cant seem to get accepted for credit cards

nelliejohnturner1980

Hi YB,

My mortgage is £410 month.

I dont have any loans HP agreements etc.

My partner isnt financially linked to me in any way.

Hope that helps

Any

YorkshireBoy wrote: »

I don't think it's so much the high limit*...more to do with the existing indebtedness to them (and others as seen from the credit search). If the OP didn't have so much debt elsewhere I suspect MBNA may grant another card but insist on swapping some of the limit on the existing card over.


* I had a £13K Virgin Money card (empty) and they still gave me an £8K Virgin Atlantic card. Granted it was a few years ago but my salary then was less then the OP's now.

As you say, that was few years ago...
In the same way I have available limit of 120% of my salary which according to some advise on here is impossible now a days..
However that does not change the fact that you can have more then 1 MBNA card..

nelliejohnturner1980

no my virgin card isnt currently in a 0% deal. Ive had that card for a few years now. They did try to rate jack me last year and i turned it down so its a card that i dont use , just repay.

mustrum_ridcully

nelliejohnturner1980 wrote: »

hi yes my cards are as follows:

virgin £4500 balance £9500 limit
Egg £4000 balance £7000
Barclaycard £4200 balance £4850 limit
halifax £3800 balance £5000 limit.

Ive applied for 2 in the last 6months. The last being today, an MBNA card. Ive always been told that the statutory £2 to experian will give you enough information on your credit score to suffice. Thanks for your help.

Don't forget that Credit Card companies share data, I've quoted an important bit from a MSE article

Now, the 'full data' that credit card companies share about you is increasing. From 1 December 2008, Barclaycard, Capital One, GE Money, HBOS and MBNA began sharing a lot more.


As well as your available credit, actual debts, and whether you've missed repayments, they'll include the amount you repay (ie, if it's the minimum, or repaying in full) and whether you've a promotional deal (plus, if you use credit card cash advances, which you NEVER EVER should).

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

3 of your cards are issued by companies that share data.

MFWannabe

nelliejohnturner1980 wrote: »

no my virgin card isnt currently in a 0% deal. Ive had that card for a few years now. They did try to rate jack me last year and i turned it down so its a card that i dont use , just repay.

In that case then you really need to get them to reduce the credit limit. At the moment you are using 13.5k of a total of 26k of available credit over all your cards; that's why lenders will not lend you any more money; they see it as you already still have almost 13k available to you

Ref my earlier post; i meant that you cannot balance transfer between 2 cards in the same group; i.e you cannot balance transfer debt from a Virgin card to a MBNA card

jen245

Op is using 16500 of 26000 not 13500

Any

FREEZ wrote: »

In that case then you really need to get them to reduce the credit limit. At the moment you are using 13.5k of a total of 26k of available credit over all your cards; that's why lenders will not lend you any more money; they see it as you already still have almost 13k available to you

Ref my earlier post; i meant that you cannot balance transfer between 2 cards in the same group; i.e you cannot balance transfer debt from a Virgin card to a MBNA card

True.. But MBNA cards offer Super BT so you could do it still-albeit with higher charge of 4% (transfer to ur bank account and then pay off the card).

I also think that lowering balances and waiting few months could be an option... Might not work however..OP must be prepared for that.
I found that Santander are not that picky.. They accepted me last April even though acailable credit in comparison to my salary was hitting 100% mark..
But someone else might have different experience.

mrpsmith

mustrum_ridcully wrote: »

Don't forget that Credit Card companies share data, I've quoted an important bit from a MSE article


3 of your cards are issued by companies that share data.

Egg are also sharing full data from January 2011

ironlady2022

Available credit of 25k is too high against your 35k income. Banks are getting stricter on criteria. You can reduce the limits and appl again but bear in mind, if you reduce and get rejected for a credit card, it's unlikely they will increase the limits for you again. This should not be a problem if you are not spending on your cards. If you are, then you need to look at your expenditure and find out if you are living beyond your means.

Timbersnake

Hi all,

Sorry to hijack a posting here, but why are credit companies concerned with your current available credit? In this guys case, he just wants to transfer his balances to get a better deal on the interest rate so i cannot see the problem in the value of his 'available credit'?
Im not disputing your wrong, but curious as to why this is seen as a problem by CC companies?
Also, by lowering your credit limits, would that not look even worse? As in say, im currently using 50% of my avail credit, but if i lowered the limit, that percentage ratio would go higher, even if the balance doesn't change?