Help required - cannot get loans as apparently "up to my total credit limit"

bmj_2

Hello

I don't know if anyone can help but I have a bit of a problem. I have several credit cards that have gone past their 0% period and one in particular I am now paying triple what I was paying before on. I have tried to do balance transfers on these cards but I have been refused. I looked at my credit status and apparently I have an "excellent" credit rating - 999 apparently but it says I have used 91% of the total credit I have available.

All I want to do is transfer my balances - not get new credit, is there a way around this at all? It is killing my budget, I have taken on a second job to try and help but have recently had my hours cut so need to do something pretty swiftly. I have been to my bank, who wanted to help but said that all the decisions have to go via the underwriters and they are the ones refusing me credit - HELP!!

milliemonster

No, there is no way around this aside from paying down your debt, I was told by experian you have to get it to below 70% before lenders will accept you again, mine is currently around 87% and I have had the same issue.

In the lenders eyes, you are getting new credit, yes I appreciate you are only wanting it to BT (as do I) to reduce the interest you are paying but there is no guarantee you will do this and close the old account, you could just use the new and old credit therefore increasing your committments and making you more of a risk to your lenders.

Have you tried your own bank?, the only other thing you can do is just knuckle down and reduce your debt as much as possible and try again in another 6 months

almost_there

When does the "total credit" change in your file? I had a large bill on my credit card so it showed 92% but this has since been paid. So it seems wrong that my file might still show this to any prospective searcher!

jonesMUFCforever

almost_there wrote: »

When does the "total credit" change in your file? I had a large bill on my credit card so it showed 92% but this has since been paid. So it seems wrong that my file might still show this to any prospective searcher!

If you have paid the bill then you have the use of the credit facility attached to that card.