We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

"self employed" balance transfer cc - denied?

Options
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!

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    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?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • faxfan
    faxfan Posts: 17 Forumite
    Part of the Furniture Combo Breaker First Post
    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
    jkk_3 Posts: 4 Newbie
    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
    InsideInsurance Posts: 22,460 Forumite
    10,000 Posts Combo Breaker
    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
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.