Are 0% transfers available for those with bad credit?

Lisa1978

As per title, are any companies giving out the 0% balance transfers? I have 3 credit cards :

1 @ 17.9%
1 @ 18.9%
1 @ 0%

I am paying the highest first and managed to reduce by £3500 in last 5months, however i have applied for 3nr 0% balance transfer cards and all either been refused or the companies have sent out paperwork for a 24.9% card (which swiftly went into the bin!)

Thanks

Brian_Bullocks

Lisa1978 wrote: »

Are 0% transfers available for those with bad credit?

I think you'll have difficulty getting accepted for a new 0% card. I doubt your current cards will offer 0% while there is a balance outstanding, and they will a status check before offering new deal anyway.

exel1966

Lisa1978 wrote: »

As per title, are any companies giving out the 0% balance transfers? I have 3 credit cards :

1 @ 17.9%
1 @ 18.9%
1 @ 0%

I am paying the highest first and managed to reduce by £3500 in last 5months, however i have applied for 3nr 0% balance transfer cards and all either been refused or the companies have sent out paperwork for a 24.9% card (which swiftly went into the bin!)

Thanks

What is your past history to suggest you have bad credit ? It may be possible to get a 0% card, but you'll need to elaborate.

Lisa1978

Thanks for replies. I wouldn't say i've a 'bad' history in that i've only missed by a few days 1 mortgage payment in 10years, however i do have 3 credit cards. I did join Experian a few months ago and my rating was 'poor'. I have applied for 3 cards within last few months so i'm guessing i'm making it harder for myself to obtain a 0% card?

exel1966

One missed payment and three credit cards certainly doesn't constitute that you've a bad history, but it could be to do with your current debt to available credit ratio (are the debts on those cards close to the actual card limit?) or debt to income ratio being too high. Three applications in a few months will possibly not have helped, but that's not particularly excessive.

You could try closing the card that's now been paid off, wait a couple of months then try again for a 0% card, but first and foremost I'd suggest obtaining a copy of your credit report via a free trial or by paying the statutory £2 to each Credit Reference Agency just to ensure there's nothing adverse/incorrect on your file.

Lisa1978

exel1966 wrote: »

One missed payment and three credit cards certainly doesn't constitute that you've a bad history, but it could be to do with your current debt to available credit ratio (are the debts on those cards close to the actual card limit?) or debt to income ratio being too high. Three applications in a few months will possibly not have helped, but that's not particularly excessive.

You could try closing the card that's now been paid off, wait a couple of months then try again for a 0% card, but first and foremost I'd suggest obtaining a copy of your credit report via a free trial or by paying the statutory £2 to each Credit Reference Agency just to ensure there's nothing adverse/incorrect on your file.

None of the 3 cards are at the limit, they are (Debt/limit) :
£1500/£5000 (paying every spare penny off it - will be paid off End Sept)
£4000/£5000 (monthly DD of £100/mth - after Sept will begin paying it off, pd off by Feb 12)
£2800/£2900 (0% card - paying min £28/mth DD - pay by next June 12)

Thanks i did get a report before but had a lot of hassle closing it again, Experian!!!!

The_Cappuccino_Kid

Lisa1978 wrote: »

Thanks i did get a report before but had a lot of hassle closing it again, Experian!!!!

Just get the £2 report as a one-off. You don't have to "join up".