Difficulty in obtaining 0% balance transfer card

Streety675

OK, I'm about to make a purchase of £5500. I have the cash available to make the purchase, but I'm trying to be savvy by finding a 0% balance transfer credit card and spreading the cost over several months / years if possible and leaving my cash where I can get a return on it.
However, We both have a relatively low income from rental properties and a casual part time job. We don't have a mortgage and our outgoings are quite low and no dependants. Despite having a credit score of 999 and £100k+ in savings and investments, it is proving difficult to obtain a 0% balance transfer credit card with a decent 0% period. I'm classed as having a low credit rating (as far as lenders are concerned) due to our relatively low income and are therefore not offered the better deals.
Is there a way around this?

la531983

No lender will consider savings, you could go out this evening and squander the lot.

Isthisforreal99

Ignore your made up credit score. Bottom line is if your income is low then your options are limited. Have you any other forms of credit?

crumpet_man

Have you looked at 0% purchase cards instead?  

Brie

The chances of applying for a new card and immediately getting £6k limit on it is unlikely.  You'd need about £6k instead of the £5500 you quote as you can't use the full credit limit for a BT or MT.  

If you already have a card you might ask for the limit to be raised, assuming they are also have a MT offer going.

Streety675

la531983 said:

No lender will consider savings, you could go out this evening and squander the lot.

I guess an employed person on a high salary (and with zero savings) can lose their job tomorrow so that's not much security either.

Anyway I've managed to get a 0% on purchases and balance transfers for 15 months after talking to the Nationwide...£3950 credit limit, so that's not too bad.

Nasqueron

Streety675 said:

la531983 said:

No lender will consider savings, you could go out this evening and squander the lot.

I guess an employed person on a high salary (and with zero savings) can lose their job tomorrow so that's not much security either.

Anyway I've managed to get a 0% on purchases and balance transfers for 15 months after talking to the Nationwide...£3950 credit limit, so that's not too bad.

A job is considered stable, while yes you could lose your job, you tend to know if the firm is doing redundancies (which you'd have to reflect in your application). However, any lender could be stung by an unscrupulous customer on unfair lending if they considered savings and then the person spent it all as the dog was sick or car needed to be replaced and then couldn't afford the CC bill.

MyRealNameToo

Brie said:

The chances of applying for a new card and immediately getting £6k limit on it is unlikely.  You'd need about £6k instead of the £5500 you quote as you can't use the full credit limit for a BT or MT.  

If you already have a card you might ask for the limit to be raised, assuming they are also have a MT offer going.

What limit you will be offered is very much a personal thing, dont remember the last time I got a new card with less than £6k limit, sort of anyway. 

The arguable exception is Natwest which offered me a £1,500 limit via soft search but then MBNA offered £30k initial limit straight after so never took Natwest up on their offer. 

born_again

Streety675 said:

OK, I'm about to make a purchase of £5500. I have the cash available to make the purchase, but I'm trying to be savvy by finding a 0% balance transfer credit card and spreading the cost over several months / years if possible and leaving my cash where I can get a return on it.
However, We both have a relatively low income from rental properties and a casual part time job. We don't have a mortgage and our outgoings are quite low and no dependants. Despite having a credit score of 999 and £100k+ in savings and investments, it is proving difficult to obtain a 0% balance transfer credit card with a decent 0% period. I'm classed as having a low credit rating (as far as lenders are concerned) due to our relatively low income and are therefore not offered the better deals.
Is there a way around this?

I guess that you have other cards with a available balance of enough for the purchase. Given the mention of "Balance Transfer"

So what available credit do you have?
As that is the biggest effect on getting a new card.

Income V available credit = Affordability

Forget about credit score. It means nothing to lenders. They never see it. 

Chrysalis

What is your credit activity like?

Not having a mortgage is actually worse as a mortgage would at least be evidence you make payments on time.

I seen a clip once where Martin explained it very well.

If someone regularly borrows from you but always pays back in full on time, you may lend to them again as they reliable.

If someone borrows from you, but they dont pay you back, you are less likely to lend as they unreliable. (probably only if charitable, good friend or whatever).

But what about someone who you dont know, asks for the first time ever, in reality you cant really trust them much more than someone with a bad history.

So if you have no mortgage, and dont actively use credit anyway, you not trustworthy, as you have no record of being so.   In that situation need to do some credit building, like getting a standard low limit card from someone like capital one, use it every month, pay it back in full every month, and eventually getting a 0% card wont be a bother.

Streety675

Chrysalis said:

What is your credit activity like?

Not having a mortgage is actually worse as a mortgage would at least be evidence you make payments on time.

I seen a clip once where Martin explained it very well.

If someone regularly borrows from you but always pays back in full on time, you may lend to them again as they reliable.

If someone borrows from you, but they dont pay you back, you are less likely to lend as they unreliable. (probably only if charitable, good friend or whatever).

But what about someone who you dont know, asks for the first time ever, in reality you cant really trust them much more than someone with a bad history.

So if you have no mortgage, and dont actively use credit anyway, you not trustworthy, as you have no record of being so.   In that situation need to do some credit building, like getting a standard low limit card from someone like capital one, use it every month, pay it back in full every month, and eventually getting a 0% card wont be a bother.

Whilst I don't have a residential mortgage, I do have 4 BTL mortgages and have never defaulted on repayments. Credit card is used regularly and paid off in full each month, so I don't think they should have any issues with me being creditworthy.