credit cards transfer 9 April 2014 at 1:49PM in Stoozing: free cash from credit cards 19 replies 2.3K views

rafhelp

When i was unemployed i took out new credit card and transferred £3000 to it.


I now have an income and now been refused credit card twice, Tesco and Bank of Scotland.

I have halifax and natwest cards.

Anyone know which ones i should try.

Obviously not good idea trying everyone as it goes on your file.

Could it be because ive transferred a balance about 15 months ago?

My credit score is good checked it myself.

Any advice please

Tixy

You could take a look at the eligiblity checker here on the MSE site. That will give you an idea of your chance of being accepted.
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#eligibility

Other possible reasons that could have affected their decision to decline you
- is your level of debt high compared to your income?
-have your debts been increasing in recent months?
-are you only paying off minimum payments?
-have you only been in your new job a short period of time?

rafhelp

Tixy wrote: »

You could take a look at the eligiblity checker here on the MSE site. That will give you an idea of your chance of being accepted.
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#eligibility

Other possible reasons that could have affected their decision to decline you
- is your level of debt high compared to your income?
-have your debts been increasing in recent months?
-are you only paying off minimum payments?
-have you only been in your new job a short period of time?

- is your level of debt high compared to your income?
i could clear it within two years
-have your debts been increasing in recent months?
not really, i seem to add the same amount eveyr year
-are you only paying off minimum payments?
yes but i havent missed any due to direct debit
-have you only been in your new job a short period of time?
2 years

rafhelp

just been declined by virgin and the MSE tool said i had the best chance of getting this card.

Tixy

If you have been declined by 3 lenders then I'd probably try to work on getting your balances reduced a bit over the next few months (and ideally paying more than the minimum each month) and then perhaps try again in 6months time or so.

You might also want to check your credit files (not the score the actual reports) with all 3 agencies to see that all information on them is correct and there is nothing unexpected.

rafhelp

how do i do that, i just ring them? I asked tesco over the phone they said wait for their letter then get back to them

Tixy

How do you do what? get copies of your credit files?

Which one have you already checked? did you look at the actual credit report or just the score?

You can order your reports for £2 from each of the agencies via their websites. Or for callcredit you can view the report for free on their noddle website.
For experian and equifax there are free trials you can sign up to (but you need to remember to cancel or will be charged a monthly fee).

rafhelp

equifax, my score was good

Tixy

Your score isn't what a potential lender sees. They assess the raw data on your credit file. It is that data that you need to ensure is accurate.

And all the agencies can have slightly different information as not all lenders reports to all 3 agencies. So its worth checking your other reports as well to check there is nothing incorrect on your other files (as the lenders you have applied to may have searched experian and/or callcredit).

Thrugelmir

rafhelp wrote: »

Could it be because ive transferred a balance about 15 months ago?

If are trying to obtain a card with a further balance transfer offer then it's highly possible.

You need to make repayments above the minimum level.

mrs_T

I often read "pay more than the minumum" on here but I have been stoozing for ten years and currently have stoozed debt worth over a third of my annual gross salary, I've never payed more than minimum monthly repayments by direct debit and never been turned down for credit.