cant swap high interest c/card

furey1975

Hi
I would be very grateful for any advice on this matter, I have a high interest Barclay Card with £4,000 and am finding that what I can afford to pay each month is now only covering the interest, I have tried swapping it to a 0% card for balance transfers and was so disappointed to be turned down by the two I applied to. I have an experian credit report which is good and above average so am at a loss to see why I being turned down as I do not want to borrow more just transfer what I already have:(
thank you for any help x

redpete

furey1975 wrote: »

I have an experian credit report which is good and above average so am at a loss to see why I being turned down

It's because Experian are not lending you the money and as you have found the CC companies do not use the Experian score as their criteria.

They take into account your income, outgoings, available credit, debt (both relative to your income) among others.

They might have spotted that you are only managing to repay the interest on the £4000 debt you have. As far a they are concerned there is no guarantee that you will BT this to the new card; you could leave the £4k where it is and run the new card up to its limit and then struggle/fail to pay it back.

furey1975

Thank you very much for your reply:)

jonesMUFCforever

The best I can suggest is you approach your bank and see if they would lend to you on a personal loan to pay off the card.
The rate on the loan would of course have to be lower to make it worhwhile.

furey1975

I will think about your suggestion, many thanks for taking time to reply

furey1975

I have been reading some posts and have heard something called an SOA, statement of affairs? I think this may help me but as I am new I dont know where to find it on here, can anyone help? Thank you:o

Tixy

Hi

The statement of affairs calculator is on the Debt free wannabe section of the board here - https://forums.moneysavingexpert.com/discussion/107280