Best Balance Transfers Discussion Area

helmul

thanks for your help

MigsyBigsy

Hello all,

just been told that my application for the Abbey Credit card Zero has been declined. This is after my application for the HSBC credit card was also declined last week. Im getting a bit worried now, as I looked at my credit rating using the credit expert and it seems to be good.

Any ideas of what I should do?

I have one Barclaycard credit card and two current debit cards. Currently paying a debt of £760 on my credit card..

I have the following in my report:

You have £590 of available credit (excluding mortgages) You have £760 of outstanding debt (excluding mortgages and defaults)
You are using 56% of your available credit
You have 3 credit accounts (including settled accounts)
You have 0 accounts overdue
You have missed 0 repayments in the last year
Your credit report has been viewed 2 times in the last 3 months and 3 times in total over the last year
You have 0 public information records
You have 0 aliases and/or financial associations
You have been at your current address for 30 years 9 months
You are on the electoral roll at your current address
You have 0 notice of correction on your credit report

YorkshireBoy

MigsyBigsy wrote: »

...I looked at my credit rating using the credit expert and it seems to be good.

Do you mean you've paid for a worthless credit score, or analysed the data contained in your actual credit reports? Namely...

Electoral Roll status
Previous address history (going back 3-6 years)
No of active accounts
Total available credit
Total used credit
Credit repayment history
No of credit searches in last 3/6/9/12 months
Financial associates
etc
etc

...and then considered your stability factors...

Time at current address
No of addresses over last 3-6 years
Time in current employment
Time with bank
BT landline

...and finally your income, ie ability to pay.


How do you fair in each of the above elements?



EDIT: I see (from your later edit) that you have looked at the data! Unless you have a very low income and/or a very large mortgage, I can't think why two separate lenders would refuse you, sorry.

MigsyBigsy

YorkshireBoy wrote: »

Do you mean you've paid for a worthless credit score, or analysed the data contained in your actual credit report? Namely...
yep, the former

How do you fair in each of the above elements?

You have £590 of available credit (excluding mortgages) You have £760 of outstanding debt (excluding mortgages and defaults)
You are using 56% of your available credit
You have 3 credit accounts (including settled accounts)
You have 0 accounts overdue
You have missed 0 repayments in the last year
Your credit report has been viewed 2 times in the last 3 months and 3 times in total over the last year
You have 0 public information records
You have 0 aliases and/or financial associations
You have been at your current address for 30 years 9 months
You are on the electoral roll at your current address
You have 0 notice of correction on your credit report

MigsyBigsy

EDIT: I see (from your later edit) that you have looked at the data! Unless you have a very low income and/or a very large mortgage, I can't think why two separate lenders would refuse you, sorry.[/quote]

I have an average income and dont have a mortgage...

this is ridiculous

JimmyTheWig

Are you aware that there are three different credit reference agencies, which potentially carry different information? Have you checked with the credit card companies in question which agency they used?

Have you asked the credit card companies for an explanation? They may well not tell you, but they might be able to shed some light...

MigsyBigsy

JimmyTheWig wrote: »

Are you aware that there are three different credit reference agencies, which potentially carry different information? Have you checked with the credit card companies in question which agency they used?

Have you asked the credit card companies for an explanation? They may well not tell you, but they might be able to shed some light...

HSBC said last week that they will send a letter with an explanation and also mentioned that they used Experian. This was also the case with Abbey ..

PHILG_3

Martin says you can apply for an unlimited amount of 0% deals. I think I have exhausted all the available 0% deals. My 1st question is that once you have used one card provider (and paid that card off obviously), surely they will not issue you another 0% one a year later, will they? Secondly, aren't some of the banks related? For example Egg is run my MBNA so you could not for example apply for an Egg card and then for an MBNA one? is this right? And does anyone know where to find info on which banks are related?

Claw_back_money

Moggles wrote: »

Each applicant is scored individually, so your husband's Barclaycard and loan neither helps nor hinders your chances of acceptance

Note: B'card restricts BTs to 90% of your credit limit, maximum £5000.

Have you considered Egg card? 14 months 0% on BTs is currently available to new customers. There's a 3% handling charge

http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Thanks for this info Moggles, after due consideration of the cards and revisiting Martin's article I have just applied and been accepted for an Egg card. I did not get asked any questions about balance transfers during the application process, but the small print definitely mentions the special deal of 0% so I have emailed them to ask how to go about it. When I applied for my Goldfish I was asked about BTs right from the word go, so hopefully I haven't messed up the application.:huh:

Do you know if the limit for a BT is likely to be 90% of the credit limit for Egg too? The limit I have been offered is £4.5K, so if it is 90% that means £4K of my debt will be at 0% interest for just over a year.... I can't believe it!:beer:

Cheers
Cbm

YorkshireBoy

Claw_back_money wrote:

...<snip>...

You'll find the answers to both your questions here...

http://new.egg.com/visitor/0,2388,3_11084--View_1765-bID_ECBalTraFAQ-dva_1,00.html

Whilst you're there, I suggest you familiarise yourself with the T&C's and the extensive FAQ section. It'll serve you well for your 14 month relationship with Egg.