Refused 0% transfer card now desperate to improve credit score.

poohbear59

I have made a couple of 0% balance transfer credit card applications recently. We had an unexpected outlay recently and had to use the 34% interest card we have currently. I was refused by both cards. I have checked my credit score on Experian and found I have two defaults which seem to have reappeared.

In 2013 we had to use a debt help company and had all our debts put on hold until I received a legacy and was able to pay all of them back with partial payments. All the banks accepted this but TSB credit card and Capital One now show a default balance again.

All other institutions have cleared the default and it no longer shows on my credit scoring file as a default. Is it possible to get the default removed or do I now have to try to make payments? We don't have much at all to repay old debts we thought were cleared and would have to go back to making minimum payments.

I am feeling so depressed by this and every time I read about or see Martin on TV helping people find 0% transfer deals it makes me feel quite desperate that we can't find anyone to accept me on any deals at all. I did wait two years from the default before applying for an Aqua card to rebuild my credit scores. Aqua have increased my credit limit to £5000 so they are quite happy to lend more. I don't want more borrowing just enough to cover my current Aquacard debt.

Dobbibill

There is an eligibility checker here you can try.

https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=1.61422380.1037682649.1480869123

With previous defaults, you will struggle to get a good BT card with a lengthy limit as your history says you couldn't/didn't pay credit back previously. That's not a pop, just an observation.

On one hand, you are fortunate that Aqua have raised your limit but on the other hand, you have that amount available so will other lenders want to risk an additional amount of credit with you.

poohbear59

Dobbibill wrote: »

There is an eligibility checker here you can try.

https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=1.61422380.1037682649.1480869123

With previous defaults, you will struggle to get a good BT card with a lengthy limit as your history says you couldn't/didn't pay credit back previously. That's not a pop, just an observation.

On one hand, you are fortunate that Aqua have raised your limit but on the other hand, you have that amount available so will other lenders want to risk an additional amount of credit with you.

Thank you for your observations. I applied after trying the eligibility checker which had me at 80% chance of being accepted by M and S and Tesco. They both refused me.

I hadn't thought about the available balance on the Aqua card affecting how much credit is available to me. I think i should ask them to reduce it. It is currently £5400 credit limit. Handy in case we have another emergency but it could be another factor keeping us on a high interest rate. I had never considered it. Thank you.

poohbear59

Link to new thread

https://forums.moneysavingexpert.com/discussion/comment/72223461#Comment_72223461