Balance transfers

joewa

hi,two of my credit cards are abot to satart accrueing PAR as they are about to come out their interest free period
I have never been declined credit and applied for a balance transfer with Nat west and got declined and then RBS and got declined
Does anyone have any idea what i can do they bot have said that there is no problem with my credit rating

joewa

Can anyone help please

izools

joewa wrote: »

Can anyone help please

Well for starters, RBS and Natwest are the same bank - just different brands, so if one declines you, the other will. Unfortunately through applying at both, you've wasted a credit search.

Have you applied for a copy of your credit file lately?

One important factor to consider is that lenders are much more weary now than they used to be, of customers with a lot of available credit, even if you have an impeccable repayment history.

Things that can negatively affect your score, that never really used to, include:

Always, or nearly always, only paying the minimum.
Having accounts that are ran close to their limits.
Having more credit available to you (total credit limits on all accounts added up) to the value of more than 50% of your annual income

Do any of the above three risk signals apply to you?

joewa

Hi.thanks for theabove :

I noticed that the RBS and Nat West applications so i should have known they were the same
I have three credit cards 1 Balance £5000 Credit limit £7000
2 Balnce 3500 Credit Limit £ 5000
3 Credit Limit £ 5000, pay this off every month
Mortgage £ 47000

Salary £ 44000 PA

Credit files ok, apart from 1 late apyment last month which was banks fault and they were supposed to remove it which they havent.Will contact them again tomorrow
What do you think

izools

joewa wrote: »

Hi.thanks for theabove :

I noticed that the RBS and Nat West applications so i should have known they were the same
I have three credit cards 1 Balance £5000 Credit limit £7000
2 Balnce 3500 Credit Limit £ 5000
3 Credit Limit £ 5000, pay this off every month
Mortgage £ 47000

Salary £ 44000 PA

Credit files ok, apart from 1 late apyment last month which was banks fault and they were supposed to remove it which they havent.Will contact them again tomorrow
What do you think

Definitely I'd say the late payment marker. If it wasn't so recent it wouldn't have much if any effect but until it's six or more months old you will be wasting your time applying IMHO.

Don't re-apply until you can actually see on your credit file that the bank have corrected their error and chase it up with Experian AND Equifax's "Notice of Dispute" service

joewa

thanks i will contact them again when i told them what had happened they stated one late payment would not make any difference.By the way the late payment is tesco