Rejected for balance transfer - what to do now?

scottish-user

Hi everyone,

I have two credit card debts which I wish to transfer to one card in order to reduce interest rates and pay it off more quickly. One is an Egg card (outstanding £2100 at 16.9%) and an Evans store card (now Santander?, around £1900 at 29.9%). I applied for a Virgin Money card last month to do this, but was rejected on the grounds they felt I had too much already. I tried to explain I was closing the other accounts after a transfer was done but was still rejected.

I don't want to apply for another card now so soon after being rejected. My credit report is fine as I keep up payments towards the cards (don't use either anymore of course), but I feel I am paying the interest with little going to the actual amounts I borrowed! Can anyone suggest what I can try next? I am really trying to get rid of this debt and have tried to cut down on spending, etc, to achieve it.

Thanks.

binaryuniverse

I'd still try another couple of providers. Another search or 2 isn't going to affect you all that much (unless you've been having searches done loads over the last year). Virgin can be quite difficult to get hold of.

Moggles_2

Welcome to MSE!
Bad luck, but thanks for your feedback.

To maximise the 0% period, 13 months is currently available to new customers from Halifax on BTs made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted

http://www.halifax.co.uk/creditcards/pluscard136.asp

YorkshireBoy

You have £4,000 used credit on these two cards. How much available credit do you have in total (ie on these cards, any others you may have, and also any overdraft facilities)? Do you have any other debts, loans, mortgage etc?

How do these figures compare with your income? Because if it's an affordability issue then most (all?) providers will reject you in the current climate.