Balance transfer card declined??

louisealls

Hi

I currently have a vanquis cred card and due the high APR and cant pay off the balance i wanted to apply for a credit card with 0% APR so i could pay the debt off. I just applied to nationwide and it immediately declined even though after getting my credit report i know my score is good. I was wondering if anyone knew wht it would be declined then? as i dont want to apply for different ones and the same happen therfore effecting my credit score.

Alternatively as i cannot pay off the vanquis balance is there any other cards or ideas that would be better than paying the high APR with vanquis.

Louise

natscat84

Crdit scores don't mean anything, it's what's on the reports that matters.

Have you missed any payments? What's your debt to credit ratio? (is your card maxed out?) What's your income like? Do you just pay the minimum payment on your card?

If you can't get a balance transfer card, start throwing as much money as possible at the Vanquis card to clear the balance, then cut it up!

redpete

louisealls wrote: »

I currently have a vanquis cred card and due the high APR and cant pay off the balance

That might be why. You are not making inroads into existing debt, there's no guarantee that you will use the new card to transfer the balance from the existing card (nothing to stop you spending to the limit on the new card and ending up with more to pay from the same income).

Alternatively as i cannot pay off the vanquis balance is there any other cards (probably not) or ideas (see below) that would be better than paying the high APR with vanquis.

Earn more and/or spend less and use any spare cash to pay as much off the Vanquis card as you can.