Refused a 0% balance transfer card by my own bank

than_prutt

Superscrooge wrote: »

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

I don't think OP is transferring the balance from Tesco card to 0% Tesco Card. My feeling is that OP's been turned down by a proper bank but I may be wrong..

Superscrooge

than_prutt wrote: »

I don't think OP is transferring the balance from Tesco card to 0% Tesco Card. My feeling is that OP's been turned down by a proper bank but I may be wrong..

Thanks, Now I have read it again I think you are right and I misunderstood what had happened

Superscrooge

nicing wrote: »

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

Disregard my previous post as I think I misunderstood what you were trying to do?

Have you checked your credit history just in case there is anything negative that you are not aware of?

A possible reason you have been rejected is if your debt is a high percentage of your available credit.

If the balance on your credit card is constantly more than 50% of your credit limit. It creates the impression that you have as much debt as you can cope with and a credit card company would regard it as somewhat risky to give you even more access to credit.

If you can keep working on reducing your credit card debt and never missing a payment then you are more likely to be successful with future applications.

It takes time to build up your credit history but if you always stay within your credit limit, never miss a payment, make sure you are on the electoral role and keep your credit card debt below 50% of your available credit, you will gradually build up a good credit history.

user1168934

You probably have a very high credit utilization which is why they see you as high risk. What is your overall credit limit compared to your income? How much unused credit do you have?

Sometimes refusals just happen, why not try another lender.

nicing

Thanks all. I will have it paid off by March anyway, so it won't make a big difference now. I will just wait a while and apply for a new purchase card later if I need it. My credit limit is less than my monthly take home salary, and most of the time the amount I have used is less than half of it. I have checked my credit reports and can't see anything on there as a negative.
To clarify for all that seem to misunderstanding. I have my bank account with Halifax, and I have a credit card with Tesco. I applied to Halifax for a 0% balance transfer card, to transfer the balance from my Tesco Card. Halifax though turned me down, which was my reason for asking.

nicing

Thrugelmir wrote: »

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

I'm not applying to my existing lender (Tesco). I am applying to a different lender (Halifax). How do those that are in debt to the max manage to keep switching cards every time their 0% period ends?

Superscrooge

nicing wrote: »

I'm not applying to my existing lender (Tesco). I am applying to a different lender (Halifax). How do those that are in debt to the max manage to keep switching cards every time their 0% period ends?

Those that are able to keep switching from one 0% card to another will have many years of good credit history. Although they may have used most of their 0% credit, they probably have several other credit cards with zero balance so their percentage credit utilisation is relatively low.

You just need to build up your credit history steadily over the years, never missing a payment or exceeding your credit limit and spread out any credit applications over several months rather than making lots of applications at the same time as this makes it look as though you are desperate for credit and a higher risk.

The below link has some good advice about building your credit history

http://www.moneysavingexpert.com/loans/build-credit-history