"self employed" balance transfer cc - denied?

faxfan

Wondering if anyone can point me in the right direction. I tried to obtain a nationwide balance transfer credit card but got offered a £1000 limit and then it denied me at the end.

I am a self employed contractor and always put self employed and my home address as my work address. My gross salary is the equivalent of £100k which again is what I put. I've been in my current "job" / "contract" for 5+ years and a renewal is coming up for 10 years - so a very secure contract in this age.

I have 3 credit cards with reasonably high outstanding balances (25k in total) which I have just been servicing and not really reducing. I've checked my credit file and there no payment issues or anything outstanding.

Is it the high outstanding balances / "self employed" status or more likely a combination of those that are causing a problem? Any hints / tips?

Thanks!

Tixy

Probably a combination of the high outstanding balances/ low repayments and being self-employed.

Do you already have a credit card with your existing bank account provider? if not may be worth trying them (assuming the account with them is well run).
Any scope to move balances around on your current cards to reduce the overall interest?

Any other open / unused card accounts? that you could see if they would be willing to offer you a promo deal?

Are you in a position to pay more than you have been doing? a few months of making higher payments may make a difference if you then apply for another 0% card elsewhere?

faxfan

Yes, I was thinking along the lines of high balances / low payments. I currently have a charge card with my current bank and reasonable personal account and excellent business account.

I think it will be case of making some hight repayments on these to begin with (I was hoping to do them somewhere more effective).

jkk_3

Hi,

I am in a similar situation.

I've applied for Nationwide Card, as I wanted to do 0% balance transfer. My initial limit was 3k, which I thought is too low and said 'thank you' without continuing.

I got two questions for you?
1. Are you saying that after initial limit they didn't give you card and affected your credit limit?

2. As a contractor, I earn more that 100k but as I didn't take that much from my company last year, I gave as my annual income what I took. Are you saying I should give the more?

Any other ideas how to make my limit higher?

Thanks,
jkk

InsideInsurance

jkk wrote: »

2. As a contractor, I earn more that 100k but as I didn't take that much from my company last year, I gave as my annual income what I took. Are you saying I should give the more?

You are different from the OP as you are not self employed, you are an employee of the limited company.

Your income would be the gross figure that you took out of the company in the form of salary and dividends