0% Card eligibility refused

Supernova

Hello folks,
I have a 972/999 MSE Credit Club/Experian score and 98% acceptance expectation but was deemed not eligible for a 0% balance transfer/purchase card which would come in extremely handy at this time.
Problem is I have 17% credit usage on 5 cards with total limit of £20.5K (strangely one card I have is not shown with £1.3K used out of £8.1K)
2 of the cards totalling £9.6K with 0 balance for years can go straight away (one is shown as dormant) and the limit can be reduced on the one that does not feature but will that be enough to make a difference in 4-6 weeks time on the report even if the card I want is still around?
Also does shutting down unused current accounts make a difference?
Thanks in advance for your thoughts!
S

cymruchris

Firstly - the score means nothing - as many people repeatedly say - it's a made up number that only you see.

17 percent isn't particularly high - so that's not likely the issue.

Every lender has its own set criteria for acceptance - and nobody will know why you don't fit the particular lender you chose.
Did you try the eligibility checker? get 98% yes? Then applied? Then got declined? 98 out of a 100 will get a yes - 2 out of a 100 won't. Somebody always has to be one of those two - today it was you.
Closing unused cards won't make a huge amount of difference - other than potentially negative in the short term - where ANY change on your credit report usually results in a short term drop in imaginary score.
Have you looked at other cards with 0 percent offers? Tried other eligibility checkers? If this was your only credit application over the last year - you could try for another one elsewhere (ensuring it's not from the same 'group' of cards). Or wait a couple of months and try applying again.

Supernova

Thanks cymruchris.
It was a Santander card of which I currently have 2 already and was hoping to transfer some of the credit limit from an old one to the new one. I spoke to them over the phone beforehand and they said it was possible but perhaps they marked my card as it were.

Yes closing cards will raise usage from 17% to 28% so not a great move in the short term. I have £4.5K to pay off in July so was hoping to shift that to a new card.
S

cymruchris

Supernova said:

Thanks cymruchris.
It was a Santander card of which I currently have 2 already 

So if you'd been successful - you'd then have 3 santander cards? That's possibly the underlying cause of the issue - they have seen your pattern as they have access to all of your data - and know that by saying no - they can make a profit from you. You should look at the eligibility checkers for some other cards and see what options there are. Don't just stick with the same provider. 

D3xt3r5L4b

Why are you wanting to transfer the credit limit from one Santander card to another?

What will this achieve?

superbigal

Double check the cards with zero balance for any offers you might be missing.
I suppose it is also possible to transfer to those 2 cards in full even if not a particularly great offer.
You may then find the credit available on the cards transferred from then gets a new offer within a month.
I would not do this if fees and rates made this potentially more expensive.

Supernova

Thanks again cymruchris that clarifies things and will do. Also I'm curious as to why the card I have had the longest and use the most doesn't even show on my Credit Report.

Thanks D3xt3r5L4b
I am paying £3 pm for a card I don't use and £7.7K of credit on a new 0% Transfer/Purchase card for 26 months would come in very handy when I have no income and no eligibility for Govt. help at the moment. 

D3xt3r5L4b

No current income will be a factor as well then. 

Paully28

Supernova said:

Thanks again cymruchris that clarifies things and will do. Also I'm curious as to why the card I have had the longest and use the most doesn't even show on my Credit Report.

I think that there is a time when cards where not reported to CRAs, and when they began they were never updated. For example, I have a Natwest card, with a very high availability credit limit which has never shown up on any CRA, and this is the card I have had for the longest. 

Thrugelmir

Supernova said:

Thanks again cymruchris that clarifies things and will do. Also I'm curious as to why the card I have had the longest and use the most doesn't even show on my Credit Report.

In days past the terms and conditions of the account had no provision for the sharing of data. 

Thrugelmir

It was a Santander card of which I currently have 2 already and was hoping to transfer some of the credit limit from an old one to the new one. 

In the current climate banks will be more diligent than usual. A sixth card seems somewhat excessive as well. The risk being that you'll simply spend to the available limits and default. Pruning unused cards may prove a more beneficial plan longer term.