new credit card ?

jean68

Hi everyone .I am new to this so please bear with me . We took up Martins advice and applied for a new credit card to transfer to 0% interest ,we were refused but what puzzles us is .We subscribe to Experian and we have credit rating of 999 and it says excellent but they told my husband on the phone that we had been refused because it was too near the credit limit but we dont know what that means .Has anyone else ever got this .Please excuse me if this sounds silly but we are trying to cut down on our outgoings because it is getting harder to keep up with our payments and we are trying not to get into a place where we are in trouble .Thank you in anticipation of your help .

UK007BullDog

They are saying that on your credit card you as an example might owe £3,700 and your limit on that card is £3,800.

But this is the first time i have ever heard this.

Can you tell us the name of the old card and to which new lender did you apply to?

Some lenders wont let you switch as the cards are both managed by the same company.

IE: Virgin might be MBNA and you apply for a Co-Op Card which is also MBNA.

Hope this helps.

Maybe try to apply to another card?

jean68

Hi Bulldog thank you so much for your reply ,i really doappreciate it .We applied for a Virgin 0% interest card and we wanted to transfer from Royal Bank Mastercard which is currently 14.9% .We dont know if maybe they meant thetransfer balance was too close to the credit limit they would have given us .It would'nt have bothered us as we did not plan to use thecard other than for the transfer but obviously we could'nt tell them that .Thanks again.

UK007BullDog

Maybe try to switch the balance transfer to two cards. 50% to one card and apply again for 50% to another card.

Then there is enough room on the credit limit for you to use (shopping, bill payments etc) which of course you do not want to do as you will incur charges on it.

I guess the banks are getting wise on the consumer who is getting wise on them.

Claw_back_money

Hi
I'm also having trouble with transfer. I owe about 9,500 on an HSBC card, which I think I'll be able to pay off in about 30 months. Following the tips on this excellent website, last week I applied to Goldfish for a 36 month balance transfer deal card. I have today received a letter stating:

............................................

We are delighted to let you know that your application for a Goldfish card has been successful. blah blah blah

In the meantime, we wanted to give you an update on the status of your balance transfer request. On your application, you indicated that you wanted to transfer a balance from another credit card(s). The credit limit on your new Goldfish Card is £2100. As the amount of balances you wish to transfer exceeds your credit limit we have only been able to complete part of your transfer request.

Your balance transfer request(s) have been processed as follows:
xxx xxx amount £1945

Unfortunately this means we have not been able to transfer the following amounts to your new card:
xxx xxx amount £7408
......................................

I don't think that having two credit cards is going to be any better, although one of them will be at a lower rate of interest. If I phone and cancel the card what will it do to my credit rating? Has anyone got any tips for balance transfer?

THanks in advance
CBM

jean68

Hi ,I know what you mean .We wanted to transfer about £5,700 and they told my husband on the phone that that was too close to the limit so they were refusing it but we were not sure what they meant by that and hubby did'nt ask for an explination the way i would have .We just wanted the new card ror the transfer and not to use for purchases . Thanks Bulldog we have taken onboard your suggestion of applying for 2 cards .Thanks again everyone .

CannyJock

Claw Back - any amount moved from the higher interest to the lower interest has to be a good thing I'd say. Doesn't solve the whole problem for you but at least helps make your repayment work against more of the capital.

I wouldn't be disheartened though. If you've only applied for one card then there's no harm in applying for another 0% card and trying to bump the interest down on more of your debt.

Jean mentioned the Virgin card, I've told a load of people about this and they've all bumped their higher interest debts onto it - nobody has been refused one yet! Can't do any harm to try and apply - you might be asked to phone them to confirm some detail or another (and so they can try and sell you PPI).