Rejected for 0% BT card HELP!!

pedrofuego

Yesterday I took the plunge and applied to Halifax for a 33 month 0% balance transfer card and was surprised to be rejected as I had checked my credit rating and score with Check My File and had a score of 897 from Callcredit and 900 from Equifax but have not yet been able to check with Experian as my PIN is in the post. I have never missed any payments and have a 4 star rating for lenders and 5 star rating for public viewing and green lights throughout.
I am 57, own my home with a mortgage, have lived here for 10 years, have been in full time employment with the same employer for nearly 8 years, had a bank account with HSBC for over 15 years, had an HSBC credit card for 6 years which I have used and always paid in full every month until October 2014 when I switched to minimum payments before adding £3400 of debt to the card with a view to transferring the debt to a 0% card.
I cant understand why I have been rejected and need some advice on what to do next as I am new to all this and still want to transfer the existing debt to 0% card but don't want to damage my rating by applying for more cards and being rejected.
Any help will be much appreciated,
many thanks in advance.

[Deleted User]

Ignore the score or any other rating they CRAs give you - they're not going to lend you any money so their view can be disregarded.


What's your total debts, limits and income?

Anything negative on your file over the last 6 years?

YorkshireBoy

A £2 statutory report directly from the CRAs is all you need.

Stop wasting your money on credit scores, and stop wasting money at checkmyfile because they don't hold/show you all the data you'd get directly from the CRAs.

pedrofuego

hi zx81, total debts are £126000 interest only mortgage with £315 monthly payments and £ 3360 on credit card with £6000 limit and income before tax of £27700

g6jns_2

pedrofuego wrote: »

hi zx81, total debts are £126000 interest only mortgage with £315 monthly payments and £ 3360 on credit card with £6000 limit and income before tax of £27700

How do you expect to pay off that amount of debt before you retire? Maybe you have some other funds. Lenders have become much more choosy about lending to people with a high ratio of debt to earnings and the older the borrower is the less they would lend. According to the MSE calculator you would need to pay £1,217 per month for the next ten years to clear the mortgage.

Thrugelmir

pedrofuego wrote: »

hi zx81, total debts are £126000 interest only mortgage with £315 monthly payments and £ 3360 on credit card with £6000 limit and income before tax of £27700

In an era of responsible and affordable lending. Lenders are having to be more cautious when processing credit applications. Highly likely that you failed the Halifax's criteria for the product.

pedrofuego

As I have an interest only mortgage I will have to downsize to pay off the mortgage in the next year or two.

pedrofuego

Which CRA`s should I use for a statutory report?

YorkshireBoy

pedrofuego wrote: »

Which CRA`s should I use for a statutory report?

All of them, just in case one or more have inaccurate data.

pedrofuego

Is that Callcredit, Equifax and Experian, or are there more?

YorkshireBoy

pedrofuego wrote: »

Is that Callcredit, Equifax and Experian

Yes, but you can see your CallCredit data for free via www.noddle.co.uk