Refused by Barclaycard - a problem?

dfarry

CTT wrote:

I have about 50k Stoozed away and recently transferred to Cahoot bonus account.
Pays 5.3 gross and requested interest monthly.
Best of luck

Is that supposed to make me feel better? :rotfl:

Rafter

Remember that credit cards are supposed to be short term flexible borrowing tools and aren't actually designed to be bottomless stoozing pots or alternatives for mortgages or conventional loans.

£2,500 is hardly a measily amount - it is almost 2 months after tax income for people on an average wage.

If you saw your credit record would you lend yourself any more, if you didn't know that it was all stoozed?

You have two options:

1. Keep your total stoozing down to a level where someone will lend you more so you can make the transfer.

2. Go all out to get as much as you can, then repay it from savings, close the account or get your limit reduced, wait a couple of months, then start all over again.


Lenders are only going on your credit report remember. If it looks like you aren't overstretched versus your income they will accept you, but don't be surprised if you get turned down otherwise.

R.

dfarry

Hi Rafter,

Yes I realise they are being responsible as lenders and I applaud that... also and quite right £2600 is not a measily sum of money in terms of a family income - but in terms of stoozing alone it is far from ideal in my situation.

Would I lend myself more money based purely on my outstanding level of borrowing versus income...... NO WAY!!!!

The point is I am in this game to stooze and save money, I wouldn't use a credit card for any other reason otherwise....so I am trying to borrow, borrow, borrow and hold onto this money as long as I possibly can.

I think my current income has much to do with the Barclays refusal... I have less stoozed money now than I did 6 months ago when I applied for my last credit card.... at that time I was given a £7000 credit limit...

I can pay the stoozed money back tomorrow if I wanted to... thats not a problem (unlike someone I know who has foolishly dipped into it). But I think I will probably need to payback the remaining stooze pots and then just look forward to my next Egg anniversary.

CTT_2

dfarry wrote:

Is that supposed to make me feel better? :rotfl:

No just a piece of usless information.

dfarry

CTT wrote:

No just a piece of usless information.

Believe me I'm envious

dc

Hi Dan,

Confucius he say, the more you stooze, the less your borrowing options

Barclays tend to limit BTs to £5k for new cards so maybe that would not have fitted into your plans.

dfarry

dc wrote:

Hi Dan,

Confucius he say, the more you stooze, the less your borrowing options

Barclays tend to limit BTs to £5k for new cards so maybe that would not have fitted into your plans.

He certainly did say that

I called TBS on Friday and they increased my credit limit from £2600 to £3100, but no more until they had proof of how much money I have in my bank account.

I then calculated on a monthly basis how much money I would save by stoozing this sum at least.... over 9 months it is around £130 so it is still worth doing I guess even after paying the BT fee.

Both my current NSPCC/Halifax and Virgin CC cards end in the next month so I will just pay them off and then try getting another stoozable card (Mint perhaps) around Xmas.