No transfer cards approved

Hi all,

I currently have a Tesco credit card with roughly 1.5k on it. I'm coming to the end of my 0% it. I'd like to transfer this, but when doing the calculator on here I am not eligible for any (apart from capital one which is for bad credit). Annoyingly the website doesn't tell you why you aren't eligible?

I earn 45k per year
Own a house with a friend
My share of mortgage is 600 pounds per month
No dependents
No other debts
My Experian credit score is 999

I can't remember what other questions were asked but I don't understand what else I need to do? Any ideas?
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Comments

  • la531983
    la531983 Posts: 1,672
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    edited 25 September 2023 at 11:29AM
    And this is the issue with bouncing 0% balances around - it relies on you being able to find one to bounce the debt onto, and in some cases the drawbridge comes down and you arent able to get one.

    Have you no contingency plan to clear the debt off? A £1.5k debt on your salary isnt huge.

    As an aside, the three digit "credit scores" the reference agency shows you are a meaningless metric, lenders dont see this and dont make lending decisions on it (in this country, anyway).
  • Jackah said:


    I can't remember what other questions were asked but I don't understand what else I need to do? Any ideas?

    Take the cap one offer.

  • la531983
    la531983 Posts: 1,672
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    Well, yes, I dont see why there is the aversion to that one, if they are offering a credit limit and a 0% offer to to cover your full debt why wouldnt you?
    You dont have to tell anyone you have it  ;)
  • molerat
    molerat Posts: 31,559
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    la531983 said:
    Well, yes, I dont see why there is the aversion to that one, if they are offering a credit limit and a 0% offer to to cover your full debt why wouldnt you?
    You dont have to tell anyone you have it  ;)
    And it is not as if you are going to use it and get it out of your wallet for people to see.
    A free loan is the same whoever it comes from :)

  • I just wonder - you say you have a mortgage with a friend - creating a joint credit report - what is the state of your friend's credit status?
  • Jackah said:
    apart from capital one which is for bad credit
    As in all Cap1 is for bad credit or the one you are being offered?

    Cap1 doesn't only do poor ratings cards, they have a middle market offering too and historically had premium cards as well (they were the first to give me a limit over £10k).

    At the end of the day you either take a sub-prime card and save on interest or you go to your plan B of what you are going to do in the event of not being able to get more credit
  • I just wonder - you say you have a mortgage with a friend - creating a joint credit report - what is the state of your friend's credit status?
    Yes this is taken into account when applying for credit , rightly or wrongly as ones personal debt is their own
  • Martico
    Martico Posts: 911
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    edited 27 September 2023 at 6:33AM
    Takehome should be around 2,800, right? Mortgage of 600 and no dependents.
    Can you not just pay it off when you're next paid, and if you start to run short next month, you'll have a clear credit card to resort to. Rinse and repeat and you'll be debt free if not this month, then probably next
  • Thanks all, I'm not averse to taking the cap1 card out of how it looks or anything, it's more just because it's labeled on the calculator as "for poor credit" I assumed there would be some negative to it?

    I'll look more into it, my housemates credit history is similar to mine. I'm more just curious why I don't qualify for other cards when there doesn't seem to be any big negatives?
  • It just means the Cap1 easier to get and the standard APR is likely to be high. But you won't be paying that.
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