Getting Turned Down For Credt Card

samhale86

Hi,

Hoping someone can give me some input/advice.

I have 3 credit cards, and an overdraft -

CC1 = £1,500ish
CC2 = £1,200ish
CC3 = £0

Overdraft = £1,200ish

From doing a free credit check recently, I know my report is pretty good.

I've also just moved house, and they do a credit check for that to see if you require a guarantor, and I was fine.

My salary is around £1,000 a month. My current repayments total around £100pm. I have no problem meeting these, and pay on time.

However, when I apply for a new credit card, I get turned down.

The reason I'm applying for a new one is to simply get all the debt under one roof, hopefully save a bit on interest and ideally get a free APR for a few months with a small balance transfer fee. I'm not going to use the card.

Could the reason I'm being turned down be any of;

- Too many credit cards?
- Amount I'm asking for?
- One of the credit cards is suspended, so I don't use it whilst paying it off, could that be it?

I have a shared bank account which I rarely use, but I'm not sure of the other persons credit report, could this be it?

I tried applying for a loan through Zopa, but unfortunately had to supply some documents that I couldn't at the time.

Are there any alternatives, or anyone have any ideas?

Thanks for your help, and Happy New Year.

:j

Jammi

If the figures you listed for your credit cards and Overdraft are the amounts you owe and not the limits, that could be the reason you've been turned down for further credit. If those figures are the limits, then further information of exactly how much you currently owe compared to your current limits would be needed.

I've never heard of credit cards being suspended, only closed while you pay off the balance. If that is the case it should not affect your credit rating.

samhale86

Yeah, those are the amounts I owe. The limits are all around £2000.

The 'suspended' card is with MBNA, and that is how they list it on my account. It is how you explain though, I can no longer use the card, but am still paying monthly payments.

So, if I'm not able to get another credit card due to the amount I owe / amount of cards I have, are there any alternatives? I'm currently paying around £100pm, but getting hit with about £90 of interest, and therefore getting (pretty much) nowhere.

Thanks for any further advice.

Jammi

Your current debts compared to your earnings means you are very unlikely to be accepted for any 0% offer credit card.

You might want to consider applying for a Santander Current Account that offers interest free overdrafts for a year. You will also get a £100 bonus for switching your present current account.

opinions4u

Time at address = not long.

Already got card where rate rise rejected. *edit note post below*

Recent credit searches in at least two other places.

Debts exceed a third of annual income.

Applying for a fourth credit card.

Only paying minimum payments.

Pretend you're a card issuer and consider the risk profile of the applicant. Would you want to lend this person money?

Degenerate

opinions4u wrote: »

Already got card where rate rise rejected.

This is not supposed to be visible on the credit file.

PNPSUKNET

I can see his point though, as most are run by mbna

samhale86

OK, thanks for all your input, but does anyone have any advice/alternatives, or is it a case of I'm screwed and keep trying to pay off as much as I can, but due to interest, only paying off about £10 a month?

Thanks.

samhale86

Jammi wrote: »

Your current debts compared to your earnings means you are very unlikely to be accepted for any 0% offer credit card.

You might want to consider applying for a Santander Current Account that offers interest free overdrafts for a year. You will also get a £100 bonus for switching your present current account.

Thanks for this. I will take a look into Santander Current Accounts.

Jammi

samhale86 wrote: »

OK, thanks for all your input, but does anyone have any advice/alternatives

I've already done that in my previous post.