Good credit rating but poor affordability

Samuurai

Hi,

As mentioned I have good credit rating at 837 but poor affordability. I have three credit cards with about 50% purchases and 50% balance transfer amounts.

I would like to get one or two larger balance transfer cards to move all of this balance on to but I have no affordability to get cards approved.

Does anyone know any lenders who will approve cards if I ensure all of my balance is transferred to them or is it a purely binary decision made on up-front factors?

Or any other advice for my position would be most appreciated.

Thanks!

[Deleted User]

What are your balances, limit and income?
How is your credit history (not the score)?
Who are your cards with?

Candyapple

And to add another question to zx81's list:

What is your annual salary?

Samuurai

Thanks for the replies.

My income is £85,000p/a

I have the following cards

Virgin Credit Card: £13000 (maxed)
MBNA Credit Card: £7700 (£8000 limit)
HSBC Credit Card: £5000 (£5500 limit)

I just signed up for Clearscore. What credit history do you want to see?

[Deleted User]

Ouch. High debts and maxed out on all cards.

Have you maintained payments, or have you missed some, any defaults, are you paying minimum or more?

I assume with that income you're making some inroads to clearing them? I suspect you're going to need to get the balances down before you'll be able to get further credit.

Samuurai

Hi, No unfortunately, we stretched ourselves to move in to a house in inner London which has really maxed my finances. I wondered if it would be worth putting it all on a debt consolidation loan.

[Deleted User]

You won't get one of those either, if you can't get a credit card.

You haven't told us who your cards are with or who you applied to. Also, your current rates may help form a plan of action.

MHOWARD_2

Deleted_User wrote: »

You won't get one of those either, if you can't get a credit card.

You haven't told us who your cards are with or who you applied to. Also, your current rates may help form a plan of action.

Virgin Credit Card: £13000 (maxed)
MBNA Credit Card: £7700 (£8000 limit)
HSBC Credit Card: £5000 (£5500 limit)

[Deleted User]

Who have you applied to and what are the rates of your current cards?

Candyapple

It's interesting that you are being declined for credit given your annual salary and the total of your credit limits is barely a quarter of it. The general rule of thumb is half your annual salary before you start running into affordability issues with credit card providers declining your applications.

Have you maintained payments, or have you missed some? Any defaults/CCJs/bankruptcy etc? Are you paying minimum or more?

This is a very important question because the answer will probably be the true reason why you are being declined.

Do you also have any other loans/car finance etc?

Are you financially linked to anyone else? Financial associates? Their credit history will also affect yours if yes.

Are you on the electoral roll? If you've just taken on a new mortgage, how long were you on the ER at your old address?

[Deleted User]

Moonchild10 wrote: »

Maybe take a look at this?

Maybe stop with the US spam?