keep getting refused balance transfer, help!

zyglubia

i have a tesco card which i want to transfer the balance, i have applied to many, amazon, mint, to name a few and am constantly being rejected, i have always paid more than the minimum payment and never missed any payments, help and advice appreciated. thank you

jonesMUFCforever

zyglubia wrote:

i have a tesco card which i want to transfer the balance, i have applied to many, amazon, mint, to name a few and am constantly being rejected, i have always paid more than the minimum payment and never missed any payments, help and advice appreciated. thank you

You may not have missed any payments to the Tesco card but how in general is your Credit history? Any past problems ccj, defaults late payments elswhere?

muffle_2

It's probably due to your credit report. Every time you make an application, a search is recorded on your report. If you have lots of searches it will seriously affect your score. I was onced refused by Barclaycard simply because of the fact I made a correction notice against one entry. Before I made that correction it was fine, it's just the fact it was there.

zyglubia

my credit history is excellent, never any past problems no ccj, no late payments or anything. i have transferred about 4/5 times before. i currently have 100 outstanding on an egg and 200 on aliance and leicester, both of which i always pay more than i should, and my tesco which is 3000, which is what i want to transfer as now paying lots of interest, ive applied for my credit rating from equifax and i cant see anything on there that should be against me

zyglubia

thanks for your help, is it three months i will have to wait and not apply to anyone within that time??

muffle_2

It's 12 months unfortunately. I'm in the same position from when I applied for a car loan in July, I got turned down everywhere due to the amount of credit cards I had (even though they were always paid off in full, the credit report doesn't tell you that, just the most recent statement balance, which in my case is over £20K at any one time due to my business expenses). Now I can't even open bank accounts because of the number of searches! It can be a cruel system.

Update: Just checked my credit report and I had no less than 20 recorded searches on my report after July! LOL!

Clariman

zyglubia wrote:

i have a tesco card which i want to transfer the balance, i have applied to many, amazon, mint, to name a few and am constantly being rejected, i have always paid more than the minimum payment and never missed any payments, help and advice appreciated. thank you

Hi z
It could be a number of reasons, but having "many" searches on your credit file within a short-ish period can damage your credit rating. Are you on the electoral roll at your current address ? That has a big impact as do many other things. The lenders like to see what they call "stability factors" e.g. long time with an employer, long time at the same address, married etc because their experience is that these people are less risky to them.

You said that you had got your credit rating. Did you mean credit rating, or did you mean credit report. These are 2 different things. The former is a largely meaningless numbers, the latter contains details of all your credit searches, accounts etc.

Just a quick note about "notices of correction" which someone else raised. Most credit applications are processed automatically by computer programs that use a lender's own credit scorecard and lending rules. When you put a notice of correction on your credit file, the lender can not process this automatically, because it requires human intervention (an underwriter) to read the notice of correction and make a decision. So when the automated application processing finds a notice of correction is can not assess you and has 2 choices : (1) to reject you because it can not assess you automatically or (2) to send your application to an underwriter for manual (and therefore more costly) processing.

In other words, having a notice of correction can lead to more rejections.

I think you would benefit from a greater understanding of how it all works. You can read Martin's article here and one detailed one specifically for rate tarts and stoozers here.

Clariman