refused credit card? can anyone advise

debtfreealmost

My OH has 2 credit cards with limits of 11.5k and 4k he owes 1500 and 500 on them, both are now charging interest, just applied for balance transfer to virgin and been refused a card from them. Has anyone any idea why theywould refuse, he is up to date with all bills etc and no bad debts

dylanuk

I don't know your income, but that's a fair bit of "available" credit.. so it could be that you've got as much credit open as your income is appropriate for - if that makes sense.

MBNA/Virgin used to be fairly lenient on their credit card applications - but I did read somewhere that MBNA were tightening up a lot - so it could be that also.

Don't forget we are still in the credit crunch, and while there may not be any obvious problem with your credit history or affordability to borrow more - it's just much much harder to get it now, and you've already got a lot of available credit too.

One thing you *could* try - though I don't know if it would help, would be to transfer the £500 on to the £11k card and then close the credit card that has a £4k limit - this would hopefully give you more available credit to open a new account. Or you could do it the other way around - but then you're risking losing a lot more credit if you can't get another account. Just an idea though..

debtfreealmost

thanks for that, i thought that may be the problem, he was going to close them both and just keep one interest free one. May try that and transfer one to the other

dylanuk

Might be worth waiting to see if anyone else has any suggestions..

Another topic on here just mentioned that dropping credit limit may not always help.

PNPSUKNET

Do you really need anything over £4k?

CLAPTON

what two cards does he have?

VenuS

Don't be too put off by being refused by Virgin, it could clearly mean you don't meet their particular criteria for a credit card.

Shop around, but make sure you do your sums when applying for any other cards out there. 'Everything' has to be in order for credit card companys to accept or even think of accepting you. £14k of unused credit still counts towards credit you 'have'

debtfreealmost

he has a lloyds card 11.5k and tesco 4k, he doesnt use them really, we have just bought a suite on one and have the savings to pay off in full 1500, just thought we would do it on an interest free card. Tesco card is about to run out and we will be paying interest so thought we should change it to an interest free card again

CannyJock

debtfreealmost wrote: »

My OH has 2 credit cards with limits of 11.5k and 4k he owes 1500 and 500 on them, both are now charging interest, just applied for balance transfer to virgin and been refused a card from them. Has anyone any idea why theywould refuse, he is up to date with all bills etc and no bad debts

It might be worth you applying for a credit card and BTing the amounts from OH's card instead.

One search won't do any harm to your credit report if not successful.

Cancelling the 11.5K card and waiting for it to be updated as Settled with the CRA's would be my plan if he's wanting other 0% deals - nobody had any repeats with Lloyds for a while (YorkshireBoy used to get great repeats with them but even he's cancelled his card now).

BFem

Hi all,

I'm really hoping someone can help as I'm really not sure what to do.

I currently have £1,000 left to pay with virgin with 0% on balance transfers which ends next month. I have asked them if they will extend the 0% but they won't and said that after next month it'll go up to about 16% or 17%. I applied through Abbey for their 0% for 15 months but was refused. I make a payment every month to virgin and as far as I'm aware my credit rating should be ok (although i'm wondering if a dispute with the sun movie club may be affecting it) but should I apply to another credit card (was thinking maybe Barclay 6.3% over three years possibly) or will this affect my credit rating even more so and should I stick with virgin and pay the high % interest??

Thanks for taking the time to read
Amy :rolleyes:

Moggles_2

Amybot wrote: »

I currently have £1,000 left to pay with virgin with 0% on balance transfers which ends next month. I applied through Abbey for their 0% for 15 months but was refused. I make a payment every month to virgin and as far as I'm aware my credit rating should be ok (although i'm wondering if a dispute with the sun movie club may be affecting it)

Have you looked at your credit reports to see what's actually on there? For help, see page 1 of the *How to obtain credit reports* sticky