Applications failed

rkuk

Hi all,

I'm trying to balance transfer £3000 from my barclaycard onto a 0% bt and 0% purchases card.

I tried Halifax - denied.
I then tried virgin - denied again.

I have a loan, a mortgage, CC, some DD's and a mobile phone. All of which I manage very well, and have never faltered on one of them!

I know the CC companies won't want me as my profile is poor in their eyes, as I try to pay everything off regularly on time etc. Though I need a new card as I'm going to get stung with a big APR very soon.

I'm a bit worried to make another application and mess up my credit rating. Any ideas on what I should do?

Thanks!!!
:beer:

Primavera_2

It should be a good thing that you are paying your debts regularly and on time. Lenders I'm sure would look at this favourably.

Have you checked your credit report recently? There may be an underlying nasty that you were not aware of.

rkuk

Thanks Primavera. I thought they wouldn't give me the nice deals as I'm careful, and therefore they'd make no money.

I haven't checked my credit report. I'm sure I seen something - credit something? or maybe it was experian? Is this easy to check?

Thanks!

Tixy

Worth checking your credit files yes. Its easy to do, there are 3 agencies experian (aka credit expert), equifac and noddle. You can order the stautory report for £2 from each, or there are free trials you can sign up to (free if you remember to cancel).

How much do you owe in total on your existing debts (not the mortgage)? How much unused credit do you have available to you on credit cards and overdrafts?
How much do you earn a year? It may be that they are concerned about affordability if you already have a loan and balance on a card.

You are not being declined because you pay on time - they can still make money from balance transfer fees and transaction fees when you make purchases.

mgarl10024

rkuk wrote: »

I tried Halifax - denied.
I then tried virgin - denied again.
<snip>
I'm a bit worried to make another application and mess up my credit rating.

I was gonna say be careful of too many apps too close together, but then it looks like you're ahead of me.

I found that by asking the companies why you can get the answer. Many will waffle about an internal scoring system and wont tell you anything, but one recently all but pointed to the bit in my record which was incorrect. Worth a phone call perhaps?

scott_lithgows

Try for a creation card.

rkuk

Tixy wrote: »

Worth checking your credit files yes. Its easy to do, there are 3 agencies experian (aka credit expert), equifac and noddle. You can order the stautory report for £2 from each, or there are free trials you can sign up to (free if you remember to cancel).

How much do you owe in total on your existing debts (not the mortgage)? How much unused credit do you have available to you on credit cards and overdrafts?
How much do you earn a year? It may be that they are concerned about affordability if you already have a loan and balance on a card.

You are not being declined because you pay on time - they can still make money from balance transfer fees and transaction fees when you make purchases.

Right - I'm going to check that. I'll pay the £2, and see if I can find anything! Finger's crossed

rkuk

scott_lithgows wrote: »

Try for a creation card.

What's that? A brand of card (like virgin etc) or a special type of CC?

I'll maybe have to google that!

Thanks

rkuk

Paid the £2 for a credit report last night. I thought it would be like an instant report online - just like CC decisions, but I have to wait up to a week!

At this rate I'll be paying big interest. Tempted to try another card provider. :-/

rkuk

Grrr - just found the equifax one is instant! Should I do this report, or wait for my experian one to come back?

camuk81

RKuk,

Don't worry about the figure but sign up for the free monitoring tool, there are even some sites that offer cash back for this just make sure you cancel it at the end of the free trial