Credit card rejection, not sure which way to turn?

Deeble_3

Hi everyone, this is my very first post and I would appreciate some advice!

I have a MBNA card with about £4000 which I am looking to transfer to a 0% interest card. I can only really pay off the minimum from my MBNA card every month but the interest is crippling and as a result, anything I do pay off just get swallowed by the interest, making it extremely difficult to get the balance down.

I very recently applied for the Mint card (0% for 13 months) and got rejected! My credit score is good so I can only assume it is because I want to transfer £4k which is quite hefty. I have also recently applied for a Barclaycard with the same offer, I am waiting to hear back but I am not hopeful .

I am not sure what to do and I am scared that I will be forced to stick to the MBNA with high interest and not be able to cheaply pay off my balance! I am worried that applying for another card will affect my credit score. If Barclays reject me, I don't know what to do? Do I:

1) Apply for another 0% card (and possibly harm my credit score?)
2) Be better off applying for a 'life of balance' card, like the M&S one?
3) Apply for a couple of 0% cards and split the £4k, so £2k on each? I thought maybe companies might be put off if I told them I wanted to transfer £4k onto one card?!

Is there any way out of the MBNA card? I am so worried I will keep getting rejected and I really can't see how I will ever be able to pay back the £4k if I have to stay with MBNA.

As you can probably tell, I am not awfully clued up on credit cards and would really appreciate any advice at all!

Thanks for looking & apologies for the length of the post!

Moggles_2

Hi Deeble

Welcome to MSE!

I very recently applied for the Mint card (0% for 13 months) and got rejected! My credit score is good so I can only assume it is because I want to transfer £4k which is quite hefty.

It's best to keep your options open, IMO, and leave the balance transfer section of a credit card application blank or, if asked, state you may be interested.

I would wait until safe receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new card. There's usually a Freefone number for this

Moggles_2

That said, I would keep an open mind about the reason(s) you were turned down. It's important to realise, there is NO universal credit score applicable to all lenders and all products. None of us knows how individual credit card companies view our applications. Lenders do not divulge this information.

Fortunately, there are ways to improve your chances of acceptance next time. For tips, which apply equally to all credit cards, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Check and Improve your Credit Score* article, before you submit your next credit card application.

Deeble_3

Moggles wrote: »

It's best to keep your options open, IMO, and leave the balance transfer section of a credit card application blank or, if asked, state you may be interested.

I would wait until safe receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new card.

Thanks Moggles, that's helpful to know, I shall leave the BT bit of my applications blank in future! I'll also take a peek at Martin's article to see if I can improve my credit report in any way.

Does anyone else have any advice for me? Just really need to get rid of that high interest!