Trouble getting accepted for credit cards due to low income

I have always been really good with money despite having a low income. I had an egg credit card (now barclays) which I have managed to do a fair bit of damage to in the last month. I was thinking about trying to do a balance transfer to pay it off over the next couple of months without getting majorly stuck for interest but every time I do the pre-check it says I have less than a 40% chance for ANY credit card - let alone the better rated ones. I have had previous loans and credit cards (all paid off now) and have never missed a payment. My current credit card I have been paying off in full every month. In the last couple of years I have applied and been turned down for about 5 credit cards but I was a student at the time so my income was even lower. I haven't applied for any recently but purchased car insurance about 2 months ago which they ran credit checks for (I have no idea why - I paid in full. This seems to be a new thing and utterly pointless if you ask me). I also moved house Nov last year. My income is £13000 a year. Do I have any chance of getting a balance transfer on a decent rate? Does the fact I should have built up a good credit rating by always paying for stuff on time count for nothing? Please help.


  • InsideInsurance
    Credit Rating is used by a couple of insurers now as a factor that impacts the price of your policy (not just credit) on the basis that if you are in financial difficulty then there is a higher chance you will submit a fraudulent claim (eg why sell your 3 year old laptop for £100 when you can drop it and get £500 from your insurers)

    Somewhat ironically, credit is really only fully available for those that do not need it. When considering any application for credit a card issuer is going to look at the affordability of the scenario that you max out the card they give you and max out the one you already have. If they dont think you can comfortably afford to pay both then they will either decline or give you a sub prime card
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