Refused a 0% balance transfer card by my own bank

nicing

Good evening.

I was just wondering if anyone has ever been turned down for a credit card by their own bank?
I have a Tesco Card, and my interest free period is finished, so I ran a soft search, and it came up with my own bank as being the most favourable card to apply for.

I did the online application, and they turned me down. I have been banking with them since 2012, have been in the same job since 2012, am registered on the electoral role. I have never defaulted or missed a payment or direct debit from my account with them, I don't have an overdraft, and also have never gone over what I have available. I tend to always have money left at the end of the month before payday.
I am just wondering what else I can do to show them that I am credit worthy, or why they would see me as a risk.
Could it be that I don't have enough credit? My husband pays the rent, I pay for the childcare, which we get the help from child tax credits for. Do I add the tax credits to the income, or do I deduct that from my childcare, and say what I pay out of my own wages?

Many thanks in advance for any advice. :T

[Deleted User]

nicing wrote: »

I was just wondering if anyone has ever been turned down for a credit card by their own bank?

Tens of thousands.

It could be due to limited credit history, affordability, income or simply that they have hit target for this period.

DCFC79

If you have money left over at the end of the month before payday where is the money, use that to pay off the credit card.

boo_star

Deleted_User wrote: »

Tens of thousands.

It could be due to limited credit history, affordability, income or simply that they have hit target for this period.

I think the lack of a credit history may be the issue here. They just don't know how you handle credit as (from what they can see) you haven't ever had it.

Out of curiosity, why apply for a 0% balance card if you don't have a credit card to transfer the balance from? That might be one of the reasons for a decline, they still make a healthy 3% or so from transfers but if you don't have one to transfer then you won't be particularly profitable to them.

nicing

Ok, thanks. I didn't realise they had targets. Sorry, I guess naive of me to ask. Was just wondering if anyone had any advice on how I could improve my banks views of me. I guess it was just a shock, as I have never been turned down for credit before.

nicing

Out of curiosity, why apply for a 0% balance card if you don't have a credit card to transfer the balance from? That might be one of the reasons for a decline, they still make a healthy 3% or so from transfers but if you don't have one to transfer then you won't be particularly profitable to them.[/QUOTE]

I said in my initial post, that I have a Tesco Credit Card, which is the one I was wanting to transfer the balance from, as the interest free period is finished.

nicing

DCFC79 wrote: »

If you have money left over at the end of the month before payday where is the money, use that to pay off the credit card.

I do use this after I have been paid, and I make over payments each month. But I don;t have enough at the end of the month to clear the entire balance. Hence the reason I am trying to transfer it to a 0% interest card.

boo_star

I said in my initial post, that I have a Tesco Credit Card, which is the one I was wanting to transfer the balance from, as the interest free period is finished.

Ah, I'm an idiot.

I read it you applying for a Tesco card. My apologies.

Disregard my post then.

nicing

boo_star wrote: »

Ah, I'm an idiot.

I read it you applying for a Tesco card. My apologies.

Disregard my post then.

Lol:). That's ok. I thought that I had typed the wrong thing. Been a long day.

Thrugelmir

nicing wrote: »

But I don;t have enough at the end of the month to clear the entire balance. Hence the reason I am trying to transfer it to a 0% interest card.

Which is probably why your existing lender is declining your application.

Superscrooge

If I have understood you correctly you are trying to transfer your credit card balance from a Tesco card to a 0% Tesco card. That is almost certainly why you are being rejected. You need to take out a 0% credit card with another credit card provider.

If credit card providers allowed you to open another 0% balance transfer card with the same provider whenever an introductory period finished, nobody would ever have to pay their balance, they could just roll it over ad infinitum with the same provider.

Many of us do try to balance transfer our debt from one card to another at the end of the 0% offer but I'm not aware that you can ever transfer it to a new card with the same provider