Declined 3 times :(

JBH86

Hi ,


I currently hold a credit card with Barclays and I am looking to do a balance transfer in the next month or so as my interest free period ends in June. I used the eligibility checker and it came back with 3+ cards that were at a 90% of acceptance. I have also changed my current account today so I applied for the balance transfer with the same bank Halifax, I was excepted for the current account but declined for the first credit card , I tried the second card showing 90% ( a shorter 0% interest time) of acceptance and this to was declined, and finally the 3rd with Lloyds and yep I was declined. So now not have I only worked myself into a panic with being stuck with my current card which I will shortly be paying interest on I have probably done my credit rating a fair bit of damage. I have never missed a payment on my current card and pay way over the minimum amount ( Min amount £35 I pay £120 ) I cant understand what I have done wrong or how I'm going to change cards?? Any ideas greatly appreciated .

[Deleted User]

I would stop applying for anything else right now. Changing your bank account plus three searches will be making you look desperate.

What do your credit files show? And what are your debt/income and debt/available credit ratios?

CKhalvashi

You need to stop applying for 3+ months.

Head over to the DFW board, but paying a little interest, in most cases isn't too much of a problem. It's always a risk with stoozing.

JBH86

I'm looking into checking my credit now to see what they show, in terms of debt/income and debt/available credit ratios? we are currently saving a percentage of my wage as a deposit for a house which is why I can afford to pay over the min amount each month . My partner covers our current bills allowing me to save and repay my current debts . I wanted to carry on doing this as this is my debt and feel that my partner is currently doing a lot to allow me to do this which is why I wanted to transfer rather then use my whole wage to pay off the card . I change my current account as it was charging me £15per month to manage.
Thanks for your help !

Candyapple

In future, if you bank with Halifax and Lloyds, all you need to do is go into a branch and ask a cashier to look on their screen to see if there are any credit card offers available on your account and at what limit. They update their internal records monthly and if you took it out with them there and then, no credit check is done.

enthusiasticsaver

Well you should definitely stop applying for new accounts or credit cards and check on Noddle or Experian to see if there is anything adverse showing on your file.


Sometimes if you have a high debt on credit cards and apply for another lenders get concerned and decline even if you are making payments. They do not know you intend to transfer from one to the other. How much do you have outstanding as a proportion of your income?

YorkshireBoy

Candyapple wrote: »

In future, if you bank with Halifax and Lloyds, all you need to do is go into a branch and ask a cashier to look on their screen to see if there are any credit card offers available on your account and at what limit.

That's not been my fairly recent (2 months ago) experience with Halifax. Whilst the risk band (ie APR tier) is shown as a numerical, ie 2, there was no indicative credit limit assigned.

Is this a recent change?

Chrysalis

why did you change your current account? as that will probably go against you for financial stability.

eskbanker

Chrysalis wrote: »

why did you change your current account?

JBH86 wrote: »

I change my current account as it was charging me £15per month to manage.

OP - you might want to read http://www.moneysavingexpert.com/savings/pay-off-debts on the subject of whether it actually makes financial sense to save while paying interest on debts, if 0% is no longer an option....

JBH86

Chrysalis, I didn't realize that changing my current account would harm my credit , I just felt that I was wasting the £15 a month and would be better off put towards paying off my credit card


Enthusiasticsaver I could pay this card off within 3 months leaving enough for basics after , I think its a conversation I need to have with my partner , thank you all for your help .

Chrysalis

it harms your credit for sure, by how much I dont know.

you would have been better applying and then cancelling the current account.

the best advise has already been given to you which is to wait, and dont change the current account again.