Advice on new card applications

hampshire2014

Hello,

I have about £23k in credit card debt on 3 cards and my salary is around £81k. My Experian credit score (obtained for free via barclays credit card) is 962 out of 999, which appears to be a very good score. This is after a credit card application described below.

I wanted to do a balance transfer of about £8k on a card. However, Tesco have only given me a £4.5k limit.

I am struggling to understand why I have not been provided with a higher credit limit. I don't want balances on 4 cards and so, would prefer to close down the old card.

Can somebody help me understand why I am not being offered a higher credit limit? I will convert the credit card debt into a loan but not until Nov-Dec 2017.

What should be my next steps at this stage?

Thank you in advance.

[Deleted User]

You have already high debts (albeit with a high income). They cannot be sure you will close down other lines or credit, and may continue to run up further debt. Other factors will include your credit history, particularly your payments.

Ignore your credit score - it is of no use when applying for credit.

Take the 4.5k and BT what you can. Perhaps once you have closed down or reduced limits elsewhere, you could apply for another card, However, do not run your balances close to your limits.

MallyGirl

Tesco have always given me that sort of limit - around 25% of what I was offered by Barclaycard.

rehanmalik3030

hampshire2014 wrote: »

I have about £23k in credit card debt on 3 cards and my salary is around £81k.

The question you need to answer is if you earn around £81,000 per year then why do you have a credit card debt of £23,000 across 3 credit cards?

This is the question Tesco CC would have pondered over.