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Help!! 0% cards ending soon & reached a dead end
nightstick
Posts: 13 Forumite
in Credit cards
I've got two cards, (Virgin & Halifax) with their 0% deals ending soon but I've reached a deadend in trying to move to other card deals. I recently tried applying for the RBS 0% offer on Martin's advice but was refused with no explanation.:( Now I've just tried to move the Virgin debt to my Barclaycard Simplicity account, which I use for everyday spending and they aren't doing balance transfers to that type of account.:( I'm at a loss what to try next. My credit report shows no problems, I've never missed payments and have been stoozing successfully up to now. I was refused a Zopa loan a few months ago again without any explanation so I don't know how to improve my credit status when it shows as good with no problems. Any comments or ideas would be really useful right now :think:
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Comments
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What is your annual income?
What is the balance on each card?
What is the credit limit on each card?
Any other accounts, like catalogues etc....0 -
do you have enough credit on the halifax card to cover the virgin balance?if so it will be worthwhile tele halifax see if they will offer a deal,they recently offered me a good deal on a bt over the phone,think it was 4.9% for life of balance0
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do you have enough credit on the halifax card to cover the virgin balance?if so it will be worthwhile tele halifax see if they will offer a deal,they recently offered me a good deal on a bt over the phone,think it was 4.9% for life of balance
Sounds a good idea but I don't have enough credit on the Halifax card:(0 -
To be honest, you cannot expect to go on paying no interest on borrowed money for the rest of your life. Sorry.0
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To be honest, you cannot expect to go on paying no interest on borrowed money for the rest of your life. Sorry.
Nightstick, what ILW says is to the point but true.
It is something that everyone who basically switches between 0% cards will come up against.
BUT..the problem could be that if you still have all these cards open, you might now have too much credit available (used or not) compared to your annual income.
I myself have 5 cards (3 opened in the past 16 months) and have been using the last 3 cards for 0% on balance transfers and purchases.
It has got to the point where I now have IMO a stupidly high amount of credit available to me, even though I'm using none of it at the moment and I feel I will definately need to close down at least 2 of the cards, if I'm to get another 0% purchase card come March when my final 0% card runs out.0 -
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What is your annual income?
What is the balance on each card?
What is the credit limit on each card?
Any other accounts, like catalogues etc....
Total income £ 32000
Barclaycard limit £7100 balance £160
Virgin limit £7800 balance £2800
Halifax One limit £5000 balance £4100
BoS loan balance £5500
No catalogues, store cards etc0 -
Nightstick, what ILW says is to the point but true.
It is something that everyone who basically switches between 0% cards will come up against.
BUT..the problem could be that if you still have all these cards open, you might now have too much credit available (used or not) compared to your annual income.
I myself have 5 cards (3 opened in the past 16 months) and have been using the last 3 cards for 0% on balance transfers and purchases.
It has got to the point where I now have IMO a stupidly high amount of credit available to me, even though I'm using none of it at the moment and I feel I will definately need to close down at least 2 of the cards, if I'm to get another 0% purchase card come March when my final 0% card runs out.
Well done for hitting your goal. I've always closed down each card account as I've transferred the balance elsewhere but it makes sense that once banks see your moving the debt constantly they'll just refuse new applications but it's really annoying that they don't have to give any reasons for refusing0 -
nightstick wrote: »Total income £ 32000
Barclaycard limit £7100 balance £160
Virgin limit £7800 balance £2800
Halifax One limit £5000 balance £4100
BoS loan balance £5500
No catalogues, store cards etc
You have too much available credit which is why your getting refused most probably. Also you mentioned you have been stoozing for a while, if you suck the devils !!!! for long enough, eventually you will have to swallow.0
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