Starting to panic - can't get any more 0% bal tfr offers

NicNak247

Hi

I'm just wondering if anyone else is having the same problem.

I currently have 4 credit cards which total £8k but now all my 0% balance transfer offers are coming to an end and I cannot seem to get a new credit card.

I have applied for a credit card and a loan since January and I have been declined for all. I've always had a good credit rating so decided to sign up to Expedia to check and it confirmed that my credit rate was good and I was only using 50% of the possible credit for my salary.

I have contacted some of the credit card companies who I used to use and still have accounts open with to see if I could get any balance transfer offers and they all said no! I'm really starting to panic as I struggle to get by every month and if I have to now pay interest on the 8K I will be in trouble.

YorkshireBoy

NicNak247 wrote: »

...decided to sign up to Expedia

Can you afford a holiday at the moment?

I was only using 50% of the possible credit for my salary.

Please explain what you/they mean by that?

I have contacted some of the credit card companies who I used to use and still have accounts open with...

So you have 4 cards with balances on...and a further few cards that are empty? It could be that those searching your files think you already have enough/too much access to credit.

What's your?...

Income
Total available credit (the sum of credit card and overdraft limits)
Total used credit (presumably just the £8K?...or have you overdrafts, loans, mortgages, BNPL, etc as well?)

Fiddlestick

Based on the context of the question, I think they meant Experian rather than Expedia.

YorkshireBoy

Fiddlestick wrote: »

Based on the context of the question, I think they meant Experian rather than Expedia.

So do I. Hopefully my bit of fun won't be lost on the OP too.

NicNak247

Woops meant Experian! :rotfl:lol I need a holiday badly but cannot afford one.

On the credit check on Experian it listed all my credit and then above it said that I could apply for more credit as I was only using 50% of what is available to my salary.

My salary is a pathetic 17K as I was made redundant last year and had to take a job paying 5K less :mad:

Ok so I get paid £1161 per month and pay out £500 in bills which leaves £661. I am currently trying to live off just £250 and try and save the rest but due to having 3 weddings and hen parties to attend this year saving isn't happening.

I actually had more credit last week but I cancelled two cards amounting to £4K.

Do you think if I cancel some more of these unused cards it might help??

NicNak247

I have 24.5K available credit and use 9.5K (8 + 1.5 loan)

I can't believe I never thought of adding up my available credit before!!

YorkshireBoy

NicNak247 wrote: »

I have 24.5K available credit and use 9.5K (8 + 1.5 loan)

I can't believe I never thought of adding up my available credit before!!

You now have your answer.

It's thought that lenders don't like to see used credit to salary figures above 50%. Yours is 56%.

You also have access to available credit approaching 1.5 times your gross salary.

You need to reduce both these figures before you'll get accepted for other cards for 0% BTs. Loans may be different, if you give 'consolidation' as the loan purpose, but you may find the rates aren't that much better than your cards' go to rates with your debt/income ratio.

Good luck with whatever you decide to do.

chattychappy

Which credit cards do you have and what are the balances + limits?

Should one of the cards have a low balance + high limit, then it might be worth clearing this first in the hope of getting a repeat offer. Some cards are better than others for this.

Barclaycard often make a LOB offer even whilst you are carrying a balance - do you have a Barclaycard?

To answer your question about cancelling cards, it might help. But remember there can be quite a lag before their closure is reflected on your credit report (say, two months).