credit score 999 but cant get credit

starsky365

so my experian score is 999, my equifax was excellent (cant remember the number) ive got debt i want to shift to 0% but Ive been declined on 2 applications in the last 6 months and all my cc issuers have slashed my limits, infact BOS took away 4k available credit. Im confirmed on the electrol role, i earn an above average wage, am not over commited.

any body got any ideas whats going on here........sign of the times?

debtdestroyer007

possibly

firstly ur scores with them dont matter much
what is ur debt to credit limit ratio, are u only paying minimums at the moment

who r ur cards with?

starsky365

barclaycard plat
barclaycard cashback (inherited by MS/goldfish)
BOS
Egg (who decided they didnt want me anymore last year)

paying minimum on all but now have next to no available credit......did have about 7/8K available between them

debtdestroyer007

i think paying minums have an effect too... as lenders can see that info.
have u tried tesco personal finance or post office?

starsky365

will give it go and will start snowballing aswell. are post office barclaycard or mbna?

Moggles_2

Obviously, we don't know your annual income or your available credit, but if you have four credit cards in total, this isn't excessive. I believe the national average is five and many of us here have ten or more on the go.

In addition to the number of accounts in use, lenders look at the extent their credit limits have been utilised. Maxed out accounts make you look stretched so, if you're going to apply for market-leading BT cards, it's wise to leave some headroom.

I realise your providers have slashed your limits, but why are you repaying just the minimum required each month? I would pay down your debts before making a further application.

Moggles_2

May I ask which two lenders turned you down?

starsky365

Virgin and Abbey..........was just trying to get the balances at a good rate before i start throwing large amounts at them

Moggles_2

starsky365 wrote: »

Virgin and Abbey..... was just trying to get the balances at a good rate before I start throwing large amounts at them

0% until 1 July 2010 is currently available to new customers from Egg. There's a 3% BT fee.

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

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

debtdestroyer007

starsky365 wrote: »

will give it go and will start snowballing aswell. are post office barclaycard or mbna?

they are bank of ireland mate

hundredk

starsky365 wrote: »

paying minimum on all but now have next to no available credit......did have about 7/8K available between them

I think many lenders would view no available credit and paying minimum payment as maxed out on what you can afford and therefore perceive you as a risk because you may struggle to meet payments on an additional card.