Need to do a balance transfer but was declined for new credit card

flower24

I've got myself into a pickle, I got a new credit card last year to pay off my catalogues/store cards, with the intention of paying it all off in the 15 month 0% period. But I haven't done this so last week I applied for another balance transfer card and got declined. I haven't checked my credit file but I have never missed any payments ever. I am wondering if it is because of name change (I got married last year). I'm starting to panic that I won't be able to afford the payments once the 0% period has finished.

InsideInsurance

Assuming you've changed your name on your existing credit facilities the change of name wont make any difference.

immynjoesmum wrote: »

I'm starting to panic that I won't be able to afford the payments once the 0% period has finished.

The obvious problem is the above. Lenders can never be certain that you will cancel the other card and not just go out and max it out again. They therefore basically make their decision based on the assumption you will keep all your existing arrangements in place.

If you cannot afford the interest being applied you certainly wont be able to afford the card with the interest being applied plus a second card with the same interest free + an admin fee.

There is the option of closing down any other open credit facilities you happen to have but this can take 2 months or more to reflect on your credit reference agency file and so sounds like it is more urgent than that.

I'd suggest your best option is going over to the debt free wannabee section and post a statement of all your outgoings and see how to cut back so you can afford the repayments and get it paid off ASAP

R_P_W

How much do you need to balance transfer?

It is a pretty fine line between being able to afford the payments on 0% and payments with interest!