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Credit Rejection Help
owenhogd
Posts: 2 Newbie
in Credit cards
Hello everyone, just joined the site so apologies if this is a question already answered somewhere else.
I have a credit card with halifax, in the beginning it was 0% interest for X amount of months. Since the 0% finished, the interest rates continue to keep going up. I have tried 2 or 3 times over the last 2 years to get a 0% balance transfer credit card. However I am always rejected for the same reason.
This is word for word what I received today from MBNA:
"We feel that your current level of financial commitment (which includes loans, hp agreements, credit cards etc.) is sufficient for the income figure provided on your application form."
I basically have 1 loan (what I used to get a car) and my current credit card. However I do not want additional credit. I just want to move my current credit from one place to another. So that I don't have to pay a massive interest rate.
Any help or tips on this would be greatly appreciated.
I have a credit card with halifax, in the beginning it was 0% interest for X amount of months. Since the 0% finished, the interest rates continue to keep going up. I have tried 2 or 3 times over the last 2 years to get a 0% balance transfer credit card. However I am always rejected for the same reason.
This is word for word what I received today from MBNA:
"We feel that your current level of financial commitment (which includes loans, hp agreements, credit cards etc.) is sufficient for the income figure provided on your application form."
I basically have 1 loan (what I used to get a car) and my current credit card. However I do not want additional credit. I just want to move my current credit from one place to another. So that I don't have to pay a massive interest rate.
Any help or tips on this would be greatly appreciated.
0
Comments
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I have a credit card with halifax, in the beginning it was 0% interest for X amount of months. Since the 0% finished, the interest rates continue to keep going up. I have tried 2 or 3 times over the last 2 years to get a 0% balance transfer credit card. However I am always rejected for the same reason.
If you can't get a 0% card, what about doing a transfer to someone that will give you a LOB (Life of Balance) rate?
I recently moved my Lloyds balance to Barclaycard who offered me a 6.9% LOB.
That would fix the interest on your existing balance whilst you pay it back and whilst not 0%, 6.9% is surely better than you are paying now?0 -
However I do not want additional credit. I just want to move my current credit from one place to another. So that I don't have to pay a massive interest rate.
I' afraid, that is additional credit!
Nobody can be certain that you will transfer the balance and close the old card. There would be nothing to stop you, you could just be running up new debts on the now cleared card. And before anyone can say "Jack Robinson", you have twice the debt you previously had.0 -
what is your income
what are your debts0
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