cant seem to get accepted for credit cards

nelliejohnturner1980

Hi there everyone

just want to query why even though i have a good credit score as far as im aware, ( i have never missed a payment on any loan or anything else for that matter) , i cant seem to get accepted for a credit card to balance transfer to a 0% card. I currenly have 4 credit cards each with balances on them and i would like to put them on to a 0% interest card but i keep getting rejected. Does anyone have any knowledge on why this is happening?

Many thanks

BugsyBrowne

nelliejohnturner1980 wrote: »

Hi there everyone

just want to query why even though i have a good credit score as far as im aware, ( i have never missed a payment on any loan or anything else for that matter) , i cant seem to get accepted for a credit card to balance transfer to a 0% card. I currenly have 4 credit cards each with balances on them and i would like to put them on to a 0% interest card but i keep getting rejected. Does anyone have any knowledge on why this is happening?

Many thanks

Your credit score probably is very good, these banks are just being useless sh*ts at the minute and if your name is not down your not coming in..

jen245

How much do you earn? What are the limits on your cards? How much do you owe on your cards? It could be that your income/debt ratio is too high, or that you have too much available credit.

Banks are being very very picky who they give cards to

nelliejohnturner1980

hi again,

i owe £15000 spread around the 4 cards and my salary is £35000 a year. I never had this problem in the past, could it just be that i have too many cards and that i dont spend on them as much anymore?

paulmcerlean

too much available credit compared to your income will be the issue.

YorkshireBoy

Mortgage, or renting?
Loans?
Financial associations?

...especially when thrown into your (very high in relation to your salary) available/used credit ratios will affect acceptance.

You say you have a "good credit score as far as im aware". Is that because you've paid for a score, viewed your credit file to see what other lenders see when they search you, or pure opinion/guesswork on your part?

lazer

if you have a recent rejection from a redit card company showing on your credit history it will affect the likelyhood of being accepted for another one.

You should reduce the limit on your credit cards where possible and then apply for a new card in a few months

izools

lazer wrote: »

if you have a recent rejection from a redit card company showing on your credit history it will affect the likelyhood of being accepted for another one.

You should reduce the limit on your credit cards where possible and then apply for a new card in a few months

There is no such thing as a "rejection from a credit card company showing on your credit history".

The record of an Application being made is the ONLY data recorded - not whether it was approved or declined.

Creditors don't assume - and I know some will suggest they do - that "having a recent search but not a new account makes it clear the account was declined".

They don't assume this as - > The account may have been opened but not been reported to the CRAs yet. > The account may have been approved but the company may not report account data on the customers credit file unless it falls into arrears. > The account may have been opened but account performance data may only be reported to one or two of the three CRAs. > Creditors when viewing your credit file DON'T see the NAME of the company who searched you or the name of the companies who you hold accounts with, just the TYPE of account - so there's no way to say whether accounts showing do or do not belong to the same company who performed the credit search. The name of the companies reporting / searching your credit file are ONLY visible to the End User - not creditors themselves.

nelliejohnturner1980

i paid £2 for a credit score with experian.
i will reduce the limits on the cards and try again in a few months.

many thanks

YorkshireBoy

nelliejohnturner1980 wrote: »

i paid £2 for a credit score with experian.

Did they have a sale on? The scores are generally £5-6 aren't they? Are you sure you didn't purchase a statutory report?

i will reduce the limits on the cards and try again in a few months.

But that will increase your used credit ratio, thereby making you appear overly committed, which I suspect will do more damage than staying where you are.

Any

Not that YB is suggesting that you should buy a "score" OP.

Can u let us know what the cards are, how much on them and what the limit is..
How many cards did u aply for in last 6 mths?