Why am I 0% eligible for ALL balance transfer CCs?

Don80

I've just seen that you asked this on DFW in January
https://forums.moneysavingexpert.com/discussion/5957701/advice-on-clearing-multiple-credit-cards

You had more information there, it sounds like you need to check your numbers - you say you have £500 after paying almost £500 on cards? Do you mean that without credit cards you would have around £1000 disposable income? If you earn £17K a year, that comes out at a gross income of about £1455. How are you paying all your bills, food, travel costs etc on less than £500 a month, or are you living with family?

If your January figures are right, scrap what I said above (I have left it just in case!). Snowball your cards, or just pay a fixed £110 to each, then when one is paid redistribute that to the others. You'd have it all cleared in 2 years, and be paying more than the minimum which looks good on your credit file too.

You might want to close some of these - lenders look at things like your income and compare it to your debt, available credit, how much of your credit you are using etc. High available credit compared to your income isn't great, high usage isn't good either.

Work out how to snowball here:
http://www.stoozing.com/calculator/snowball-calculator.php

The other thing in your January post is that you mentioned you have used most of the balance transfer cards - which means you've likely moved the debt, and then carried on spending on the old card. You also mentioned applying for an Admiral loan. Now, I know you mentioned an addiction - but going forward you need to stop that. All you end up doing is increasing your debt. If this is a problem, be hard on yourself - close the accounts when they're paid off. (if you follow my advice from the first post, the lenders will do that for you anyway when they're paid off) In the future, ask why you need a credit card. If at any point your answer involves spending what you can't afford, don't go there. Maybe one card with a £2000 limit would be enough? Make sure to opt out of limit increases.

System

edited - edited

SnowTiger

Alfredos_Pizza_Cafe wrote: »

Every. SIngle. Card. Is 0% eligible.

My credit score is 750 if that matters.

I haven't defaulted on a card in years or had any missed or late payments.

I'm not on the electoral roll yet even though I registered for that on 09.01.19.

I owe 20k on unsecured credit cards and I'm thinking about just going **** it and going bankrupt. They won't lend to me now so it's not as if it will change my circumstances.

Why are they ALL 0%?

Alfredos_Pizza_Cafe wrote: »

I haven't made any inroads on the Marbles for a few reasons. 1) Cap 1 & Halifax increased my minimum payments to a much bigger amount than before and my Tesco cc 0% ended.

The £500 disposbale income I had has shrunk to £250 and in a panic I lost that and maxed out all 9 of my cards gambling chasing my losses. I'm a recovering gambling addict.

Alfredos_Pizza_Cafe wrote: »

I earn £17k a year.

We get the story eventually.

Not on the electoral roll; you've maxed out your cards (gambling); your income is low; and your unsecured debts are greater than your annual income.

Those are likely the reasons you're unable to get any more credit.

You're probably beyond the usual advice of putting together a SOA, posting it to The Debt-Free Wannabe Board and waiting for advice about how to save the odd pound here and there.

If I were you'd I'd talk to StepChange. I guess you don't own your home. An IVA, DRO or bankruptcy might be options to consider.

jimbo26

Alfredos_Pizza_Cafe wrote: »

Just punched in my numbers.

Every. SIngle. Card. Is 0% eligible.

My credit score is 750 if that matters.

I haven't defaulted on a card in years or had any missed or late payments.

I'm not on the electoral roll yet even though I registered for that on 09.01.19.

I owe 20k on unsecured credit cards and I'm thinking about just going **** it and going bankrupt. They won't lend to me now so it's not as if it will change my circumstances.

Why are they ALL 0%? Even on other cards it says 0% except for the bad card section it says 95% for some Chrome card and Agua.

The answer is right there in your post. You probably can't work it out otherwise you wouldn't have asked.

1. You have clearly defaulted in the past.

2. You are not on the ER.

3. You already have shed loads of debt.

eskbanker

jimbo26 wrote: »

You have clearly defaulted in the past.

Not according to OP's subsequent clarification posted shortly afterwards:

Alfredos_Pizza_Cafe wrote: »

I have never defaulted on a debt.

Ben8282

Why am I 0% eligible for ALL balance transfer CCs?


1. You owe £20,000 on credit cards.
2. Your annual income is £17,000.
3. Your utilisation ratio is close to 100%.
4. You are making only minimum payments on your cards and not reducing your debt.
5. You already have 9 cards and therefore in all probability already have a card issued by these providers who will certainly not give you another one at 0% if you are using their existing card at 100% and making only minimum payments.


The only way out of this situation is to reduce the balances on these cards somehow.
If you were able to completely repay ONE of the cards, it is possible that the issuer MAY give you some sort of 0% balance transfer offer which you could use to repay a second card and so on until some of your debt is reduced to 0% interest which should help. This would take a lot of luck and is not guaranteed but may help you if it were possible.

foxy-stoat

Sell stuff, overpay where you can, earn more money, stop gambling.

Maybe go on DMP for 5 years.

fun4everyone

Alfredos_Pizza_Cafe wrote: »

Just punched in my numbers.

Every. SIngle. Card. Is 0% eligible.

IF you mean the MSE eligibility calculator, it told me I was 0% eligible for every single card. I still went ahead and applied (AMEX cashback card) and was accepted without any fuss.

My conclusion : The eligibility calculator is rubbish.

Karonher

Alfredos_Pizza_Cafe wrote: »

I haven't made any inroads on the Marbles for a few reasons. 1) Cap 1 & Halifax increased my minimum payments to a much bigger amount than before and my Tesco cc 0% ended.

The £500 disposbale income I had has shrunk to £250 and in a panic I lost that and maxed out all 9 of my cards gambling chasing my losses. I'm a recovering gambling addict. I banned myself through GAMSTOP for 5 years from all UK online gambling. Hance the reason why I'm just thinking about saying **** it.

Why did the minimum payment increase? It is set at a percentage of the balance.

Either there has been a mistake or you have added a lot to the debt.

eskbanker

Karonher wrote: »

Why did the minimum payment increase? It is set at a percentage of the balance.

Either there has been a mistake or you have added a lot to the debt.

....or you forgot about the way that credit card companies 'encourage' those in persistent debt to increase their monthly repayments above the contractual minimum:

https://www.moneysavingexpert.com/news/2018/02/new-credit-card-rules-to-help-those-in-persistent-debt/