Low credit limit and 70% chance - I have an good credit score

HamsterHeaven

Hi, 
I've been trying to get a credit card of around £5k over the last couple of months to balance transfer another card (with £4.5k on it)  - as 0% balance ends soon. 

I've done MSE's credit card check a couple of times- firstly got a card that only went up to £2k, which paid off another card.  All I am getting is 70% offer on 1 or 2 cards, short 0% BT period  and no info on the credit limit. 

I've scruitinised my report - my credit score is high, I am on electoral roll, no defaults at all, I pay the min each month on some of the cards.  1 hard credit check in the last year (relates to card in the last paragraph). 

I'm wondering if the problem of hardly any offers/low credit limit/low 0% period could be: 

I have got 9 credit cards on file, 4 at 0 - 2 of which are domants. (am closing all 4 of them) 

One cc provider  (dormant a/c) mistakenly says 'gone away'  (around 2014 - the rest show the same address).

I'm not making the credit cards any more money (I've been doing the credit card shuffle for 20 odd years, most of which I was paying over and above the min amount each month; no defaults etc).  Although my current  account has been in £3k overdraft until recently. 

Do you think these could be the reasons? Or am I missing something obvious? 

I'm now considering a loan, I have between £10k - £15k worth of debt and cannot get into any more debt!! 

Thanks in advance 

Brie

Credit score is a fiction, it's credit history that counts.

What I'm seeing is that you have too much credit available (9 cards!) but you're rectifying that by closing some which is great.  But you also have the £3k overdraft that you are using.  

Until the closing cards drop off your history (well that will take 6 years but they just need to be far enough behind to show you no longer have that credit) and the overdraft is cleared things are unlikely to improve. 

Taking out a loan is unlikely to be any easier even if you say the reason is to pay off your debt.  The loan company has no guarantee that will happen - you might blow the lot on the dogs tomorrow!!

How soon is soon before the card deal ends?  Do any of your other cards have any wiggle room on them and any deals pending?  That might be your best bet.  Essentially it's a balance of available credit (all cards+overdraft+phone contract etc) versus income.

MattMattMattUK

HamsterHeaven said:

Hi, 
I've been trying to get a credit card of around £5k over the last couple of months to balance transfer another card (with £4.5k on it)  - as 0% balance ends soon. 

I've done MSE's credit card check a couple of times- firstly got a card that only went up to £2k, which paid off another card.  All I am getting is 70% offer on 1 or 2 cards, short 0% BT period  and no info on the credit limit. 

I've scruitinised my report - my credit score is high, I am on electoral roll, no defaults at all, I pay the min each month on some of the cards.  1 hard credit check in the last year (relates to card in the last paragraph). 

I'm wondering if the problem of hardly any offers/low credit limit/low 0% period could be: 

I have got 9 credit cards on file, 4 at 0 - 2 of which are domants. (am closing all 4 of them) 

One cc provider  (dormant a/c) mistakenly says 'gone away'  (around 2014 - the rest show the same address).

I'm not making the credit cards any more money (I've been doing the credit card shuffle for 20 odd years, most of which I was paying over and above the min amount each month; no defaults etc).  Although my current  account has been in £3k overdraft until recently. 

Do you think these could be the reasons? Or am I missing something obvious? 

I'm now considering a loan, I have between £10k - £15k worth of debt and cannot get into any more debt!! 

Thanks in advance 

Your credit score is meaningless, ignore it.

Lenders have tightened lending criteria, they are reducing their risks and they are not willing to lend to you because you do not meet their appetite for risk. You may also be failing on affordability. 

It may be worth posting an SOA on the Debt Free Wanabee board on here so people can advise you.

https://www.lemonfool.co.uk/financecalculators/soa.php

HamsterHeaven

Brie said:

Credit score is a fiction, it's credit history that counts.

What I'm seeing is that you have too much credit available (9 cards!) but you're rectifying that by closing some which is great.  But you also have the £3k overdraft that you are using.  

Until the closing cards drop off your history (well that will take 6 years but they just need to be far enough behind to show you no longer have that credit) and the overdraft is cleared things are unlikely to improve. 

Taking out a loan is unlikely to be any easier even if you say the reason is to pay off your debt.  The loan company has no guarantee that will happen - you might blow the lot on the dogs tomorrow!!

How soon is soon before the card deal ends?  Do any of your other cards have any wiggle room on them and any deals pending?  That might be your best bet.  Essentially it's a balance of available credit (all cards+overdraft+phone contract etc) versus income.

Hi Brie, thanks so much for your help with this. 

OK yes I do have too many cards open. 

Re other cards, I have already managed to close two a/cs today so will check the others.

The current account overdraft is cleared, but am guessing that it's still clased as "avaliable credit".  It's just it's high interest so would rather not use it. 

The 0% balance finishes this week!! I've been trying to sort this out for a few months. 

