Swapping c card balance with poor credit rating

SLC_3

It has been recommended that a great way to save money and raise credit rating etc...is to do a balance transfer to another credit card that has the first 6 or 9 months Interest free. But how can you do this when you keep getting rejected applications as your existing credit rating is poor? I have tried so many times but i just cannot do it???

Shinds

Suggestion - Have you tried getting a card from the bank that you do your everyday banking with.....

Reaper

If you can't get them stop trying. Each time to try to get another you damage your credit rating a little more. All you can do is try to gradually improve your credit rating by making at least the minimum payments on the debts you have.

SLC_3

I do have have an existing credit card with my bank! That's the one i need to swap. And i always make my minimum payments - that is what i don't understand.

johnllew

I think you may be stuck. Perhaps the best thing you can do is to make a determined effort to pay off all your credit card debt. Just paying off the minimum each month will mean you're paying a lot of interest over a long period of time and filling the credit card issuer's pockets. There are plenty of tips on this site on how to enhance your income and reduce your expenditure.

Shinds

There could be other reasons also...

How long have lived at ur current address?

Also, one of the most important is how much ur gross Salary is?

All these things make a difference.....

Walletwatch

Might be worthwhile getting hold of your credit reports, and scanning it to see what exactly is wrong with it, before making any further applications and jeopardising your credit rating any more,

zcaprd7

Also (if you are not) get on the electoral roll...

udydudy

SLC some tips in ur situation(i used to be in it 1 yr ago)
1) get on electoral roll
2) get a monthly contract phone (each credit account helps especially if paid on time) u get some dealers who pay 100% rental cash back on SIM only deals. I myself hav 7 SIMs n my credit score is finally touching 400(Equifax)
3) Do not apply for anymore cards for atleast 3-4 months preferably 6 months(number of searches in last 6 months mattera lot).
4) ask you current card company for credit limit increase (if you r near ur limit n paying only minimum balance u r high risk)
5) have a landline on your name if possible( maybe u can take a BT lite user number(costs only £10 for a quarter)

these are from my personal experience after being refused for 4 credit cards.

realaledrinker

Udy,

I don't mean to be a pompous !!!!!!, but if you post in English, people will tend to read your posts. There is a difference between bulletin board postings & texting!

SLC_3

Sorry for being so ignorant. What is an electoral role? But thank you Udy!