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Why can't i get a balance transfer deal?

2

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 17 January 2018 at 3:29PM
    What exactly shows on your credit files? Not the pretend scores, but the data. You need to check all three CRAs.

    For examples - what are your limits and balances? What is your income? Are you on the ER? What is your card repayment like - you mention paying if off '"each month or so". What does that mean?
  • Bala99
    Bala99 Posts: 16 Forumite
    Fifth Anniversary Combo Breaker
    My credit file shows all my credit cards mortgage etc I don't have any loans. Everything is green I haven't had one missed payment to anyone ever.

    Not to sure what ER is. If it is a type of benefit then no I don't have any benefits.

    Household income of 6 figures. I am on after tax around £40k per year.

    When I say I pay my credit cards off each month or so I usually pay them off at the end of the month but occasionally I spend more so have a small balance then spend less the following month so they get paid off the next month.

    It was only because because of several things hitting all at the same time that I managed to spend £4000 in a period of a few weeks. Youngest child's GCSEs were over £1000, tyres £800, 2 mattresses £1400 etc. I had just seen Martin talking about looking at 0% on credit card balance transfers and thought I could apply for one so I wouldn't be charged interest as it is going to take me a few months to pay off this balance or I will just dip into my savings and pay it off in one go.

    I really think this is probably not for me. I should have known it wouldn't happen. Nothing is that simple.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ER is Electoral Roll. Does this show on your files? Remember you need to check kall three files - it sounds like you may just be checking one.

    What are your current limits and balances?

    Also - are you financially associated to anyone (eg via joint financial products - mortgages, loans)?
  • Bala99
    Bala99 Posts: 16 Forumite
    Fifth Anniversary Combo Breaker
    Yes definitely on the Electoral Role been her for donkeys years.

    Both Credit cards together have around a £30000 limit.

    Total on both is around £6000, about to pay off the balance on one and maybe add a few hundred to the others minimum payment.

    Cant think what going into other CRAs will show as I know I haven't got anything outstanding.
  • Bala99
    Bala99 Posts: 16 Forumite
    Fifth Anniversary Combo Breaker
    Yes financially associated with partner but i have seen his credit file and again it is all green and no missed payments. He is very hot on not damaging his credit file. I pay all the bills so I know there is nothing outstanding.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Bala99 wrote: »

    Cant think what going into other CRAs will show as I know I haven't got anything outstanding.

    And do you know that no one has reported incorrect data to them?

    No CCJs for example, because you have a similar name to someone else?
  • Bala99
    Bala99 Posts: 16 Forumite
    Fifth Anniversary Combo Breaker
    I can look but I don't think I would be able to get a phone contract, car lease etc if I had.

    Also just opened my post to find one of my credit cards has upped my credit limit by £1700.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Bala99 wrote: »
    I can look but I don't think I would be able to get a phone contract, car lease etc if I had.

    You could if the lender isn't checking that CRA.

    I'm not saying that there will be anything nasty on your other two files. They'll probably be exactly the same as the one you've checked.

    But if you're concerned enough to post on here, it seems daft not to spend 5 minutes checking the obvious places.
  • Chrysalis
    Chrysalis Posts: 4,739 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I think the only advice people on here can offer is to check the 3 agencies, make sure everything is correct, and if it is there is little you can do if every card provider is turning you down for 0% BT cards.

    Maybe they consider your income "too high" as such the chance of you over running the 0% offers too low and as such never becoming profitable.

    Each card provider will have their own internal scoring systems for each applicant, and I expect its not just based on risk but also profit potential of the customer.
  • blitzboy
    blitzboy Posts: 477 Forumite
    Join the MSE credit club (it's free). This may shed some light on which areas your credit file is weaker on, e.g. too much unused credit available, ER issues, too many applications in last 6 months.
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