Completely Confused!

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Hi Guys

Help please!!

I owe about £7500 on my HSBC credit card and I want to transfer it to a low or 0% interest card.

I have not had the best credit history in the world...

Until this month I had an overdraft - which I paid off at £100 a month over the last 14 months to £0 now. :A
I defaulted on a loan 2 years and 11 months ago, and then paid it off in full the following month.

I applied for a Virgin 0% credit card about a year ago and was turned down - they told me it was because my bank balance had gone over my overdraft limit "a couple of times." They told me that once I'd got my overdraft under control, to reapply.

Thing is - I'm now in a much better financial situation, I earn over £28K a year, no overdraft, one loan with £3,000 outstanding. I have never defaulted on this.

I'm just desperate to transfer my credit card now, but because HSBC (with whom I bank) have been less than helpful over the last year, I'm absolutely convinced I'll get turned down for a decent credit card.

I did the Moneysupermarket thing where they give you an indication on whether or not you're a risk, and it comes up that i've got a "good" rating - but why in that case have HSBC insisted I repay my overdraft immediately and won't allow me to transfer my credit card to an increased loan?

Is there a card out there for me????? :confused:
Lightbulb moment - April 2007
Overdraft - [STRIKE]£1200[/STRIKE] Now £0
Loan - [STRIKE]£5250[/STRIKE] Now £3,821
Visa - [STRIKE]£7,800[/STRIKE] Now £7,400

Comments

  • Simon_Preston
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    So why not reapply for Virgin? That'll give you a long 0% offer and they also give out large limits.
  • kilasuit
    kilasuit Posts: 645 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
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    I reckon its a bit of a bullying tactic by HSBC tbh.

    CC is probably best earner for them so they arent willing to loose out on this.

    Sign up to annualcreditreport.co.uk and see what your report contains. btw its completely free although its your call credit report not experian or equifax reports which may be more useful.

    after doing that i'd reapply to virgin unless you notice anything peculiar on your report/s
  • jonesMUFCforever
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    If your financial situation is now much better how much can you afford per month off the credit card?
  • HazelS_2
    HazelS_2 Posts: 30 Forumite
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    I can easily afford £250 a month off the credit card, but if I stick with HSBC it just gets eaten up by interest... that's why I want to swap.

    I've applied to see my credit report, so we'll see what it says.... eeek - I was so naughty in the past - I went over my overdraft limit every month until about 6 months ago when I started being a good girl!
    Lightbulb moment - April 2007
    Overdraft - [STRIKE]£1200[/STRIKE] Now £0
    Loan - [STRIKE]£5250[/STRIKE] Now £3,821
    Visa - [STRIKE]£7,800[/STRIKE] Now £7,400
  • HazelS_2
    HazelS_2 Posts: 30 Forumite
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    Hmmmm

    Credit report came back with a "Good" score of 899 and a "good" rating, so I re applied for the Virgin card... and was promptly turned down...... aaaaaagggggggggghhhhhhhhh!

    HELP!!!!
    Lightbulb moment - April 2007
    Overdraft - [STRIKE]£1200[/STRIKE] Now £0
    Loan - [STRIKE]£5250[/STRIKE] Now £3,821
    Visa - [STRIKE]£7,800[/STRIKE] Now £7,400
  • cifpower
    cifpower Posts: 6,502 Forumite
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    You could always appeal the decision made by Virgin or apply for a Tesco CC
  • jonesMUFCforever
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    HazelS wrote: »
    I can easily afford £250 a month off the credit card, but if I stick with HSBC it just gets eaten up by interest... that's why I want to swap.

    I've applied to see my credit report, so we'll see what it says.... eeek - I was so naughty in the past - I went over my overdraft limit every month until about 6 months ago when I started being a good girl!
    Your good behaviour needs to continue for at least 6 more months IMO before things improve and stop applying for any more cards it will only makes things worse.
    Basically you will need to scrape every penny together to throw at your debts.
  • HazelS_2
    HazelS_2 Posts: 30 Forumite
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    That's what I figured too....

    I'm happy to do so - I don't have too far to go, I earn a good salary and have a lodger whose rent is used to chuck at debts....

    I'll see how I fare in the next 6 months!
    Lightbulb moment - April 2007
    Overdraft - [STRIKE]£1200[/STRIKE] Now £0
    Loan - [STRIKE]£5250[/STRIKE] Now £3,821
    Visa - [STRIKE]£7,800[/STRIKE] Now £7,400
  • dhassen
    dhassen Posts: 759 Forumite
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    I was reading your first few posts and was going to say you'll probably be turned down - then, I read lower and find you did apply and you were turned down. Well done for sorting your overdraft - but your credit history sounds pretty poor to me - regardless of your current status - it's your history. Defaults are really bad in the eyes of lenders and it stays on your file for 6 years I think. Those credit 'scores' are pretty useless anyway.

    My advice would be not to apply for anything new for at least another six months, and just continue as you are, but try and pay off as much as you can possibly afford a month. Good luck though!
    Official DFW Nerd Club - Member no. 784 - Proud to be dealing with my debts
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