declined balance transfer card

anthdci

I badly need a new balance transfer card, my current one is coming to an end and I have £4000 left to pay on it, but having tried one in November (MBNA) which was rejected, then another today (halifax) which was also rejected I don't want to hammer my credit score, I want to figure out what is causing them to be rejected. I haven't had an issue in previous years.

I re-signed up for experian and got my credit score which is 971 so in the excellent range. I am a homeowner with a mortgage, work full time with a permanent contract. I do have an unsecured personal loan, but I have when applying previously. The only thing going against me according to credit expert is that I am not on the electoral role for my current house, but it said my current house was my parents address which I left 3 years ago. I got my current card 2 years ago. I have voted from my current house so will be on the electoral role.

I could really do with getting this sorted before I start getting charged a high % APR. Any advice where I should be starting?

gallaghb

I would sort out the electoral roll issue. If you are definitely on the electoral roll then it is wrong on the credit report with experian, that could well be why they will not give you a card.

CherlokHomes

As you've found out your Experian score is just a worthless, meaningless number that has nothing to do with your credit worthiness as each lender will score you accordingly.

What are your credit limits
Balances
Salary
Missed/late payments
Total credit searches in the last 6 months
Electoral roll

Total debts

anthdci

Innovate wrote: »

As you've found out your Experian score is just a worthless, meaningless number that has nothing to do with your credit worthiness as each lender will score you accordingly.

What are your credit limits current card limit £5500 (only card i have
Balances 4000 on that card, 11,300 on personal loan
Salary 24k
Missed/late payments none for 10 years (I'm 28 missed a phone bill at 18)
Total credit searches in the last 6 months 2 from 1st post
Electoral roll should be on but credit report says otherwise.

Total debts 11,300 + 4000 =15,300

for total debt I don't want to increase that at all, I want to move it off that card and continue paying it off.

eskbanker

anthdci wrote: »

for total debt I don't want to increase that at all, I want to move it off that card and continue paying it off.

Trouble is, from the perspective of a new lender, you could just use it as additional credit, so they'll see it as cumulatively increasing total debt facility rather than substituting one for the other....

anthdci

eskbanker wrote: »

Trouble is, from the perspective of a new lender, you could just use it as additional credit, so they'll see it as cumulatively increasing total debt facility rather than substituting one for the other....

yea I thought that could be the issue. This loan I now have is bigger than any previous ones, which I thought could be the problem.

CherlokHomes

You could go with having debts at 15k with a salary of 24k but I'm personally going with your electoral roll or even both have been flagged up.

Experian_company_representative

To see your full credit report you need to add your new address to your CreditExpert member profile and then log back in tomorrow. CreditExpert will only show you information at the addresses you have told it you've lived at.

James

MEM62

The electoral roll question may be a factor but I believe that you also have an issue with affordability. You already have £16,800 of credit (and available credit) against a salary of £24K. That's already going to be right on, or maybe even slightly over, the limit of what lenders are comfortable with you being exposed to.

Others with more expertise may confirm but I believe that 50% of you annual salary is the guide.

anthdci

Thanks James it has now been updated, and shows my score as 910.
Spoke to halifax and I cant apply for them because I took my loan out with them too recently. I cant apply to barclaycard because that is what I already have. MBNA declined, but I am going to ring them tonight and see why. Spoke to credit expert and they said it is within my right to get an explanation from the underwriters. Did a quick application for bank of scotland which was accepted but only for a limit for £1450, I'll go for that so I don't have such a large balance to go in one go. Doubt it'll make much difference, but 3 cards with this same limit will get me covered at 0%.

CherlokHomes

Thanks James it has now been updated, and shows my score as 910.

There's nothing worse with trying to help a poster who completely ignore any advice giving by forum members.