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  • FIRST POST
    • rhyseni
    • By rhyseni 17th Sep 19, 12:52 PM
    • 3Posts
    • 0Thanks
    rhyseni
    0% has run out but cant get a new card
    • #1
    • 17th Sep 19, 12:52 PM
    0% has run out but cant get a new card 17th Sep 19 at 12:52 PM
    ok, so i totally forgot to check when my 0% ran out and as it happened near enough the day i check was when it did.
    So as you do, i immediately logged onto this site, did a few comparisons, applied for a few cards, got a couple of knockbacks (changed bank and address fairly recently) and a an acceptance, the problem is the acceptance required me to go to a branch (halifax) and prove address and photo id, which i didn't do immediately and then with life....forgot. it has now gone past the 14 days they allow and so i thought i'd apply for a different card.......but they don't like you applying for more than one card and it would seem that even the 'bad credit' cards are even rejecting me now!
    now to make this a bit clearer, i'm earn a very decent wage, i own a house and until recently had been with the same bank for 28 years.
    now i'm like a credit lepper and it can only get worse as essentially all i'm paying on my cards that i wanted to balance transfer is the interest

    does anyone have any ideas what i can do, as i seem to be screwed!
Page 1
    • rhyseni
    • By rhyseni 17th Sep 19, 12:54 PM
    • 3 Posts
    • 0 Thanks
    rhyseni
    • #2
    • 17th Sep 19, 12:54 PM
    • #2
    • 17th Sep 19, 12:54 PM
    oh and when i did a credit check on this site (via experium) it can back as second highest...but still can't get a card
    • Willing2Learn
    • By Willing2Learn 17th Sep 19, 12:55 PM
    • 4,388 Posts
    • 3,941 Thanks
    Willing2Learn
    • #3
    • 17th Sep 19, 12:55 PM
    • #3
    • 17th Sep 19, 12:55 PM
    How many full applications have you made?
    How much is your outstanding balance?

    It seems your only option is to cut back on your expenses and throw every available penny toward paying down the credit card debt, so that you don't end up paying out lots of money in interest payments.

    And welcome to the forum
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • rhyseni
    • By rhyseni 18th Sep 19, 8:18 AM
    • 3 Posts
    • 0 Thanks
    rhyseni
    • #4
    • 18th Sep 19, 8:18 AM
    • #4
    • 18th Sep 19, 8:18 AM
    hi, thanks for the response.

    I think about 4, as i basically tried for the best offer and then downgraded as they said they were for those with bad credit, so gave them a try
    in total it's about 6k, so can't see me paying that off any time soon

    guess it's as i thought, i'm screwed
    • eskbanker
    • By eskbanker 18th Sep 19, 11:04 AM
    • 11,374 Posts
    • 14,104 Thanks
    eskbanker
    • #5
    • 18th Sep 19, 11:04 AM
    • #5
    • 18th Sep 19, 11:04 AM
    The three usual methods of dealing with debt are to refinance it to minimise costs, or to earn more or spend less, so, as the first of these is seemingly no longer an option for you, you're realistically left with the other two.

    It's not clear why you'd have difficulty making inroads into a debt while earning "a very decent wage", but you might wish to consider sharing more details on the debt-free wannabe board, where posters will offer non-judgemental advice if you put up a statement of affairs breaking down income and expenditure....
    • Thrugelmir
    • By Thrugelmir 18th Sep 19, 3:09 PM
    • 64,860 Posts
    • 57,226 Thanks
    Thrugelmir
    • #6
    • 18th Sep 19, 3:09 PM
    • #6
    • 18th Sep 19, 3:09 PM
    Credit card companies have rules to follow with regards to those in persitant debt. Rolling over from card to card is getting increasingly harder as a result. Perhaps time to knuckle down and tackle the issue head on.
    “If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.”
    ― Niall Ferguson
    • enthusiasticsaver
    • By enthusiasticsaver 18th Sep 19, 3:27 PM
    • 9,219 Posts
    • 21,424 Thanks
    enthusiasticsaver
    • #7
    • 18th Sep 19, 3:27 PM
    • #7
    • 18th Sep 19, 3:27 PM
    I agree with Thrugelmir. I am not sure how many times you have balance transferred but the warnings were there from more than a year ago that deals are becoming shorter and harder to get hold of. If you are only just covering interest and not repaying the cards then you need to up the payments. If you have a decent salary that should be easily possible unless you are over committed debt wise or are overspending in other areas.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • skatersrus
    • By skatersrus 19th Sep 19, 3:36 PM
    • 12 Posts
    • 3 Thanks
    skatersrus
    • #8
    • 19th Sep 19, 3:36 PM
    • #8
    • 19th Sep 19, 3:36 PM
    Forgive me if I come across a bit blunt, this is a stoozing forum, not a general 0% credit card finance forum. If you're stoozing properly you should be able to just pay the CC balance off immediately from the savings.

    At the current rate of savings interest, just 1 month CC interest could wipe a big chunk of your stoozing earings.

    Do this immediately as you're getting interest every day now, and it is chipping away at your earnings.

