£10k on cards - rejected by Barclaycard 0% - what do I do next?

George_Agdugduggwengo

So, I have £5,093.89 26.9% £5,139.74 19.9% on my 2 credit cards.

I applied for a Barclaycard at 0% but the have written to tell me I have been unsuccessful.
Have I bodged up my credit score by being rejected?
Is there a minimum amount of time to wait to apply for another 0% card?
When I do apply should I request £10233 or £5k to pay off one then apply for a second card for my other card?
The OH keeps telling me to apply for a bank loan - is that best way forward?

Thanks for any advice you can offer.

Cheers
Claire

BoGoF

More info required

Income?
Other Debts?

George_Agdugduggwengo

In FT employment (£20k)- no other debts. Not even really overdrawn nowadays....?

BugsyBrowne

George_Agdugduggwengo wrote: »

So, I have £5,093.89 26.9% £5,139.74 19.9% on my 2 credit cards.

I applied for a Barclaycard at 0% but the have written to tell me I have been unsuccessful.
Have I bodged up my credit score by being rejected?
Is there a minimum amount of time to wait to apply for another 0% card?
When I do apply should I request £10233 or £5k to pay off one then apply for a second card for my other card?
The OH keeps telling me to apply for a bank loan - is that best way forward?

Thanks for any advice you can offer.

Cheers
Claire

Forget about the bank loan to pay them off because you won't get one as your total debt will then be the same has your salary.

You seriously need to get your debt down before anyone will give you anymore credit.

stephane_2

You will find very hard even to get £5000 to pay off one of the card, simply because your ratio debt to income is already 50% so with an additional £5k it would jump to 75%.... that does not surprise me that Barclaycard or even any other would say no...

kerri_gt

The best chance you have of a consolidation loan is to speak to your bank first since you have an existing history with them. It might not be the best rate there is around but as stephane points out, the key sticking point is your income to debt ratio - which (after the past few years) lenders put far more focus on now than in the days of easy credit.

ILW

Could just try stop spending as much and start repaying the debts. Just a suggestion.

BugsyBrowne

kerri_gt wrote: »

The best chance you have of a consolidation loan is to speak to your bank first since you have an existing history with them. It might not be the best rate there is around but as stephane points out, the key sticking point is your income to debt ratio - which (after the past few years) lenders put far more focus on now than in the days of easy credit.

No not with you on that one,the bank are not going to give him 10k on top of of the 10k he already owes,this would put him on a 20k salary and a 21k debt no chance.

chattychappy

My advice to you would be to ask OH to consider applying for a 0% deal (depending on her circs) and taking on the debt. You repay OH.

My advice to OH would be to be very cautious about such an idea!

ElkyElky

LOL Great name - just don't call me, I don't care if you have monies owed to me because I winnings lottery!

George_Agdugduggwengo

Thanks for your advice all.
I haven't spent on my cards for ages now, I think I might start selling stuff on eBay.
Me & OH share everything, accounts et all so might see if he can do that! His salary is better than mine so it may be worth a shot.

Note for Elky Elky 'you have won 17million Ugandan dollars PM your account & sort numbers' LOL ;-O

See y'all on eBay!

Claire