Texaco Refusal - What Now?

Rudehamster

Hiya,
I wanted to consolidate a couple of credit card bills and transfer one which was nearing its 0% life of balance. I contacted Texaco...filled in th eforms and waited.
I was refused and advised to contact Experian. This I did and found noting untoward on the file whatsoever. I discussed the file with Experian, who also couldn't find anything on the file, apart from that I have six credit cards (not that many compared to most of mt friends and family). In general, I have a good credit rating...no problems.
I called Texaco, and discussed the reasons for the application - they said that they had had a large number of requests for balance transfers recently (was this the reason for my refusal?) and they advised writing to their underwriters department enclosing a copy of my Experian file. I did this, but received a letter this morning saying that 'As previously advised. a decline does not mean that you are a bad payer, but it simly means that based upon current information available to us, you application still falls outwith the current acceptance criteria'. What are they talking about? They have every scrap of information they possibly could.
I am now really concerned that if I apply for another card, that I will be refused on other applications...but I really need to move these balances soon, or I'm going to be stung for interest.
Can anyone advise me on what I should do next?
Rudehamster (bad tempered and irritated at Texaco)

comdw

My girlfriend is having a similar experience with Texaco. The refusal letter said "too may credit balances on your experian credit report for your income", yet we have the experian credit report and there are NO credit balances. She doesn't even have any other credit cards. She hasn't yet spoken to them to find out where they are getting the info from, but it sounds like it may be a waste of time. Maybe they are just trying to avoid giving the 3.9% balance transfer rate out.

debtbuster2K5

Hi,
I had exactly the same problem with Texaco last month. My credit file was fine, I appealed but got the same reply as you. I requested £10k worth of balance transfers so maybe they were uneasy lending me that kind of money at a low rate.

However, I have just been accepted by Alliance and Leicester so it does not seem to have affected my records.

DB2K5

JoCC23

I am also having problems with Texaco and I also recently recieved my experian credit report and there's nothing on there that I can see would make them refuse me. I just assumed it was because I have only recently got a job after being a student for 4 years and I have a lot of debt. But reading these experiences I'm thinking that even though I now have quite a good regular income, maybe they are trying to get out of giving the 3.9% balance transfer rate, which is exactly the reason I applied to them.

Sorry Rudehamster I can't help you, I'm in the same boat as you. I desperatly need to move this balance to something at a much, much lower interest rate but fear that now I've been rejected another company will see this and also reject me.

If you hear anything positive from Texaco or recieve any good advice about this problem I would love to hear about it

Rudehamster

A small adendum...I have just called Texaco and growled at their duty supervisor:
I apparantly have a 'low score' with Texaco because of the amount of credit I already have (which is only around £9,000). Judging by your replies, it appears that they may be victims of their own success, and tightening their belts as far as applications are concerned....but there again, perhaps they are just being annoying for the hell of it.
Now...where's that valium?

JoCC23

I have less than £2,000 that I need to transfer, but I was still refused! I am puzzled maybe I should ring up and find out why I was refused. I do have have a Professional Studies Loan of about £10,000 but that wasn't even on my Experian report, however my first repayment is due next month so maybe it doesn't show until then? I don't see why they just don't give us the reason for refusal, it would stop us ringing them up and bugging them wouldn't it?

jetsetwilly_2

I normally get accepted with ease, sometimes immediatley online. Last week, Scottish Widows rejected me. Am I doomed now, or is it possible that others First Direct etc will still issue me with one?