0% balance transfer problem

dakeane73

Hi. I'm in a quandary about what to do so any advice appreciated!

I have 2 credit cards. One is a 0% deal with Natwest which is just now ending. The other is a regular one with the Coop. I owe about £6500 on the Natwest card and £3500 on the Coop. I was intending on getting a new 0% to move both balances onto. However, when I applied for a new 0% card with Halifax I was turned down. My credit file is without blemish (save for a recent screw up on my mortgage by Nationwide which has now been cleared up and does not appear on my file). I have had credit in the past. My only outstanding debt is these 2 cards plus my joint mortgage. I earn £43k/yr.

Now that I've been turned down by the Halifax, that rejected application is on my credit file. I want to apply elsewhere for a 0% deal in the hope of getting one but am unsure if I should. Will the Halifax rejection now on my credit file render any other applications pointless? Or are there cards who won't mind that rejection so much? I'm afraid of just going ahead and applying for fear of getting a second rejection on there!

If I can't get a card for whatever reason then I'll have to try to get a loan so don't want lots of rejections sitting on my credit file.

i'm unsure how to proceed. As I said, any advice welcome.

D

[Deleted User]

What's your income? £10k of debt and needing another £10k to BT it is a big ask.

dakeane73

Salary is £43k, taking home about £2400/m.

It's not that I want to increase my borrowing to 20k (although I think I understand that's how they look at it) - I just want to move it all to one new 10k card and get rid of the other 2 cards.

CLAPTON

dakeane73 wrote: »

Hi. I'm in a quandary about what to do so any advice appreciated!

I have 2 credit cards. One is a 0% deal with Natwest which is just now ending. The other is a regular one with the Coop. I owe about £6500 on the Natwest card and £3500 on the Coop. I was intending on getting a new 0% to move both balances onto. However, when I applied for a new 0% card with Halifax I was turned down. My credit file is without blemish (save for a recent screw up on my mortgage by Nationwide which has now been cleared up and does not appear on my file). I have had credit in the past. My only outstanding debt is these 2 cards plus my joint mortgage. I earn £43k/yr.

Now that I've been turned down by the Halifax, that rejected application is on my credit file. I want to apply elsewhere for a 0% deal in the hope of getting one but am unsure if I should. Will the Halifax rejection now on my credit file render any other applications pointless? Or are there cards who won't mind that rejection so much? I'm afraid of just going ahead and applying for fear of getting a second rejection on there!

If I can't get a card for whatever reason then I'll have to try to get a loan so don't want lots of rejections sitting on my credit file.

i'm unsure how to proceed. As I said, any advice welcome.

D

rejection don't show on your credit files : only the fact that you make a credit application shows up

are you making only the minimum payments on the cards?

Fruit_and_Nut_Case

dakeane73 wrote: »

...Now that I've been turned down by the Halifax, that rejected application is on my credit file...

Strictly speaking, the rejected application is not on your report; a search probably is.

EDIT: Beaten by CLAPTON

jo-bo

Have you tried the pre app checker on the Fluid website?

dakeane73

Yes guys I know that it's not a rejection per se but still not good.

Thanks to the suggestion re Fluid. Just did their check and they said yes. Went with the full application and everything is done. Got £8600 which will do the job!

Thanks for the words of advice people.

Now to get these paid off...

londonTiger

what balance transfer rate did you get with fluid?

It was advertised 0.3% but i got turned down for the headline rate and was offered 1.5%

Still works out cheaper than 1 months interest on my current card with expired balance transfer (due to late payment.. grr)

andys15

Wow, who is this fluid? I just saw this post, applied and was given 9k limit. It didn't state wether it was 0% BT fees or not. Where did you find the rate london tiger? I assumed it was 0%

londonTiger

fluid is a brand name of mbna.

all rates are provided at the time of application if you are bothered to pay attention to it.

thebritishbloke

andys15 wrote: »

Wow, who is this fluid? I just saw this post, applied and was given 9k limit. It didn't state wether it was 0% BT fees or not. Where did you find the rate london tiger? I assumed it was 0%

It's owned by MBNA, they had a huge advertising campaign earlier this year.

It says on the front page of their website what the offer is:

0% on balance transfers for up to 26 months. 2.89% handling fee, £3 min.