Excellent credit score but cant get another credit card

martd77

Hi
just wondering if anyone can give me some advice or indeed ideas please:

I currently have 3 credit cards
halifax 6.9% balance 3700
mint 16.9% balance 1150
virgin 15.9% balance 3200

Ive applied for 0% credit cards to transfer the balances from my mint and virgin card onto but neither my own bank,santander,barclays or capital one will give me a card
I must add ive never missed a payment all my cards are paid by direct debit,
Its the same situation with a loan
I currently have a £10k loan due to be paid off in 15 months

i wanted to borrow the money to pay off my cards but neither halifax,santander or lloyds or zopa would give me a loan
All have said "at this time we cannot complete your application",
The advisor from the halifax explained that there was not problem with my credit report they just wouldnt lend me the money at this moment?

Ive never defaulted or missed payments on loans,credit cards indeed anything ive got a completely clean history and that shows on the equifax trial report so im lacking understanding why i cant get any credit?
thanks for any comments

flush_the_hamster

depends on your debt to income ratio....you currently have 8k on cards and I don't know what remains of your loan. If the ratio of the outstanding balance to your income is too high - it could simply be deemed too high a risk - regardless of your previous credit history...

BugsyBrowne

martd77 wrote: »

Hi
just wondering if anyone can give me some advice or indeed ideas please:

I currently have 3 credit cards
halifax 6.9% balance 3700
mint 16.9% balance 1150
virgin 15.9% balance 3200

Ive applied for 0% credit cards to transfer the balances from my mint and virgin card onto but neither my own bank,santander,barclays or capital one will give me a card
I must add ive never missed a payment all my cards are paid by direct debit,
Its the same situation with a loan
I currently have a £10k loan due to be paid off in 15 months

i wanted to borrow the money to pay off my cards but neither halifax,santander or lloyds or zopa would give me a loan
All have said "at this time we cannot complete your application",
The advisor from the halifax explained that there was not problem with my credit report they just wouldnt lend me the money at this moment?

Ive never defaulted or missed payments on loans,credit cards indeed anything ive got a completely clean history and that shows on the equifax trial report so im lacking understanding why i cant get any credit?
thanks for any comments

I would of thought there might be something wrong with your experian credit report not your equifax as halifax,lloyds,santander,capital one all credit score you on experian,but you say you checked equifax....

martd77

Flush, the loan has just under £5k left to pay over the next 18months,my income is £340 a week, i dont have a problem paying any of these im just after a cheaper card or a loan to pay it off

star fire i signed up to the 30day equifax trial,printed my report to have a look and there is no defaults,missing payments,nothing,every loan has been fully paid off that ive had previously as has every credit card

Think im with flush,not in so many words but a lady i spoke to at Black horse finance today ran a credit check and explained it would be a "bit of a risk" for me to meet the payments because how do they know im going to pay off my credit cards with the loan and not go out and spend it on anything,
fair comment i suppose and maybe thats why i cant get any more credit

Tixy

Mart

That will be right - you already have a very high credit to income ratio, highly unlikely anyone will give you more credit.
You need to work at reducing your balances before you apply anywhere else. If you can work on overpaying on one of the cards then once that is cleared off entirely (handy that your smallest balance is also your highest APR) then you could see if they would offer you a promotional 0% deal which you could then use to transfer over one of the other cards

BugsyBrowne

martd77 wrote: »

Flush, the loan has just under £5k left to pay over the next 18months,my income is £340 a week, i dont have a problem paying any of these im just after a cheaper card or a loan to pay it off

star fire i signed up to the 30day equifax trial,printed my report to have a look and there is no defaults,missing payments,nothing,every loan has been fully paid off that ive had previously as has every credit card

Think im with flush,not in so many words but a lady i spoke to at Black horse finance today ran a credit check and explained it would be a "bit of a risk" for me to meet the payments because how do they know im going to pay off my credit cards with the loan and not go out and spend it on anything,
fair comment i suppose and maybe thats why i cant get any more credit

Mart i know you signed up for the equifax trial,but the cards that turned you down search experian,so forget about your equifax report,check your experian report as well....

martd77

Tixy thanks i appreciate what the companys are saying but it saves me long term if i can get a loan to pay the cards off,the loans in joint names anyway but i see their point

star fire i will sign up to experian and check that out thanks

thefunkykitten

I think I have the same problem (just posted a rant about my Virgin CC application being declined. I have an near excellent credit rating, but the debt I have (that I want to transfer) adds to too much against my income. I think there's something wrong with the way these application are handled, especially for the cards promoting their balance transfer deals - the applicants surely want to manage their debt, not just get more??
*grr*