    If you can't clear it why not?
    • redux
    • By redux 19th Sep 19, 3:36 PM
    • 19,782 Posts
    • 27,533 Thanks
    redux
    • #9
    • 19th Sep 19, 3:36 PM
    • #9
    • 19th Sep 19, 3:36 PM
    Is it possible to reactivate the Halifax application, which sounds as if it would have been successful until missing the branch visit?
    • skatersrus
    • By skatersrus 19th Sep 19, 3:38 PM
    • 12 Posts
    • 3 Thanks
    skatersrus
    I agree with Thrugelmir. I am not sure how many times you have balance transferred but the warnings were there from more than a year ago that deals are becoming shorter and harder to get hold of. If you are only just covering interest and not repaying the cards then you need to up the payments. If you have a decent salary that should be easily possible unless you are over committed debt wise or are overspending in other areas.
    Originally posted by enthusiasticsaver
    Whats the big deal with this? is it brexit related? banks limiting their exposure and withdrawing the offers?
    • Thrugelmir
    • By Thrugelmir 19th Sep 19, 3:41 PM
    • 64,860 Posts
    • 57,226 Thanks
    Thrugelmir
    Whats the big deal with this? is it brexit related? banks limiting their exposure and withdrawing the offers?
    Originally posted by skatersrus
    Just providing some background explanation.
    “If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.”
    ― Niall Ferguson
    • nic_c
    • By nic_c 21st Sep 19, 6:39 PM
    • 2,118 Posts
    • 1,107 Thanks
    nic_c
    The US has cut its rate recently, so surely not brexit related. OP needs to take stock, cut back on everything for the next six months and pay as much off the balance as possible. After 6 months the applications may have a lesser effect and be able to apply for another card, just careful to choose which.

    Unfortunately for the OP the four applications in quick succession show desperate for credit, so won't stand a chance with any - unfortunately learnt the hard way not to take it all too lightly.

    rhyseni do you jut have the one card or do you have others without a balance? It could be that one you already have may give you a BT deal, which although might not be as good will be better than your exiting card's rate.
    • Ben8282
    • By Ben8282 21st Sep 19, 7:37 PM
    • 3,552 Posts
    • 1,961 Thanks
    Ben8282
    From the information provided it is not readily apparent why you are experiencing difficulty in obtaining further credit.
    The fact that you were asked to go to a Halifax branch with photo ID and proof of address would strongly indicate that they were unable to verify your details and especially your address electronically. Just how recent was your house move? Have you checked to make sure that you are on the ER at the new address and have you changed all existing accounts to the new address? Your problem could be as simple as that - not yet on the ER at new address.
    Other possibilities. Have you recently taken out a new mortgage in conjunction with your house move? If yes, this could be causing the problem as lenders are often reluctant to lend until they can see that you are able to cope with the new mortgage payments without difficulty.
    Have you had a large number of hard credit searches (utility companies etc) in conjunction with your recent move?
    Have you maintained all of your credit accounts correctly? Do you have any late payments? Have you exceeded your credit limit? Or worse?
    Is the 6K mentioned your total non-mortgage debt? Do you have any loans, other cc balances, car PCP etc?
    How many credit cards do you actually have? Is this card that the 0% has ran out on your only card? If yes, this could be part of the problem. If no, do you not have any existing customer 0% offers on the other cards? If not, why not? (On the basis that it would be usual for unused well maintained credit card accounts to be offering you something).
    Hope the above helps.

    PS. Don't want to sound critical but considering the situation why did you not go to the Halifax branch as requested?
    • jeepjunkie
    • By jeepjunkie 24th Sep 19, 9:33 PM
    • 1,649 Posts
    • 1,468 Thanks
    jeepjunkie
    If you cant BT to a new card for whatever reason then just pay it off as I'm guessing you have the balance in some sort of savings account? Though it's likely now your paying interest you have lost all your stoozing profits. Have to be organised in this game

    Or is this not about stoozing...?
    • adindas
    • By adindas 24th Sep 19, 10:10 PM
    • 4,158 Posts
    • 2,632 Thanks
    adindas
    If you cant BT to a new card for whatever reason then just pay it off as I'm guessing you have the balance in some sort of savings account? Though it's likely now your paying interest you have lost all your stoozing profits. Have to be organised in this game

    Or is this not about stoozing...?
    Originally posted by jeepjunkie
    From the title 0% has run out but cant get a new card.
    A real stoozer will never have the problem to clear the whole balance immediately when needed.
    • nic_c
    • By nic_c 26th Sep 19, 5:43 AM
    • 2,118 Posts
    • 1,107 Thanks
    nic_c
    From the title 0% has run out but cant get a new card.
    A real stoozer will never have the problem to clear the whole balance immediately when needed.
    Originally posted by adindas
    I guess some people think stoozing is having a balance on a promo and keep recycling the debt with new promos, rather than using the interest free limit to earn money in savings with the ability to pay it back when needed.

    OP hasn't come back, but I guess they know their options from the posts made. This should be in the general CC forum though.
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