Good Credit but Declined anyway!

Kasialouise

Hi

Last year after following advice from this website I successfully aquired a credit card from Virgin with a 0% balance transfer offer :j and transferred all of the debt I had on my very expensive Lloyds TSB credit card.

I've happily been eating into the balance month by month but since then, I've accrued further debt on my Lloyds TSB card. I want to transfer this elsewhere to get away from the high interest but even though I have available credit on my Virgin card they wont offer me a deal on transferring a further balance across.

I've applied for a 0% card with Abbey but I've been declined - I'm anxious to know why as my current credit rating is 926 (good) with no late payments, ccj's or anything else detrimental, but they wont tell me.

I dont know whether to try applying for another card elsewhere, I dont want to affect my credit rating through too many applications - ironic really seeing as I've worked hard to ensure my credit rating is good and I still get declined :mad:

I simply want to try and keep interest rates to a minimum to ensure I'm reducing my debt as quickly as posisble. I just want to be smart with my debt, not extend it!

The only thing I can think of that may be a problem is that Lloyds TSB upped my credit limit on their card to 15K (!!!!!) without asking me if I wanted it, my balance on the card is 4k. Is this causing the problem? Did Abbey see that I have 11k available my via Lloyds and decide I didnt need anymore?

Any help from anyone would be appreciated.

Thanks

normanmark

You need to look at the amount of credit available to you. The fact you have you have over £11k on your TSB means that you have plenty that card to use.

Moggles_2

How did you check your credit rating?

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
Minimum monthly payment is just 1% of the balance shifted.

http://www.halifax.co.uk/creditcards/pluscard136.asp

CLAPTON

You need to address the issue of why you are overspending on the TSB CC.
Having transferred the balance once it makes no sense to build up further expensive debt on the card. If you transfer it again will you simply build it up a third time.
While is important to pay only as little interest as possible its even more important to address the issue of why you are overspending.

Paul_Herring

- I'm anxious to know why as my current credit rating is 926 (good)

http://forums.moneysavingexpert.com/showthread.html?p=18953927#post18953927

Kasialouise

The reason for continuing to spend on the Lloyds card is down to personal circumstances - my husband left and went to live in Spain two years ago and I've been trying to juggle moving house and supporting two young children on my salarly. Now I have moved house and got past the expense associated with that and also the costs involved with getting divorced. I accepted that I would need to borrow money to get through this period in my life, I just didnt account for quite how much! I'm now at a point where I can manage without requiring credit and simply want to reduce my interest payments so I can focus on getting the debt cleared as quickly as possible.

Kasialouise

CLAPTON wrote: »

You need to address the issue of why you are overspending on the TSB CC.
Having transferred the balance once it makes no sense to build up further expensive debt on the card. If you transfer it again will you simply build it up a third time.
While is important to pay only as little interest as possible its even more important to address the issue of why you are overspending.

The reason for continuing to spend on the Lloyds card is down to personal circumstances - my husband left and went to live in Spain two years ago and I've been trying to juggle moving house and supporting two young children on my salarly. Now I have moved house and got past the expense associated with that and also the costs involved with getting divorced. I accepted that I would need to borrow money to get through this period in my life, I just didnt account for quite how much! I'm now at a point where I can manage without requiring credit and simply want to reduce my interest payments so I can focus on getting the debt cleared as quickly as possible

Innocent_Guy

Too much available / used credit vs salary. May be worth appealing Abbey and advising them
you will BT the lloyds debt to the abbey card and close the lloyds account if they
accept you, Good luck

Kasialouise

SystemOAD wrote: »

Im with TSB I have airmiles duo credit cards and the APR is so high it would prob cost less to pay dubble what you speed to another company lol.

Will have to try halifax but as for virgin I have tried so many times in past years with good credit and its always a no from them for me

There seems to be no rhyme or reason to whether you get accepted or rejected!

Kasialouise

Innocent_Guy wrote: »

Too much available / used credit vs salary. May be worth appealing Abbey and advising them
you will BT the lloyds debt to the abbey card and close the lloyds account if they
accept you, Good luck

Thanks, that's helpful. I'll give it a try!

Innocent_Guy

Kasialouise wrote: »

Thanks, that's helpful. I'll give it a try!

Let us know the outcome, best of luck