balance transfer refusal

ads666

I recently applied for a Tesco cc to shift my 2 current balances to reduce my payments....I was refused due to my amount of borrowing!? I don't want more credit, just to shift it to give me a chance to pay it off!! Help!!

Paully232000

Would be helpful if you posted a bit more details as to what borrowing you have, limits and available credit, salary to available credit, and then people may be able to help you.

To be fair to tesco they are not to know that you will close the current cc you have and transfer to them, they have to assume that you will keep it open and therefore have additional credit available which they obviously think is too much.

Cycrow

you may not want more credit, but you are asking for more credit.
just because it can do balance transfers doesn't mean its going to be used to replace existing credit

meer53

ads666 wrote: »

I recently applied for a Tesco cc to shift my 2 current balances to reduce my payments....I was refused due to my amount of borrowing!? I don't want more credit, just to shift it to give me a chance to pay it off!! Help!!

You applied for another card in addition to the 2 you already have. Thats how Tesco look at it. Other card issuers will look at it the same way, you're increasing your borrowing.