credit card refusals on balance transfers

mrsmerlin

My 0% interest runs out on my credit very shortly. So following guidelines I have applied for a new credit card with a low balance transfer rate but I have been refused twice! My husband has also tried and been rejected. All I want to do now is to be able to pay off my debt but now it seems that is going to be a real struggle if I cant transfer the credit. I cant apply for another card as this is going to have already affected my credit rating. I'm so worried I can't think straight.
Does anyone have any advice they can give? Should I get a bank loan to pay the debt? I just don't know what to do!

MallyGirl

getting a bank loan is not paying off the debt, it is just moving it around.
You might find you get turned down for a loan too for the same reason as the CC rejections. How much current debt do you have in relation to your gross salary? You may be being rejected on affordability as they don't assume you are going to use the new card to pay off the old one.

FireWyrm

You have probably been rejected because your total available credit is now running into territory that is scary for them. If you have over 50% of you income as either debt or potential debt, no company is going to allow you to add to that, no matter the reason. You may have good intentions of paying off one debt with another, but they dont know that. In any case, you cant get out of debt by getting more...believe me, it doesnt work and neither does the consolidation merry-go-round.

Come over to the Debt Free Wannabe board and post an SOA so people over there can advise how to cut back your outgoings and start to try and get ahead. You have been rejected for cards, a loan is probably out of the question. The only thing left now is to batten down the hatches and start slogging away at the debt the old fashioned way.