High Credit a problem when trying to balance transfer

HeyRicky

Hi All,

I'm hoping you can offer some advice.

I currently have roughly £7,000 in credit that I'm paying interest on over 2 cards. I have a further £1800 that is 0% until 2018.

I'm currently struggling to find someone who is willing to offer me a 0% balance transfer card. My credit is clearly alright for companies to give me these limits in the first place, however finding someone who will accept me to transfer over to them is proving an issue.

Has anyone else had this problem? All I'm trying to do is save myself a rather large chunk of interest.

[Deleted User]

Sounds like you've reached the limit of affordability.

What are your total limits and your income? You're almost certainly going to need to clear some debt before being able to get more.

HeyRicky

I think that's the bit I'm struggling to understand. I'm not trying to get more credit, simply move it to the other. When previously applying for cards I have specified the amount to transfer so surely they know that I'm moving the debt rather than adding?

Cards:
Barclaycard: £5800 limit (£1800 0%) - £200 available
First Direct : £4000 limit - £200 available

YorkshireBoy

HeyRicky wrote: »

I think that's the bit I'm struggling to understand. I'm not trying to get more credit, simply move it to the other. When previously applying for cards I have specified the amount to transfer so surely they know that I'm moving the debt rather than adding?

No they won't know that. In fact, your situation paints a picture of spending up to the limits and then wanting more. Credit scoring is all about past behaviour predicting future behaviour.

Cards:
Barclaycard: £5800 limit (£1800 0%) - £200 available
First Direct : £4000 limit - £200 available
Income pre-tax: £27k

95%+ utilisation is the reason you're getting declined.

Time to earn more and/or spend less until you get the utilisation down a good bit I'm afraid.

[Deleted User]

You may not want more credit but you're applying for it.

Until you BT and close down your old accounts, you'll have twice the credit. Lenders know the chances are good that you won't close down the old accounts.

You're carrying a lot of debt and balances in relation to your income. You need to stop applying for a few months and try to lower your most expensive balance. What are your rates?