credit card refused

dave313

Hello All,

I have applied for a credit card with egg and been refused, i was half expecting it as i have 2 existing cards already, but i wanted to do a 0% balance transfer as i owe a couple of K on one of them. I am nowhere near the available limit of this card but i am paying interest monthly, so thought it would be a smart move to transfer. I also have an old cc which i don't use that has no outstanding balance. What is the major factor in the decision??? To much available credit or that i am recently self employed?

Should i give up on trying to get a new cc with 0% balance transfer, or is there anything i can do to increase my chances??

All responses much appreciated

Dave.

lisyloo

It's difficult to know what they based their decision on, but leaving permanent employment is fairly major.

You could get your credit reports from Equifax and Experian.
Check that they are correct and that you are shown on the electoral register.
It's possible there is an error that you could get corrected.

If there is nothing obvious, then either you don't fit their profile or you smply score to low.
It's happening to a lot of people in this credit crunch and your recent lack of permanent employment will be a factor.

Don't make too many new applications.
One isn't an issue, but if you make many, then it will look bad on your report.

Moggles_2

There are any number of reasons why a given lender may refuse to extend credit, so I'd keep an open mind.

Have you checked your credit reports lately to see what's on there? For help, see page 1 of the *How to obtain credit reports* sticky. Experian sends explanatory notes as well, which are a good read. Worth doing, IMO. Mistakes happen. (For instance a credit card or cards you believe cancelled, should be marked "settled" to show the account has been closed down.)

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

To help you further, we would need to know which credit cards you have at the mo or have held recently.