Balance Transfer Card Refused

AndrewCollinson

For the first time in my life i have had a credit card refused.I have two cards coming to the end of the interest free period in November. Looked at what was available and went for a Hailfax card 37 months.

Was declined.

Advice on what to do next please.How long do I wait to apply for another and which one?.Did the eligibility test and top was Barclaycard and Bank of Scotland.

Thanks

grumbler

AndrewCollinson wrote: »

For the first time in my life i have had a credit card refused.

There's first time for everything.
The more cards you have the harder it gets to get a new one.

Advice on what to do next please.How long do I wait to apply for another and which one?

One credit search isn't a big deal, so you don't have to wait if there are no any real reasons behind the rejection.

jonesMUFCforever

Bank of Scotland is same bank as Halifax.
So it seems like Barclaycard is your next step.

If you hold a few 'empty' cards how about phoning them to see if they have any offers for you.

Ben8282

Don't be too disappointed in being declined for this card. It has one of the best offers available and therefore it is reasonable to assume high acceptance criteria.
It is unfortunate that your 2 credit cards both come to the end of their interest free periods at the same time.
You need to be realistic.
What sort of 0% periods were you previously given? What sort of cards do you currently have. Try to apply for a card at the same sort of level as it were to what you currently hold.

AndrewCollinson

i was getting around 24 months before

JimmyTheWig

A few questions...

1. Are you doing this to save yourself hefty credit card interest on money you owe, or are you stoozing?
2. Have you got any significant credit applications (e.g. mortgage) coming up?
3. Have you checked your credit reports?
4. Are you on the electoral register?

user1168934

jonesMUFCforever wrote: »

Bank of Scotland is same bank as Halifax.
So it seems like Barclaycard is your next step.

If you hold a few 'empty' cards how about phoning them to see if they have any offers for you.

They might be the same bank but somehow I am always accepted by BOS and rejected by Halifax.
I would say give it a go.

AndrewCollinson

I am doing this to avoid hefty interest.i dont use the cards i owe on I just move cards when the interest free ends and then pay down some of the debt rinse and repeat.

remortgage 12 moths ago on 5 year fixed rate.nothing else coming up
No I have not checked my credit report which do you use Experian?
Yes I am on the electoral role have had the same job and address for 12 years.

JimmyTheWig

AndrewCollinson wrote: »

I am doing this to avoid hefty interest.

That means that it is pretty important for you to get a new deal.

i dont use the cards i owe on I just move cards when the interest free ends and then pay down some of the debt rinse and repeat.

Not much help now, I know, but presumably it is obvious that if you are able to pay them off quicker you will avoid being in this situation too often in the future.

remortgage 12 moths ago on 5 year fixed rate.nothing else coming up

This is great news. It means that you can't really do yourself any harm by keep applying. Further applications now will harm your chances of getting credit, but if this is all that you need credit for then why not use up all your chances. It's a bit like sending your goalkeeper forward in the last minute of a cup tie when you're 1-0 down. You've got nothing to lose.

No I have not checked my credit report which do you use Experian?

However, despite what I say above I would check these first. Best to check all three to be sure.
I started having problems with applications and existing credit limits a few years back. It was round about when the credit crunch was starting to hit and I assumed that it was because of that.
I found out months later that there had been fraud on one of my accounts and this had reported being over my overdraft limit.
I only found out when I checked my credit file.
So best to check in case (a) there is something on there that shouldn't be on there or (b) there is something on there that you'd forgotten about.

Yes I am on the electoral role have had the same job and address for 12 years.

Nice one, that will help.


So I'd say check your credit file. If all correct then apply for cards. Sounds like Barclaycard would be a good starting point.
And pay off that debt as quickly as you can!

Candyapple

Some more questions:

1. Annual salary?
2. How much do you owe on the cards?
3. What is the total of your credit limits?
4. Any other existing debts (aside from mortgage) e.g. overdrafts / loans?
5. What are the names of the card providers of the debts you currently owe (so that any recommendations aren't going to name them if you already have a card with them)

grumbler

AndrewCollinson wrote: »

I am doing this to avoid hefty interest.i dont use the cards i owe on I just move cards when the interest free ends and then pay down some of the debt rinse and repeat.

You do close the old cards after transferring the balance, do you not?