Transfering balances with high debt

Appleuser_2

1st Post so be gentle.

Used Credit Expert yesterday (yes I know!) Seen score was good despite high levels on cards and loans (yes agin I know!).

Made a few applications for cards to transfer existing balances to. Rejected on all.

I, paying more than the min on each of my cards and wil continue to do so. Just wondered if any providers keen to take on other balances? Or a loan to move them to? Had 2 or 3 recent rake hikes.

I'll obviously wait a few months now.

Also, since using CE site and the "lower My Billls option" I have received a number of phonecalls from different lenders with very high APR rates and bad mannered operators, Aspire Money? Wish I hadnt bother now. Thought I was going myself a good turn!

[Deleted User]

How much do you owe, what are your total limits, and what's your income? It sounds like you may be maxed out.

Appleuser_2

Yes youu right, Im nearly at my limits for my three cards.

Egg 4900 limit 5500
Mint 2300 limit 2750
Amex 1000 limit 1500

But they all high APR so was homing to move on to another

Tixy

Hi
The score doesn't really take into account your balances - by that I mean they have no idea how big your balances are compared to your income so the score can be very high just because you have made all payments on time.

If you have high debts relative to your income then that may well be why you are being declined. As the potential lenders aren't sure you could service your existing debt and a new card from them.

How much do you owe in total? how much is your total credit (the amounts you owe, plus unused credit on your cards, overdraft etc)?
How much do you earn? are you employed or self-employed? Are you on the electoral roll?

If its due to the amount of existing debts you have then you are likely to have the same problem in trying for a loan.

How many applications are the 'few' that you made? Generally people are advised to have no more than 3 credit applications in 6months, anymore than this and you can start to look desperate for credit.

Have you opted out of any rate hikes? are you aware that you can?

[Deleted User]

How does the 10k of limits and 8k of debt compare to your salary? A big percentage? I'd guess that if the first is more than 40% or the second more than around 30%, you'll struggle.

Appleuser_2

Combined with a car loan yes they are high in realtion to income. I'll look into contacing teh providers to see if I can reduce rates.

Cheers

Dabooka

I don't know if you'll have much luck reducing them, but as Tixy has mentioned you are able to decline the rate increases; they simply "close" the credit account and you can continue to pay it off as you already are. If you're unable to move them just yet, it might be the best thing to do until your situation changes.

When were you notified of the changes?