There's no point really is there?

enthusiasticsaver

The problem is living in Central London. Yes, lenders offer the best deals to those who have good credit records but they don't necessarily have money. It is possible to manage money well but not have a lot of money behind you. You have the odds stacked against you by living in London but £40k salary is above average. Presumably you have bad debts though which is why you are being turned down. I suggest you sort those out first before taking on any new credit cards or are you trying to move existing cards to 0% deals?

poorweelass

You have to work on your credit worthiness I think

This time last year I couldn’t get credit. So I applied for an Aqua card and have used that religiously every month to pay for my groceries and diesel, paying in full every month. Apr was 34% if I didn’t pay

This month I just received a Santander card with an APR of 18% but with 18months ( I think it is ) @0% and 0% on balance transfers

I barely earn £10k

Nasqueron

SRod wrote: »

Nothing crippling, just London living costs.


I stand by what I say, though, all deals are for people with good credit ratings etc. I've tried offering something that will clear a debt, but get ignored.

Bad credit firms like Aqua and Capital One still offer BT cards even if it's on a shorter term, Barclaycard also if your credit isn't terrible.


Best deals are reserved for customers with good history as the lenders need to make money in the long run and giving credit to people who are likely to default is a gamble they won't take

Terry_Towelling

SRod wrote: »

Nothing crippling, just London living costs.

I stand by what I say, though, all deals are for people with good credit ratings etc. I've tried offering something that will clear a debt, but get ignored.

London living costs are what I would call crippling - they are seemingly more than your £40K salary for you to have these debts and a poor credit rating.

Is/are the debt/s growing or being slowly managed down? In other words, if a lender took a punt on you with a 0% BT offer, would the extra money freed up as a result be enough meet your living costs, or would you still be on the slide?

Lenders may suspect the latter, which means the likelihood of eventual default is a risk not worth taking - especially as a 0% BT offer itself creates no value that the lender might be able to offset against potential default losses - save for the probable BT fee.

[Deleted User]

Obviously.

Why would they give a credit card or loan to someone with a bad history of handling money?

Fireflyaway

Be happy that you have avoided the potential of getting into more debt. Don't rely on borrowing from someone / somewhere else to manage your finances,just work out a plan to pay off what you owe.
Credit scores are not a measure of wealth or income. I'd rather be debt free with a pile of savings and no credit cards.

dealer_wins

Mr_Singleton wrote: »

In fairness to the OP a £40k salary might be very good in rural Wales but is pitiful in London.

Rubbish, its more than enough to live comfortably on!

dealer_wins

SRod wrote: »

Wow! Such smugness from "dealer wins" and "Bermonia". You should work for Samaritans.

Not smugness , just being realistic about your situation.

Why not post on the debt free wannabe board, they are very good over there about knocking down your outgoings and getting your debts paid as quickly as possible. Then you will be free of the greedy nasty banks you despise.

Emily_Joy

SRod wrote: »

Nothing crippling, just London living costs.

I stand by what I say, though, all deals are for people with good credit ratings etc. I've tried offering something that will clear a debt, but get ignored.

The title you have choosen sounds like you are struggling to live within your means. Less than 5 years ago I perfectly managed in central London (zone 2) on under £35000 gross. I rented a room via gumtree within walking distance to work (in terms of quality, it was the best accommodation I had in many years) and used Santander (then Barclays) Cycles to get around the City. I believe I used the underground less than 5 times a year...

I agree this lifestyle isn't for everyone. A friend of mine firmly believes that the only liveable neighbourhood in London is Regents park, pays something like 2.5K for an apartment and to my knowledge doesn't have any savings.

DCFC79

SRod wrote: »

Nothing crippling, just London living costs.


I stand by what I say, though, all deals are for people with good credit ratings etc. I've tried offering something that will clear a debt, but get ignored.

Its actually good credit history not rating, lenders dont see the ratings just the history.