only reason why im getting another card is because the a&l card 0% apr will end next month and with £8k on it, I dont want to pay the 16.9% thereafter. I cant see why Ive been refused and as time is running out on the 0% apr card Im getting rahter worried about being able to make the min payments at 16.9%.

Any suggestions?

grumbler

zenith1820 wrote:

... Im getting rahter worried about being able to make the min payments at 16.9%.

If you are warried why CC companies shouldn't be?
I guess the reason is that your borrowed amount is close to your annual income, although is is worth checking your credit files for some mistakes: Your Credit Rating: How they decide and how you find out for free, http://www.stoozing.com/credscore.htm

zenith1820

Ive just called a&l to find out what my apr will be after the 0% period ends and I was shocked when they told me it would go up to 24.9% as I thought it would only go up to 16.9% as they have advertised on the poster, leeaflets etc. Ive got a Natwest card with a 10k credit limit on it and only £300 on it so I suppose if I cant get another 0% card I can BT the a&l onto the natwest and only pay the 17.0% instead of 24.9. Anyone know about this?


Thanks

Rafter

You should be able to, you might even find that Natwest will give you an 'existing customer' balance transfer offer at significantly less than 17% to move your balance back.

Your real goal should be starting to repay these balances, particularly if you find it tough making minimum payments.

Good luck.

R.

Louise1521

We've just transferred a balance over to our Natwest card, the offer was 6.9% life of balance. Not 0% but not a bad deal.

Rafter

Not bad at all!

Remember not to use your natwest card for purchases now. They won't be at 6.9% but at 17% and they will take any payments you make off you LOB transfer first.

You effectively have two loans now and your focus should be trying to find ways of getting your APR down on those further and/or maximising your income/ minimising your outgoings to get the loans paid off - if that is what you want of course.

R.