12 k amex deby but cant get balance transfer?

needhelp35

i have a 12k amex balance but cant get any balance transfer cards....i pay the minimum payment each month..can yanyone help please?

Edi81

Get over to the dealing with debt board. 

SusieT

If another card gave you a 12k balance transfer card, that would mean you would have 24k of credit available, and the card issuers are possibly judging/assessing that for them you would have too much credit and are not willing to take that risk. You need to pay more than the minimum or it looks as if you cannot afford the payments, plus paying the minimum will show on your credit history and other card issuers will see that and it would be another reason to decline.

Ebe_Scrooge

Balance transfer offers - well, credit in general - has been much harder to get over the last couple of years as lenders have tightened their belts.  Having been paying only the minimum payments on your existing card will not have helped matters - that's usually viewed by lenders as a sign of financial difficulty.

As above, head on over to the Debt-Free Wannabe board where you will receive lots of helpful advice.  But the nub of it is you need to cut your outgoings to the absolute bare minimum, increase your income if possible (maybe take on a part-time evening/weekend job) and throw every spare penny at the debt.  It sounds daunting, but it's eminently do-able if you're disciplined and willing to make a few short-term sacrifices for long-term gain.

cymruchris

You'll have to put a plan together to decrease your existing balance using the income you have available. Paying minimum payment on a monthly basis for a long period will drastically reduce your ability to get another card. You have to do all that you can to increase the monthly payment and reduce the debt. You need a good, long hard look at what you spend your money on monthly. What can you cut? What can you reduce? Do you pay for streaming services? Netflix? Spotify? Cancel them. Are you paying a high internet/tv/mobile phone package? Downgrade. Do you eat takeaways/drink posh coffee often? Cut it back. Do you have old tech hanging around? Sell it. Do you have things you've bought that have never been used? Ebay them. If you're serious about reducing this debt - you've got to start somewhere. And the more you can cut/sell - the more you can throw at the debt. As you pay the balance down over several months at much more than the minimum payment - you may find in 6-12 months you get offers on balance transfer cards again. (Depending on your other credit history)