Unable to Balance Transfer: New Cards

aivijo

I have 2 credit cards that I have been making decent payments on each month to help bring my debt down, but now the interest has kicked in the balance is hardly reducing each month. It's getting really disheartening, the light at the end of the credit card tunnel seems further away than ever! I have tried a couple of times to open up 0% balance transfer cards but they get declined. I have never missed a payment on anything and have always had a good credit rating (albeit actively obtaining and paying off credit, banks have usually loved us!), but we got a mortgage for our first house only last November so we thought maybe that flags up as something that prevents us getting more credit? Any advice?

Tixy

No reason getting a mortgage would prevent you from getting new cards, assuming you are registered on the electoral roll at your new address.
Though assuming the mortgage was with your partner you will now be financially associated with them, which you may not have been previously.

So there credit history will be considered now when you apply for new credit.

It is generally getting harder to get new 0% deals than it used to be a few years ago.
Do you have a high existing debts compared to your income?

aivijo

Ah, we live in a new build house and not a lot of websites recognise the postcode so thats a problem. Bit of a nightmare that that can cause us problems like this though! Are there any other ways of consolodating debts? The amount we pay off each month we should really be able to pay it all off within a year but the interest rates are trippling the time period now! I tried for a loan about 6 months ago, just a small one to pay off the cards and it meant that my monthly outgoings would be reduced, that got declined too, even though I had recently paid off another loan with the same lender without any problems. Can I go into a bank and discuss things like debt management with them? We don't even have a lot of debt, I just want it gone as quickly as possible!

Tixy

What APRs are you paying on your cards?

Might be worth checking your credit reports (if you haven't already) to check that they all show you at the correct address/postcode and on the electoral roll. Equifax in particular can have problems with addresses being slightly incorrect and then ending up with you not showing as being on the electoral roll.

I'd check this out first before approaching your bank for a loan or anything.

In terms of a consolidation loan, as you mentioned you tried for before - whilst you know you would intend to consolidate and your outgoings would be less the bank don't know you will definitely consolidate and so will calculate if you can afford to repay both your existing debts and the new loan.