Trying to transfer

steve203

Hello, I hope you guys may be able to advise me on transferring cards.

I have three cards, all (unfortunately) just about at capacity. However, I am now trying to rectify things and am avoiding using them, but I fear it’s all too little too late. I am not struggling to pay or anything like that but I want to try and transfer to another card and take advantage of a long term (or life) transfer rate. However, I got turned down by M&S who say, when I called and asked why, I have high commitment.

I’ve recently got my credit report from all three agencies, 2 are really good and 1 is below average for some reason. Looking at it, it seems to be the only bad item is searches. I have none! The only other thing I can see on the reports is the high commitment on finance (i.e. cards being to capacity). I have never defaulted and everything else on the reports is good.

I want to transfer because at the moment most of my repayments are going on interest, and I want to try and make a bigger dent in the balances, and eventually pay them all off! But that’s going to be a never ending situation right now at the interest levels. But If I cant transfer there’s little I can do!

Hope this makes sense. Anyway, any suggestions?

Bokkens

Welcome to MSE.
yeah that all makes sense.
Choose quite carefully the credit card you require ie,you will have a better chance of getting a CC with your bank than in your circumstances applying for a Platinium American Express card so be realistic.
Also make sure you choose a card with the features you need ie. LOB at 6% ,rather than a card with 0% on purchases for 9mths.
Apply via the phone and explain you are only apply so that you can shift debt to the new card at a lower rate and that you are not applying for a higher spending limit.
I have used this with CC and also loans before to take advantage of a lower rate.
If you are not successful then try again but with your own bank and a face to face visit with your personal banker at your branch and explain the reason for the application if neccesary request the assistance of a manager to secure the successful application of the card.
Take along a written plan of your finances per month for the projected next six months showing your debt now and how you intend to pay it off each month,this goes a long way to swaying the personal banker in your favour as they can see you have applied some thought to the problem and you can both see what is written down rather than trying to remember everything.
Good luck.

jay78

Steve I appreciate your predicament. Sometimes the 'card shuffle' as it is called is not an option for some people. It's like a never ending circle you want to transfer funds to lower apr cards but this will add to your total available credit therefore affecting your credit score.

You might want to apply for loan to consolidate your finances. Applying with your bank might be the way to go.

Incidently you might want to post what cards you have, their limits and their interest rates.