Balance Transfers

paraletic

Hi guys
A quick question please. I currently have 3 credit cards:-

Barclaycard, Limit £12000, balance £10850 APR 21.9%

Egg Card, Limit £4900, balance £4773 APR 19.9%

Natwest Card, Limit £2900, balance £2600, APR 18.9%

I currently pay fixed sums of £240 to Barclaycard, £115 to egg and £60 to Natwest. I do these via direct debit and haven't missed any payments for over a year.

2 weeks ago I applied for a balance transfer to Virgin Card through Experian's lower my bills feature. I was turned down due to the fact that the total is quite high and I am near al my limits.
My question is should I just apply for a transfer on just one or two of the cards instead of the lot. Would this give me a better chance of being accepted or do I need to reduce all the totals first?
Thanks

paraletic

Anybody got any ideas??

stephane_2

You need to bring the balance down before applying again and also request that credit limit is reduce as well as you pay off the cards. Your level of debt and credit limit is high. You are almost £18000 into debt with 3 credit cards and unless your income is above £40000 a year you have no chance of getting a credit card with a decent limit....

stephane_2

I have just seen your signature and if those figures are right you are more or less £29000 into debt, that changes everything, your income would need to be at least £65000/£70000 or you would be considered as extremely high risk for any lenders....

paraletic

Thanks Stephane
Sadly those numbers are correct, I earn £31kpa. One of my loans ends Feb next year so will give me an additional £240 per month. I'm going to reduce my overdraft with this money then start to pile it on my credit card debt. A second loan finished Feb 2013 freeing up another £330 so it is possible to be debt free in around 4-5 years.
I was just wondering if I could reduce the interest rates in the meantime. Guess I'll have to wait a little while!
Cheers

stephane_2

It will be almost mission impossible to get anymore credit with a decent rate, simply be cause your debt to income ratio is almost 100%.....