declined balance transfer card

DCFC79

OP your score of 971 or 910 or whatever it is means diddly squat, the lenders dont see this figure. Yes you were declined, maybe the card co didnt like the total debts vs your salary (which has been previoulsy mentioned in post #7)

cherryblossomzel

For what it's worth: I once successfully appealed against a cc rejection. It was with Santander. I assumed that it was because of my electoral roll information (a mix-up had me registered with two different councils, eek), so I wrote a letter explaining the mix up and what I had done to fix it. They gave me the card, though not a large limit.


Maybe if you explained that you only want to do the balance transfer and not make any purchases? Worth a phone call, at least. Although they might not like that either as they'll take a risk on you with very little chance of actually making money.

jonesMUFCforever

OP Have you thought of getting a £15k loan and repay the credit card off.
It is unlikely that you will get a new card anytime soon so you need a plan B to pay the debt off not just swap it around.

knightstyle

Try going into a branch of Nationwide or similar and applying for a card there. If it is refused you can talk to the advisor and may get the decision overturned.

CherlokHomes

knightstyle wrote: »

Try going into a branch of Nationwide or similar and applying for a card there. If it is refused you can talk to the advisor and may get the decision overturned.

Really? Pretty sure bank advisors lost all authority when computers started to make lending decisions.

chris_topher97

Hi,

I managed to get a 0% balance transfer card last year by explaining to the company over the phone that the outstanding debt on the other card will be paid off with the new card, and then the other card cancelled. They seemed happy to take my business simply to get the balance transfer fee.

I also very recently (few weeks ago) had a decision overturned for an application for a Lloyds balance transfer card. The email declining me gave an address to write to in order to make an appeal. I sent a letter explained my situation and why I felt I should not have been declined, and the reply they sent provisionally accepted me for 3k, and told me to go into branch to sort it out. I then accepted a slightly different offer in branch as their in branch and online deals were separate.

The issue with mine was that I had £15k credit available unused, and close to £7k outstanding debt, on a salary of £29k. I don't think they liked the amount of available credit, so in my letter I explained why I had it, and that I was happy to cancel some of my unused cards.

I would suggest a combination of the two. Appeal to the most recent card you applied for by sending a letter explaining that you will be transferring the balance and closing the other card down. Also explain that you are comfortably paying the loan down, and your debt is decreasing. Then attach a copy of your experian report.

I found some templates on MSE that I used to help write my letter, but I can't seem to find the link for you. Send me a message if you would like a copy of the letter I sent.

Good luck.

Experian_company_representative

If you're refused credit because of credit scoring you have a legal right to appeal and have your application reviewed by a person. They should have the authority to overturn the original decision.

James

CherlokHomes

Experian_company_representative wrote: »

If you're refused credit because of credit scoring you have a legal right to appeal and have your application reviewed by a person. They should have the authority to overturn the original decision.

James

Which in turn is an underwriter not a bank cashier/advisor.

Buzby

You certainly have the right to ask for a manual assessment, but not the reasoning behind any initial or subsequent refusal.

Funnily enough, saying Experian rates you at 910 doesn't make the slightest difference.

knightstyle

Innovate, going into Nationwide worked for me, the first time the agent inputed the application it came back with a low available to spend, a few £100s She then did something, and I got £3500! So they can help.