Declined balance transfer

DawnArnie

applied for a 0% balance transfer to pay my barclaycard off , credit rating good (according to experian) yes its a lot at £6500 but just cant seem to get one for that much , and when i applied , paperwork i got back ( me getting all happy because all i saw was youve been accepted, thinking ill be able to get it paid off quicker) anyway read a bit further and it was for a bank balance transfer for £1800 at 29%apr ? what good is that to me? not even what i applied for.  Anyway sent them the paperwork back and told them it just wasnt for me as i wanted to pay less not pay  barclaycard AND them,  as that wouldnt help my situationbone iota. anyway looks like ill just have to carry on paying as much as i can afford and lower credit limit each time it drops until its paid off (in years to comelol ), just would have been nice to have a 0% and got rid sooner

MattMattMattUK

DawnArnie said:

applied for a 0% balance transfer to pay my barclaycard off , credit rating good (according to experian) yes its a lot at £6500 but just cant seem to get one for that much , and when i applied , paperwork i got back ( me getting all happy because all i saw was youve been accepted, thinking ill be able to get it paid off quicker) anyway read a bit further and it was for a bank balance transfer for £1800 at 29%apr ? what good is that to me? not even what i applied for.  Anyway sent them the paperwork back and told them it just wasnt for me as i wanted to pay less not pay  barclaycard AND them,  as that wouldnt help my situationbone iota. anyway looks like ill just have to carry on paying as much as i can afford and lower credit limit each time it drops until its paid off (in years to comelol ), just would have been nice to have a 0% and got rid sooner

Banks have hugely tightened their lending criteria due to changes in regulation and the ongoing economic impact of Covid. It is up to them what products they offer and accept you for and they likely viewed you as a risky proposition. Unfortunately a lot of people are finding that the days of interest free borrowing have gone for many. 

Brie

Been there, had that happen.  It's such a disappointment.  But is there anyway you can make this work for you??

I mean if you are using the Bcard with an ongoing balance the interest payments must be substantial considering that it will start from day of purchase.  If you do need to use a card could you use the new one but ensure you pay it off in full each month so no interest is charged?  That could save you a bit and that bit could go against the outstanding debt to Bcard.  

The alternative is to find more cash to throw at Bcard.  Ebay stuff, cut back on any subscriptions, take your coffee & lunch to work rather than buy it, shop at Aldi instead of Sainburys?  Sorry these are all the most obvious things and you may already be doing all of that.

floppydisk1

 What about getting a loan from your own bank ( those are around 3 - 3,5 % at the moment ) clear the card and then throw everything at that loan ( as any new bank loan can be overpaid these day ) and your overall interest will be a fraction of that of your credit card ....

[Deleted User]

floppydisk1 said:

 What about getting a loan from your own bank ( those are around 3 - 3,5 % at the moment ) clear the card and then throw everything at that loan ( as any new bank loan can be overpaid these day ) and your overall interest will be a fraction of that of your credit card ....

Lenders look at a consolidation loan as loan + credit card debt, not loan to pay off debt as there is no guarantee the person will use the loan for the card debt e.g. £6500 BT debt + ~ £7000 loan = £13500 debt. That they can't get a BT card means they're unlikely to get a competitively priced loan.

OP this is the problem with using BT offers and not having a plan to deal with the capital at the end other than hoping to get a new BT card. If you pay down your debt, try in 6 months for another card when your debt is lower

anna42hmr

DawnArnie said:

applied for a 0% balance transfer to pay my barclaycard off , credit rating good (according to experian) yes its a lot at £6500 but just cant seem to get one for that much , and when i applied , paperwork i got back ( me getting all happy because all i saw was youve been accepted, thinking ill be able to get it paid off quicker) anyway read a bit further and it was for a bank balance transfer for £1800 at 29%apr ? what good is that to me? not even what i applied for.  Anyway sent them the paperwork back and told them it just wasnt for me as i wanted to pay less not pay  barclaycard AND them,  as that wouldnt help my situationbone iota. anyway looks like ill just have to carry on paying as much as i can afford and lower credit limit each time it drops until its paid off (in years to comelol ), just would have been nice to have a 0% and got rid sooner

If you have only applied for one card, may be worth trying once more and see if successful there.  Are you registered with the MSE credit club, as they can give an indication of likelihood for acceptance, that way you can target the application to the one you are most likely to get.  Even if cannot get a credit limit for the full amount you have left, even a portion of it will reduce the interest due on the debts.  

[Deleted User]

anna42hmr said:

DawnArnie said:

applied for a 0% balance transfer to pay my barclaycard off , credit rating good (according to experian) yes its a lot at £6500 but just cant seem to get one for that much , and when i applied , paperwork i got back ( me getting all happy because all i saw was youve been accepted, thinking ill be able to get it paid off quicker) anyway read a bit further and it was for a bank balance transfer for £1800 at 29%apr ? what good is that to me? not even what i applied for.  Anyway sent them the paperwork back and told them it just wasnt for me as i wanted to pay less not pay  barclaycard AND them,  as that wouldnt help my situationbone iota. anyway looks like ill just have to carry on paying as much as i can afford and lower credit limit each time it drops until its paid off (in years to comelol ), just would have been nice to have a 0% and got rid sooner

If you have only applied for one card, may be worth trying once more and see if successful there.  Are you registered with the MSE credit club, as they can give an indication of likelihood for acceptance, that way you can target the application to the one you are most likely to get.  Even if cannot get a credit limit for the full amount you have left, even a portion of it will reduce the interest due on the debts.  

MSE get referral fees from the credit club facility, they have a vested interest in getting you to apply for cards, while it might be a decent guide, people should use the soft search facility on a lender's own site for a better idea