0% chance of getting a top 0% spending card

thegentleway

Thrugelmir said:

How does your total unsecured debt compare to your gross annual income? 

It's about 25%... But credit reports don't know how much I earn?!

[Deleted User]

No, but a lender will ask you when you apply.

thegentleway

Deleted_User said:

No, but a lender will ask you when you apply.

Good point. I am going to remortgage in a couple of weeks: coming to end of my fixed term. I'm just doing a product swap with same provider; I presume they aren't going to be bothered for a product swap? I.e. they're not doing a valuation or anything.

Jrchmn

I remortgaged in some of my credit scores dropped and it may be a factor in why I was turned down for a credit card. I put off applying until after remortgaging. I wish I’d done it the other way around. Also it took 2 months for the new mortgage to appear on the credit checks. 

D3xt3r5L4b

Jrchmn said:

I remortgaged in some of my credit scores dropped and it may be a factor in why I was turned down for a credit card. I put off applying until after remortgaging. I wish I’d done it the other way around. Also it took 2 months for the new mortgage to appear on the credit checks. 

No the drop in score wouldn’t be a factor at all

valw

I'm in a similar position, but my problem at the moment is that I'm only able to afford to pay off the interest and only a little of the payment is reducing the balance, hence the importance of accessing a 0% card.  How on earth can I get a lower rate of interest so my payments reduce the balance? It's baffling me how for years my credit cards have offered me 0% balance transfer rates when I had no debt, but now that I have a balance to transfer, I can't get one for love nor money (well, if I had any money that is)!

[Deleted User]

It's because you're making such small payments.  You need to increase your payments to drive the balance down.

valw

Deleted_User said:

It's because you're making such small payments.  You need to increase your payments to drive the balance down.

This is kinda my whole point.  I'm paying as much as I can, but it mostly only covers the interest so doesn't reduce the balance, creating a never ending circle.  I'm trying to find a solution to pay less interest so that the payments reduce the balance.

[Deleted User]

But that's kinda the point I'm making.  New credit gives the opportunity for running up more debt - you're a high risk. The time to BT is BEFORE you cant make anything more than minimum payment, not when you're maxed out.

You need to make inroads into the debt. Visit the DFW boards for advice on cutting costs and repaying faster.

Fighter1986

valw said:

Deleted_User said:

It's because you're making such small payments.  You need to increase your payments to drive the balance down.

This is kinda my whole point.  I'm paying as much as I can, but it mostly only covers the interest so doesn't reduce the balance, creating a never ending circle.  I'm trying to find a solution to pay less interest so that the payments reduce the balance.

If tiny payments are all you can afford then your credit history is going to reflect this and put lenders off.

Lenders don't want to extend lines of credit to borrowers who can barely afford to service them.

The solution to your problem is to increase your means to repay your debt through a combination of cutbacks elsewhere in your life to increase your surplus income and increasing your income in whichever way you see fit.

It isn't going to be easy and will take time but as you keep at it and make progress, enabling you to make higher and higher monthly repayments towards your debts, your creditworthiness will increase over time, as lenders start to see you're doing better financially.

It won't happen overnight but is a long term project to keep working at and never give up