Credit card transfer

Hel20

Hi
I’m new to the forum and need some advice on credit card transfers. Last week I used Martin’s tool to see what credit cards would be best for me to apply for (I understand it is not specific to individuals) so I chose the best balance transfer for me, that I had a good chance of getting.
The application was declined by the bank in question so I called Experian to check all was well with my rating. They confirmed everything was okay and said that it is possible that it was declined because I am close to my current credit card limit (I only have the 1 credit card). I am aware of this which is why I am trying to change the credit card to a 0% one for a while so I can get the balance down. I am currently paying £100 a month and most of that is going on interest, it is starting to cause me a lot of stress as I just want to get my balance down.
Can anyone give me any tips on how I can transfer my balance to a lower interest card please? I am reluctant to apply for more credit cards/loans as this will affect my credit rating if I am declined again (which as the one has declined me, I think the others would too).
Thanks in advance!

[Deleted User]

What are your balances, limits and income?

What do your credit files say? Are you on the electoral roll? Any financial associates?

Hel20

Experian said everything was fine, I am on the electoral roll and my financial associate is okay credit wise. The limit was £4000. I dont want to put my income etc on the forum.

[Deleted User]

Experian know very little about how lenders see you - they may think you're fine, but they don't lend money.

Same goes for your financial associate. You need to stop hoping that 'everything's fine' and work out why you may have got declined. Then fix that.

Hel20

Thank you. I am well aware everything is not fine and am trying to find out why I was declined (I thought Experian would have an idea of my credit rating was bad), I am also trying to fix it by asking people for advice. I will go to the bank in question and ask them.

Candyapple

There are 3 credit reference agencies, not just Experian so you would need to obtain copies of your credit file from all of them to check your overall information is correct.

If the lender specified affordability as the reason why they declined you, then that's what you need to tackle.

You have already stated you are on the electoral roll.

You mentioned about being financially associated with someone else - so you have a joint account of some sort with them - are you 100% certain their credit history is ok? Because everytime you apply for something, their credit files get searched too.

Do you have any overdrafts / loans / mortgage etc?

Any defaults / late payments / CCJ's?

Any phone contracts? What else is reporting on your credit files?

If you only have 1 credit card with a £4k limit, are you earning more than £16k? As a very rough guideline, most lenders don't like to lend more than 50% of your income.

If you said you are paying £100 per month and most of that is interest, by any chance is your credit card a Cap One / Aqua / Vanquis card?

Start with getting copies of your credit report from all 3 agencies (Experian, Equifax and Call Credit).

YorkshireBoy

A decline won't affect your credit rating any more than an accept. Indeed, an accept would affect it more due to the increased available credit at your disposal.

Re your income and not wanting to disclose it, lenders work on 3 key ratios:

Used credit/income
Available credit/Income
Used credit/available credit

You've said you're close to your limit, so already score poorly on the 3rd ratio above. We can't advise on ratios 1 & 2 due to your reluctance to disclose your income (to some total strangers on the internet!).

Hel20

Thank you both for the advice, Ill look in to the points raised and try the other agencies mentioned J. Ill also get my associate to check their credit rating with all 3 agencies as maybe Experian missed something.


We have a mortgage etc but we are all up date with all our payments and bills etc. I’m part time so maybe that is the issue, it is none of the credit card providers mentioned by Candy Apple, but Ill stay away from them if I ever get accepted! J


Thank you for the re assurance that a decline won't affect your credit rating any more than an accept.

Alexd52

Just beware that whilst a decline in itself may not have a detrimental effect, too many applications within a short space of time probably will. It could flag you up as being desperate.