HamsterHeaven

MattMattMattUK said:

HamsterHeaven said:

Hi, 
I've been trying to get a credit card of around £5k over the last couple of months to balance transfer another card (with £4.5k on it)  - as 0% balance ends soon. 

I've done MSE's credit card check a couple of times- firstly got a card that only went up to £2k, which paid off another card.  All I am getting is 70% offer on 1 or 2 cards, short 0% BT period  and no info on the credit limit. 

I've scruitinised my report - my credit score is high, I am on electoral roll, no defaults at all, I pay the min each month on some of the cards.  1 hard credit check in the last year (relates to card in the last paragraph). 

I'm wondering if the problem of hardly any offers/low credit limit/low 0% period could be: 

I have got 9 credit cards on file, 4 at 0 - 2 of which are domants. (am closing all 4 of them) 

One cc provider  (dormant a/c) mistakenly says 'gone away'  (around 2014 - the rest show the same address).

I'm not making the credit cards any more money (I've been doing the credit card shuffle for 20 odd years, most of which I was paying over and above the min amount each month; no defaults etc).  Although my current  account has been in £3k overdraft until recently. 

Do you think these could be the reasons? Or am I missing something obvious? 

I'm now considering a loan, I have between £10k - £15k worth of debt and cannot get into any more debt!! 

Thanks in advance 

Your credit score is meaningless, ignore it.

Lenders have tightened lending criteria, they are reducing their risks and they are not willing to lend to you because you do not meet their appetite for risk. You may also be failing on affordability. 

It may be worth posting an SOA on the Debt Free Wanabee board on here so people can advise you.

https://www.lemonfool.co.uk/financecalculators/soa.php

MattMattMattUK said:

HamsterHeaven said:

Hi, 
I've been trying to get a credit card of around £5k over the last couple of months to balance transfer another card (with £4.5k on it)  - as 0% balance ends soon. 

I've done MSE's credit card check a couple of times- firstly got a card that only went up to £2k, which paid off another card.  All I am getting is 70% offer on 1 or 2 cards, short 0% BT period  and no info on the credit limit. 

I've scruitinised my report - my credit score is high, I am on electoral roll, no defaults at all, I pay the min each month on some of the cards.  1 hard credit check in the last year (relates to card in the last paragraph). 

I'm wondering if the problem of hardly any offers/low credit limit/low 0% period could be: 

I have got 9 credit cards on file, 4 at 0 - 2 of which are domants. (am closing all 4 of them) 

One cc provider  (dormant a/c) mistakenly says 'gone away'  (around 2014 - the rest show the same address).

I'm not making the credit cards any more money (I've been doing the credit card shuffle for 20 odd years, most of which I was paying over and above the min amount each month; no defaults etc).  Although my current  account has been in £3k overdraft until recently. 

Do you think these could be the reasons? Or am I missing something obvious? 

I'm now considering a loan, I have between £10k - £15k worth of debt and cannot get into any more debt!! 

Thanks in advance 

Your credit score is meaningless, ignore it.

Lenders have tightened lending criteria, they are reducing their risks and they are not willing to lend to you because you do not meet their appetite for risk. You may also be failing on affordability. 

It may be worth posting an SOA on the Debt Free Wanabee board on here so people can advise you.

https://www.lemonfool.co.uk/financecalculators/soa.php

Thanks MattMattMattUK I'll look at the Debt Free Wanabee board too. 

enthusiasticsaver

HamsterHeaven said:

Hi, 
I've been trying to get a credit card of around £5k over the last couple of months to balance transfer another card (with £4.5k on it)  - as 0% balance ends soon. 

I've done MSE's credit card check a couple of times- firstly got a card that only went up to £2k, which paid off another card.  All I am getting is 70% offer on 1 or 2 cards, short 0% BT period  and no info on the credit limit. 

I've scruitinised my report - my credit score is high, I am on electoral roll, no defaults at all, I pay the min each month on some of the cards.  1 hard credit check in the last year (relates to card in the last paragraph). 

I'm wondering if the problem of hardly any offers/low credit limit/low 0% period could be: 

I have got 9 credit cards on file, 4 at 0 - 2 of which are domants. (am closing all 4 of them) 

One cc provider  (dormant a/c) mistakenly says 'gone away'  (around 2014 - the rest show the same address).

I'm not making the credit cards any more money (I've been doing the credit card shuffle for 20 odd years, most of which I was paying over and above the min amount each month; no defaults etc).  Although my current  account has been in £3k overdraft until recently. 

Do you think these could be the reasons? Or am I missing something obvious? 

I'm now considering a loan, I have between £10k - £15k worth of debt and cannot get into any more debt!! 

Thanks in advance 

If you have been shuffling cards for 20 years I would post on DFW as to how to get rid of them for good.  Paying only minimums shows that you are struggling with affordability which will be a red flag especially if you have a current account overdraft as well. I am not sure why you are considering a loan as that is still debt.  You need a plan to repay it not consolidate it which will make things worse. Credit is getting harder to obtain.