Credit card balance transfer declined

sylllar

Hi everyone, I'm new here and very new in the credit cards world. I have a credit card for about 3 years now which unfortunately I left him to slip into the interest rate. I had 6500£ on it, now down to 5000£ in a few months. I've been trying to get a balance transfer card but I've been rejected. According to Experian and other credit check companies, I have an excellent credit score. I don't have any other debts, I've never been late to a single payment and I have an income of over 30k a year. I'm also on the electoral roll and I have a full credit history with no issue what so ever. I'm trying to get rid of this credit card to avoid paying the huge interest rate, but honestly, I don't understand where I'm going wrong because It seems to me that I tick all the boxes for a good card, yet I get declined. I would appreciate some advice to try to get out of the bank sleeve. Thank you very much. 

MalMonroe

First of all, as everyone on here will tell you, your credit score means nothing and lenders cannot see it. 

Have you been doing some soft searches in respect of credit card transfers? That way you can find out what cards you're likely to be accepted for and it doesn't show on your credit report. Lenders are put off if they see you've been applying for lots of credit. I usually look at Clearscore or one of the other credit agencies to see what's available and what I'm eligible for. There's even an MSE credit club on this very site, you can join it - it's connected to Experian and you can do soft searches on there, too. 

As long as you have been making regular repayments to your credit card, it shouldn't affect anything, I'm not sure what you mean by " I left him to slip into the interest rate". The only person who is disadvantaged by that is you. Lenders can see what payments you make and what you've applied for but if you try some soft searches you can get a better idea of what credit card companies will accept you without looking as if you are desperate to find some credit.

When you are refused a credit card, you can always ask the lender why. They may not always tell you but it's worth asking.  

sylllar

Thank you. Yes, I did some searches and I also use MSE. "I left him to slip into the interest rate", I meant that until the last day of the free interest rate I paid only the minimum towards the card. After the interest was applied I start making higher payments. I thought that I can easily apply and get a balance transfer card but unfortunately is not, at least in my case. All the searches I did came out that my chances to get a card is 20% to 30%. My affordability score is not great but I don't understand how it works and why I'm being declined with no other debts and with a good wage. Kind regards.

D3xt3r5L4b

Presumably because you’ve only managed to clear £1500 in a few months. It’s not much of a dent in getting things cleared.