Declined for two balance transfer Credit Cards with strong credit rating!

Goldust

Hi,

I'm confused. I filled out the pre-eligibility checker and got 90% for the Lloyds TSB BT credit card and 80% for a load of others including the Natwest card.

I was looking to get a new BT card to shift debt from my existing Tesco card which is ending.

I have been in my current address just over a year and it's mortgaged but previously I was at my parents for 6 months. All of this shows on my credit reports and I got a 993 score with Equifax credit expert and on both there are no defaults or anything at all of any concern.

I do have another two credit cards which I use for business expenses and these are settled at the end of every month in full.

So I got declined for the Lloyds card prior to checking my credit reports then tried for the Natwest card once I could see there were no issues but declined again!

I'm a bit confused - I want to shift my debt but don't really want to keep on applying as I know that's not a good thing. Why would these banks decline me? Neither want to tell me or enter into a discussion so I'm completely lost as to why I'm getting knocked back each time

Tixy

Did you just check equifax? do you know whether the 2 cards you applied for search equifax?

It might be down to perceived affordability - e.g. your existing level of debt compared to your income? (they may include the statemented balanceon the 2 cards you use for business expenses in your calculated debt total)

I do have another two credit cards which I use for business expenses and these are settled at the end of every month in full.

Which cards are these? might be worth seeing if either would offer you a 0% deal on these existing cards, and then switching to use one of those as your 'debt' card and the other 2 for business expenses?

Goldust

Hi - I've got an Amex Platinum and a Halifax Clarity. Would prefer to keep both of those as expenses cards purely as the Amex gives me cashback and the Halifax is free to use abroad.

I checked Equifax and Experian...

[Deleted User]

What are your combined limits on those cards? Halifax and Amex tend to have high limits so that may be the issue.

Goldust

It's £11700 combined limit!

John1993_2

How much are you applying for on the new card, and what do you earn? If the existing limits, plus the new one, is more than about 50% of your income then you may struggle.

Goldust

Thanks John I think that may be my problem here - even though those two I mentioned get settled that plus the limit on the balance I want to transfer plus a new limit (though I don't have the facility to control this on the application) would be more that 50%.

Looks like I need to reduce the limits and liabilities on some of the other cards before I apply again!