% Balance Transfer Question and Sticky Situation!

DeafCassette

Hi all,

Wondering if I can get your advice on the following situation:

In 2016 I took out a 0% for purchases card with a 40 month interest free period. That is coming to an end next month. I still (ouch!) have a balance of £3500 on the card - I've been making regular payments each month, but I've also been spending on it. That's fine, I've got money to pay it back if need be, but why pay it all back at once if I can roll it to a new card? So, I applied for a santander 0% on balance transfers for 18 months....DENIED!

Cards I have:

HSBC regular use credit card (paid off in full each month)
Halifax Clarity (not used, kept in a drawer for foreign travel)

Amazon CC - opened last month to get the £20 gift voucher (closed today - after Santander application denied)

No store cards, no CCJs, nothing else going on...

Santander offered me an x amount limit, I wanted to transfer about 50% of that limit, so thought that would be fine.

Could it be other applications - I closed two old credit cards in the last 3 months or so. I've also hit the credit agencies with pre-approval checks.

I've applied for my experian standard credit report (the agency Santander uses), but this is all becoming a pain now.

My outgoings do not exceed my income every month.

Has anyone been in a similar situation?

Many thanks for any assistance.

DeafCassette

Well, the good news is that MBNA has accepted my application, for a 1% fee. Not an unreasonable cost.

The only thing I can think is that I recently closed a Santander 123 and associated savings account. I wouldn't have thought that would have any bearing on the issue, but maybe it did. 

mcpitman

I wouldn't worry too much. Just that you don't currently fit Santanders current desired customer profile.

MBNA have been good for me and really easy to use.