Refused a new card & balance transfer ? Help

Oliver16

Dear MSE

I have just been refused and halifax 15 months Credit card at 0%.

Before i checked on MSE and it stated i had a 90% chance of success which i thiough was correct

I am confused my credit rating is excellent and i have 2 other cards (Barlcays & Lloyds) which i have never missed a payment and decent limits. (2K and 7K)

What can i do now how long before i can apply for another balance transfer without messing my rating ?!! (ie sainsburys)

Thanks
OLIVER

[Deleted User]

So you have 9k of limits on cards already - is there any more (eg loans, car finance).

What is your income?

And what is the total debt?

john1002

And there is one of the problems the MSE checker does not ask about how many cards you have and balances you carry, if it did then your 90% may have fallen. These checks are ok to give you an idea but it always will be down to the credit provider and what leverage they put on your own personal circumstances and also what information you put in the checker compared to what the actual application you ask.


john

Oliver16

hi

my income is 40k and my total CC debt is 7k

Is this why i was refused ?

Cash_Flow

Oliver16 wrote: »

Dear MSE

I have just been refused and halifax 15 months Credit card at 0%.

Before i checked on MSE and it stated i had a 90% chance of success which i thiough was correct

I am confused my credit rating is excellent and i have 2 other cards (Barlcays & Lloyds) which i have never missed a payment and decent limits. (2K and 7K)

What can i do now how long before i can apply for another balance transfer without messing my rating ?!! (ie sainsburys)

Thanks
OLIVER

Can I ask do you bank with Halifax?

Have you tried the Nationwide? they have a soft search quotation page which has seen plenty of successes from the MSE faithful.

Oliver16

hi yes i have a cardcash account already with Halifax but no wages are paid in to it. Is this an issue ?

How soon do you think i should try a nationwide card is this more likely to be successful ?

Thanks for help

thebritishbloke

If you're never paying money into the account with Halifax, your internal score probably isn't very good with them, hence why they don't want your business.

Try the nationwide soft search and tell us what it quotes you, don't go through with the full application until you tell us though.

giblet10

Oliver16 wrote: »

hi yes i have a cardcash account

Thanks for help

That's the reason Oliver - anyone with a card cash gets an instant decline for a credit card. A branch manager told me this when I kept being declined. If you upgrade that card cash to a full current account your application will go through - it worked for me and I got an £8k limit.

As it stands your application won't have even made it to the credit reference agencies.

Upgrade or ditch the cardcash.

Oliver16

Ok what do mean softsearch ?

do u mean the try the MSE % chance before i apply for the nationwide ?

Thanks

ermine

Oliver16 wrote: »

What can i do now

Live within your means? Y'know, that old trick of not spending money you don't have?

Applies particularly to consumerism and the general class of spending knows as wants.

The old boy Charles Dickens summed up the problem with Wilkins Micawber, and the principle has been updated by this young American upstart in a reasonably entertaining way,

Presumably you beat a path post-haste to somewhere selling stuff on sale at 20% off? Carrying all the consumer debt means you are running towards a store offering you

Hot sale - everything costs 10-20% MORE.

Don't do it to yourself. You're never borrow money from a bank, you borrow it from your future self. Who would prefer you stop doing that. You have the choice, he doesn't, and it's really hacking him off but you don't know it yet.

Cash_Flow

Oliver16 wrote: »

Ok what do mean softsearch ?

do u mean the try the MSE % chance before i apply for the nationwide ?

Thanks

Go onto the Nationwide website and go through the application process you will be given a credit limit and APR. The Credit limit and APR offered will help determine whether you will be accepted or declined. If you are offered £500 @19.9% the system is going to decline you if you proceed.