refused for a credit card on 0% balance transfer, now what

PollyWolly

I'm new to all this and looked it out because I have some debts that I'd like to reduce and get rid of.
Credit card - £2900 at the limit
Argos - £1200 owed
Very - £770 over.

I checked the link for balance transfer cards, as my current card is barclaycard then I can't apply for a new one from them (90% approval chance), so next best was the M&S card at 70% but after applying I quickly received an email from them saying it was refused.

Due to living outside the country until say 40 month ago, then I've had to work at getting credit rating back up. Initially I thought I'll go for the credit card amount and clear that, then wondering should I just pay the 2 other accounts with it. Now I don't know what to do??


Help and advice please

[Deleted User]

1) Try one more application
2) Pay as much as you can to the debt with the highest rate, minimum to the rest (plus a quid for cards)

Arleen

Seems like you have hit your credit wall (not surprising, with less than 3 years of UK address history it was going to be low), and the only thing left is to cut your spendings and pay as much towards your debts as you can. Remember that you cannot borrow your way out of debt, only shift it around.

Fellas over at debt free wannabe can help big time with that: http://forums.moneysavingexpert.com/forumdisplay.php?f=76

PollyWolly

When I realised Very take money every 28 days I got peed off and decided I want this paid off, so have been paying as much as I can manage to it. Noticed today on Argos that a couple of buy now pay later are coming to an end too so preparing for the interest on them too. I'm paying £3-350 a month off the credit card (interest on this is roughly 60-80) but end up using credit card to get through the month til next pay day. I don't intend accruing more debt, just hoped to transfer balance from one or all of these 3 and pay off as much as possible at 0% interest.

Thanks for the replies, I'm on my way to debt free wannabe

Money_Rollercoaster

The problem is that to you it's a case that you want to get more credit to replace existing credit. The lenders rightly see it differently and see your current debt and income and think ... hang on, they don't seem to be doing that well with their finances already. Do I want to risk increasing their pot of credit and them defaulting?


So, unfortunately, not getting offered more credit at this stage makes absolute sense.


I know you maybe want to reduce the interest, but if you're out of options to move the debt you've just got to take it on the chin, tighten your belt and really knuckle down to pay off what you owe. Almost certainly, this means getting out of paying minimum payments (if you are) and really focusing on paying off the debts in order of what they are costing you ... almost certainly, even though the Very one is the smallest in size, its interest rate is going to be the highest.


If you can share your monthly budget and more detail on the interest rates for the debts - it could be that members can advise on how you might make your repayments go that bit further.


EDIT: I've just read your last post. See you on DFW! Good luck!

scott_lithgows

Would a 0% purchase card not be better? Can't see very taking a BT and have doubts about Argos.
If you still want a BT try for a creation backed one e.g Asda
Good luck