Slightly confused

Silverstar

Hi, hopefully someone here might b able to shed a bit of light on this for me.

Over te last year, I've been working really hard to pay off my debts, and I've now got my total down from around 11k to 6.5k. Over that last year, I haven't missed any payments, except for one that was late by a day, and immediately refunded and removed from my credit report, and I've been careful not to go over my overdraft limit. I'm just coming to the end of my 0% credit card periods, and have just applied for two new cards to move my debts onto, and I was turned down by both.

Six months ago, I was successful in getting three new 0% deals. I am extremely confused as to why, all of a sudden, despite the obvious improvement in my financial circumstances, I have suddenly been refused for cards.

I've just ordered a copy of my credit report to take a look at, which will take a week to arrive as I've already used the free trial deals online the last time around, but I was wondering if anyone else had ever had a similar experience, and what the problem turned out to be?

sophiesmum_2

Did you close the accounts on the old cards,if not it will look like you have too much available credit and you will not be offered any more.
Another reason could be that the cards you applied for could belong to the same institutions as ones you already have. They ususally would not allow you to transfer from one of their own products to another.

Other than that not sure.
Hope this helps
sophiesmum

Silverstar

All my old cards were closed as soon as I had transferred the balance off them.

I did apply for a Natwest card, and one of the original cards I have is an Ulster Bank one. I think they're the same banking group, so that's a possibility. I don't think the other one I applied for was connected in any way to the current cards I have, though.



Thanks for the suggestions.

Treadmill

Lenders are getting tighter as the concern about people overstetching themselves because of Interest rate rises, credits harder to get now than when interest rates are low.

shanks77

Best if you cancel all old cc even though there is nothing left to pay on them as having too many can affect your cc rating.
Hope this helps

SunderlandBlackCat

Some card issuers are just more particular is probably all it comes down to.

About 18 months ago I was turned down for a Marbles 0% & Morgan Stanley cashback card in consecutive months. I waited another month & applied for a Virgin 0% & Egg Money cashback card at the same time & was accepted for both.

Nothing had changed on my credit report except for the declined applications in that month.

MrsTinks

Wait for your credit report then pop over to the credit cards board and people will be able to advice you on what cards might be better to apply for