Advice Please!!

LRB_3

I currently have a store card from Aura (dixons) and the intrest is 29.9% OWCH. I'm desperate to get rid of it, I currently pay off £20 a month and am not really in a position to pay much more off it at the mo, so I need to transfer it if possible so I'm at least curbing the interest. Trouble is, I've applied for a few cards with balance transfer offers (virgin/egg/easy money) and have been turned down, which is making me think my credit rating is probably shot.
Can you tell me if being turned down for cards etc makes your credit rating even worse or should I persevere and try and get rid of this card?

All replies appreciated.

Jacster_2

When did you apply for the three cards you've been turned down for? If it was in the past few weeks/months, they'll be showing on your credit reference and that does impact the likelihood of you getting credit from someone new.

If this is the case, do you have another lower rate card you can transfer it to until you do get your hands on a 0%? Anything's better'n 29.9% - ouch is right!

A few of the others on this board know exactly how many months searches stay on your file - someone help please....

In the meantime, sit tight until the failed searches disappear and then give it another go.

Beano

Searches stay on your file for 12 months.

smartsaver

For stoozing I'd always advise caution if you have been rejected, but as your interest rate is so high what have you to lose?

I'd go all out to get another card. If you apply for IF they will give you a decision online or very quickly. Who do you bank with? That is always a good bet. In your position I'd throw caution to the wind and apply for lots of cards in quick succession and hope the credit ratings don't cross. Starting with IF or your bank.

If it all goes wrong try to take out a loan, if you are desparate this may be the best option before applying for more cards.

Be prepared to not apply for another card for a year if you get no joy now...

Good luck and it is only my opinion not what is 'right'

Beano

Before applying for any more cards I would check your credit file (costs £2)

https://www.econsumer.equifax.co.uk/consumer/uk/forward.ehtml?forward=consumerletter

It might only be something minor that is stopping you getting credit i.e. Missing from the electoral roll

smartsaver

Beanie is right, check if you will but after checking I'd go for it...