Transferring Credit Cards with bad credit rating

SLC_3

You always mention on money saving tips that you should transfer existing credit card balances to other cards that charge lower interest. What happens when you have bad credit rating and you are declined each and every time you apply? How do you get around that? ???

wirm

Try posting in the Credit Cards Board!

You'll find someone who can answer your question there!

Walletwatch

Try posting in the Credit Cards Board!

You'll find someone who can answer your question there!  :)

Well, wirm, that is what the OP has done in this case - and if I am not mistaken, you've given a similar suggestion on the Savings and Investments Board as well. Go slow on the wine, buddy

Walletwatch

You always mention on money saving tips that you should transfer existing credit card balances to other cards that charge lower interest. What happens when you have bad credit rating and you are declined each and every time you apply? How do you get around that?  ???

First of all, I suggest you stop applying for cards any further, and check out what exactly is wrong on your credit files, by requesting for the same from the main guys - Experian and Equifax to name two of them.

Have you approached the guys you Bank with for a card yet? If not, and if you've been banking with them for a fairly long time, they should be able to give you a card, of course you need to check their interest rates, and whether they have any introductory 0% offers.

Finally, if you use your credit card on a revolving basis, making only the min payments each month, you should start making more payments to the extent possible, that will reduce the principal amount that you owe on these.

deemy2004

Well, wirm, that is what the OP has done in this case - and if I am not mistaken, you've given a similar suggestion on the Savings and Investments Board as well. Go slow on the wine, buddy  ;)

I think it's because he's the daddy ;D

deemy2004

You always mention on money saving tips that you should transfer existing credit card balances to other cards that charge lower interest. What happens when you have bad credit rating and you are declined each and every time you apply? How do you get around that?  ???

You don't !

You have to build up a GOOD credit history....

So take the time and make a plan of action over the next 12 months, i.e.

1. No more applications.
2. Always make your payments on time.
3. Close disused cards.

Then maybe in 7 or 8 months time try applying for ONE card.

Walletwatch

I think it's because he's the daddy  ;D

;D

lady_noluck

I have ONE credit card but because my name is linked to an ex-partner with a bad credit history I cannot even open a new bank account. How can I transfer my balance from a 15.9% mastercard to an interest free card when I keep getting refused? Even Experian and Equifax agree my own credit history is fine. ???

deemy2004

Why don't you try and unlink your name as he/she is an ex-partner ?

lady_noluck

Its in a morgage and I have to take him to court to get his name removed. And I can't do that until I can prove I can afford the morgage without him. And I can't do that unless I get rid of these stupid debts I have! It's all going round in circles.

wirm

Well, wirm, that is what the OP has done in this case - and if I am not mistaken, you've given a similar suggestion on the Savings and Investments Board as well. Go slow on the wine, buddy

This thread was moved here! It was firstly posted in the "Welcome New MoneySavers: Do read this" board, but has been moved! :P