Why am I being refused credit?

chazndave

I currently have a Halifax and GE money credit card. I need to transfer the balances as they are coming to the end of their 0% term.
I've never defaulted a payment but have been refused credit with Fly and Buy and a loan from Northern Rock. I've now also been refused a credit card with HSBC on the long term low rate card.
Can anyone explain why? And how do I go about improving me credit score? Will anyone except me for credit now that I've been refused 3 times?

exel1966

DO NOT apply for any further credit for the time being. It could seriously hamper your future applications. Just because you already have credit cards you do not have the right to more.
The available credit you already have on the cards you own may be hampering your chances as lenders will be able to see excatly what you already owe and could possibly think you're living beyond your means.

Firstly, you need to try and establish why you're being refused so to start with you need to get hold of your credit reference from one of the CRA's to check whether the info they hold on you is correct and then move on from there.

Are you employed ? How long ? Are you on the electoral role ? Have you recently moved ? Single or married ? Have kids ?

All these will be looked at by creditors to assess your suitability, particularly the electoral role info. There is no cut n dry way to improve your rating, it's a combination of factors and whether anyone else will accept you is totally unknown as all lenders have their own criteria.

The main CRA's :- http://www.creditexpert.co.uk
and ;- http://www.equifax.co.uk/

Dylanwing

Maybe the Banks have finally sussed that people are moving balances looking for 0% deals and actually want to start taking interest on these balances. The credit card companies are definitely tightening up the lending, and just as they are clamping down on those of us who have less than perfect credit ratings, they may also be clamping down on the rate tarts.

trixybess

Hi I had a card with credit limit of £6000.00 although there was only £200.0 pound outstanding i had this card for the last 6 years and then this week they sent me a letter saying that my credit limit is being cut to only £500.00 could some 1 plz tell me why this is they said it was a credit check (I already did that myself everything ok) Or is it anything to do with a stepson living at same address with a loan and in his overdraft and using our address for everything? hope someone could help as i am very confused thanks

Dylanwing

Trixybess - It just seems to be CC policy. They are running scared of bad debts and tightening up all round - I think they want existing debt exposure reduced before lending any more, or maybe the way to cut bad debts is by lending no money!