Balance Transfer cards with perfect credit, just to much of it!

firefox2009

Hello

Just wondering about what to do?

I'm a home owner of almost 3 years, with from what I can see a clean credit file, with no ccj's or missed payments, and all credit cards have at least 2k free of their limit.

I have recently looked into a balance transfer card as one of the cards is costing me about £100 a month in interest, however out of the two aplications made for balance transfers cards both have been declined. It seems a bit pointless advertising balance transfers when they are declined, as the whole idea is that you are just transfering credit to save some interest.

Are other people finding the same, or should I just forget the whole balance transfer thing?

Thanks

naijapower

Sorry to hear about your disappointment.
But i have the following questions:
*Have you viewed all your files with all 2 CRA
*What credit card companies did you apply to

Moggles_2

Out of the two applications made for balance transfers cards, both have been declined.

Bad luck. To help you further, we need to know which two balance transfer cards were involved. Also, which credit cards you currently hold.

pre123

all creditors have different scoring systems they use, but if you have lots of credit you will be more of a risk for them, try applying for the Alliance and Leceister card, 12 months at 0% and seems pretty easy to get accepted. but you will get a lower credit limit than expected if you have a MBNA or VIRGIN card as they are all under the same issuer

Moggles_2

pre123 wrote: »

Try applying for the Alliance and Leceister card, 12 months at 0% and seems pretty easy to get accepted, but you will get a lower credit limit than expected if you have a MBNA or VIRGIN card as they are all under the same issuer

Yes. IME and from feedback here, MBNA doesn't mind customers holding more than one card. I have held three at once.

That said, if there's a balance on your current MBNA card, particularly if it's still charged at special promotion rates, you can be turned down or handed a lowish credit limit by MBNA.

OTOH, if here were no transactions on your existing card(s), this lender will sometimes switch your credit limit from the unused card(s) to give you a higher limit on the new, active one

firefox2009

I currently have Virgin (4), Halifax (7)and HSBC (3), no missed payments and comfortably in their limit.

Last application was to Post Office (bank or ireland) and possibly alliance and leiscter a few months a go

Thanks!

Moggles_2

firefox2009 wrote: »

I currently have Virgin (4), Halifax (7)and HSBC (3), no missed payments and comfortably in their limit. Last application was to Post Office (Bank of Ireland) and possibly Alliance and Leicester a few months a go.

To maximise the 0% period, 14 months is currently available to new customers from Tesco.
A 2.9% BT fee applies.

http://www.tescofinance.com/personal/finance/finance/creditcards/bonuscc/index.jsp

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

naijapower

firefox2009 wrote: »

I currently have Virgin (4), Halifax (7)and HSBC (3), no missed payments and comfortably in their limit.

I take it the numbers in brackets refer to the number of credit cards you hold with each bank.
I am curious. How did you obtain 7 Halifax cards?

firefox2009

Oh lol, no that is the amount on each card...wow I would have a problem getting credit if I had 10+ credit cards!! (3 cards in total!!)

clio

Nah that number will be the credit limit i reckon....