Good Credit Score, but declined twice. Help! What to do!

workingitout

Hi All,

I feel a bit lame, but I have checked my credit scoring on experien and creditexpert and both have scored me in the top 20%. I have three credit cards that I am paying high interest on ( total outstanding around £7k). I have been declined by 0% interest credit cards as they say my current credit limits are too high, adn I have been declined for a low interest loan for the same reason! The purpose of looking for a loan is to pay off an close my credit cards. I am now desperate as I am able to pay off all my debts within 18months, but only if I can get the interest reduced. Does anyone have any idea where I can turn to? I am really confused, as I thought that being good with money was supposed to be a benefit, but now I just don't know where to turn...
Thanks!

Robert_Sterling_3

workingitout wrote: »

Does anyone have any idea where I can turn to? I am really confused, as I thought that being good with money was supposed to be a benefit, but now I just don't know where to turn...
Thanks!

But clearly you are not "good with money".
You are apparently no longer able to meet even the minimum payments on your debts.

You are high risk.

Rafter

Robert,

One of your more unhelpful posts.

workingitout..... if you are not using your credit limits then ask to have them reduced. This will reduce your 'available credit' and help you to get a loan.

Your credit score only tells a potential lender how good you are at paying your debts. You will also be scored on how much debt you have versus your income and other factors such as your job, whether you are a home owner etc.

Suggest you fill out a statement of affairs here:

http://www.makesenseofcards.com/soacalc.html

Then post it on the debt free wannabe board and get some advice about how to increase your income or reduce your outgoings to repay your debts as fast as possible.

One suggestion might be snowballing: repaying your highest interest debt first to save interest.

You could also talk to your own bank about a loan to consolidate. You might not get a great rate, but it might be better than the cards and therefore a good start.

Good luck

R.

workingitout

Hello Rafter,

Thank you so much for your advice. I have now approached my bank, and they have agreed to consolidate my credit cards into a reasonably low interest loan. The interest is significantly lower than my credit cards, which means I will be debt free this time next year. I am really grateful for your constructive reply - it has really helped.

Robert - I am good with money and am more than able to meet the payments of my current debts, my point was that I was desperate to pay a lower interest on them, that's all. I think that a desire to pay less interest is far more savvy than sitting back and gladly paying higher interest when I could be paying less.

Regards, TT

jonesMUFCforever

You could also argue that running up a debt of £7k in the first place destroys your argument that you are good with money. Just a thought.

workingitout

Supporting my sick mother. Yes, that is very irresponsible of me indeed. I think that is certainly worthy of treating me like nothing at all.

Robert_Sterling_3

"workingitout: Robert - I am good with money and am more than able to meet the payments of my current debts, my point was that I was desperate to pay a lower interest on them, that's all. "

This was why I did not think you were good.

"I think that a desire to pay less interest is far more savvy than sitting back and gladly paying higher interest when I could be paying less."

I could not agree more. Well done. Best wishes to you.