Stooze transfer issue

Lennys_Shinpad

Hi, I have two stooze credit cards. One is a Barclaycard with a balance of £8,000 and the other is an M&S card with a balance of £5k. The M&S 0% offer ends in January 2014 and the Barclaycard offer ends in February 2014.

Last night I decided I would try and transfer the M&S balance to a Lloyds 24 months 0% interest deal. However, I was declined. This has worried me somewhat. I do have the cash offset to pay off the cards but I would rather have the money working for me (offset against my mortgage).

I don't know whether to apply for a different card straight away or whether it would be better to wait a few weeks. Also, I have recently changed bank account and I stated on my application that I had only been with them for four months. Could this have affected my application? I have other bank accounts that I use for investing. I have had these for much longer. Would it be a good idea to state that these are my main bank accounts instead?

Thanks in advance.

ChopperST

A new current account will probably result in a credit check which may or may not impeed the application.

Whats your income relative to your current debt levels?

Lennys_Shinpad

Cheers,

My income is £35k pa and my debt levels are as above.

Would it be acceptable to use a different bank account for this application do you think?

ChopperST

You misunderstand its not the account that is the problem, a current account will result in a credit check. You have followed this up with a further application for a credit card in a relatively short period, this may flag to some lenders you look credit hungry.

Also your debt to income is coming close to 50% which is most lenders rule of thumb to not lend further monies.

Again none of these are absolute and you may be perfectly capable of servicing the debt but you cannot force someone to lend you money sadly. It may be the end of the stooze.

Lennys_Shinpad

Thanks for the response.

Well yes it may well be the end of the stooze.

I will probably just pay off the M&S card at the start of January and then try and BT the Barclays card. By that time, it will be down to £7.5k, which is under 25% of my wage. Hopefully I will get a bit more stoozing out of it.

ChopperST

No problem.

Have a similar feeling that the same will happen to me come time to switch around in February but provided the capital is in the bank to pay the cards off then its all good!

GL

zerog

You might as well apply for as many new cards as you can now. You probably won't get declined for everything until you have something like 6 searches. After 6 months the credit checks will no longer be visible and you should be able to start stoozing again.

rb10

zerog wrote: »

After 6 months the credit checks will no longer be visible and you should be able to start stoozing again.

The searches will remain visible on your credit file for up to two years (source).

However, a bank will be less concerned about them once they are 3 months old, and may not look at all at searches over 12 months old.