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  • FIRST POST
    • Alfredos Pizza Cafe
    • By Alfredos Pizza Cafe 16th Apr 19, 4:53 AM
    • 15Posts
    • 2Thanks
    Alfredos Pizza Cafe
    Why am I 0% eligible for ALL balance transfer CCs?
    • #1
    • 16th Apr 19, 4:53 AM
    Why am I 0% eligible for ALL balance transfer CCs? 16th Apr 19 at 4:53 AM
    Just punched in my numbers.

    Every. SIngle. Card. Is 0% eligible.

    My credit score is 750 if that matters.

    I haven't defaulted on a card in years or had any missed or late payments.

    I'm not on the electoral roll yet even though I registered for that on 09.01.19.

    I owe 20k on unsecured credit cards and I'm thinking about just going **** it and going bankrupt. They won't lend to me now so it's not as if it will change my circumstances.

    Why are they ALL 0%? Even on other cards it says 0% except for the bad card section it says 95% for some Chrome card and Agua.
Page 1
    • boo_star
    • By boo_star 16th Apr 19, 4:58 AM
    • 1,864 Posts
    • 1,222 Thanks
    boo_star
    • #2
    • 16th Apr 19, 4:58 AM
    • #2
    • 16th Apr 19, 4:58 AM
    So when you say you avent defaulted in years does that mean you have one or more defaults on your credit files?

    If so that's a pretty good way to trash your chances.
    • BoGoF
    • By BoGoF 16th Apr 19, 5:00 AM
    • 4,230 Posts
    • 3,764 Thanks
    BoGoF
    • #3
    • 16th Apr 19, 5:00 AM
    • #3
    • 16th Apr 19, 5:00 AM
    750 score - meaningless

    Not on the electoral roll - not good

    20k unsecured debt - not good.

    What is your income?
    • Craig1981
    • By Craig1981 16th Apr 19, 5:04 AM
    • 756 Posts
    • 392 Thanks
    Craig1981
    • #4
    • 16th Apr 19, 5:04 AM
    • #4
    • 16th Apr 19, 5:04 AM
    as per your other post, you running 9 credit cards with a total outstanding of 19k paying minimum amounts.
    Lenders dont see your made up score, but will see 9 cards with minimum payments being made, this would be the reason nobody else will lend to you

    going bankrupt? - not so simple as it sounds - i would research a little more - with minimum payments gone, and your surplus income you say is already at 500, gives you around 1k surplus - you will be entered into an IPA for a maximum of three years
    • Alfredos Pizza Cafe
    • By Alfredos Pizza Cafe 16th Apr 19, 5:10 AM
    • 15 Posts
    • 2 Thanks
    Alfredos Pizza Cafe
    • #5
    • 16th Apr 19, 5:10 AM
    • #5
    • 16th Apr 19, 5:10 AM
    Sorry I made a typo with this line "I haven't defaulted on a card in years or had any missed or late payments."

    I have never defaulted on a debt. I did have a run in with Natwest 6 years ago when they charged my 12 x 2 for missed and late payment fees for 3 months on a 12p CC balance that I thought paid off in full and they refused to reimburse me any the fees 3 months later when the balance was 72 quid.
    • zx81
    • By zx81 16th Apr 19, 5:17 AM
    • 21,722 Posts
    • 23,637 Thanks
    zx81
    • #6
    • 16th Apr 19, 5:17 AM
    • #6
    • 16th Apr 19, 5:17 AM
    It looks to be straight forward affordability.

    You're going to need to either increase your income or reduce your debt.

    Visit the DFW boards for support.
    • BoGoF
    • By BoGoF 16th Apr 19, 5:53 AM
    • 4,230 Posts
    • 3,764 Thanks
    BoGoF
    • #7
    • 16th Apr 19, 5:53 AM
    • #7
    • 16th Apr 19, 5:53 AM
    On your orher post you were advised to use your disposable income to clear your highest APR card (Marbles). This was 2 and a half months ago - you could have almost have cleared this card - have you made any dent in the 900?
    • Alfredos Pizza Cafe
    • By Alfredos Pizza Cafe 16th Apr 19, 8:35 AM
    • 15 Posts
    • 2 Thanks
    Alfredos Pizza Cafe
    • #8
    • 16th Apr 19, 8:35 AM
    • #8
    • 16th Apr 19, 8:35 AM
    I haven't made any inroads on the Marbles for a few reasons. 1) Cap 1 & Halifax increased my minimum payments to a much bigger amount than before and my Tesco cc 0% ended.

    The 500 disposbale income I had has shrunk to 250 and in a panic I lost that and maxed out all 9 of my cards gambling chasing my losses. I'm a recovering gambling addict. I banned myself through GAMSTOP for 5 years from all UK online gambling. Hance the reason why I'm just thinking about saying **** it.
    • Alfredos Pizza Cafe
    • By Alfredos Pizza Cafe 16th Apr 19, 8:36 AM
    • 15 Posts
    • 2 Thanks
    Alfredos Pizza Cafe
    • #9
    • 16th Apr 19, 8:36 AM
    • #9
    • 16th Apr 19, 8:36 AM
    It's gonna take me 100 years to pay these cards off with no balance transfer options. I earn 17k a year.
    • zx81
    • By zx81 16th Apr 19, 8:38 AM
    • 21,722 Posts
    • 23,637 Thanks
    zx81
    Pop along to the DFW board and they can talk you through your options, including bankruptcy if that's a suitable option.
    • Don80
    • By Don80 16th Apr 19, 9:44 AM
    • 254 Posts
    • 97 Thanks
    Don80
    I haven't made any inroads on the Marbles for a few reasons. 1) Cap 1 & Halifax increased my minimum payments to a much bigger amount than before and my Tesco cc 0% ended.

    The 500 disposbale income I had has shrunk to 250 and in a panic I lost that and maxed out all 9 of my cards gambling chasing my losses. I'm a recovering gambling addict. I banned myself through GAMSTOP for 5 years from all UK online gambling. Hance the reason why I'm just thinking about saying **** it.
    Originally posted by Alfredos Pizza Cafe
    Hi

    I sort of know what you are going through, I have a friend who is also a recovering gambling addict so I have seen how hard things were for him. I also had a problem with debt and paying off cards years ago. You don't need to say **** it. Understanding what's happening, and how to deal with it is the key.

    Firstly, the Capital 1 and Halifax rise is probably because your accounts are now in "persistent debt", which means that you are paying more in interest and charges than you are paying back what you borrowed. Card issuers do this because they're trying to help you pay it off - they don't know your individual situation. For many people it is helpful.

    There is a way, but it will ruin your credit file for a few years AFTER you have paid everything off (or paid the vast majority). But, it also eliminates the worry and stress and gets everything paid off. If you owe 20K, and have disposable income of 500 you can have this sorted in less than 4 years. Going bankrupt has much longer term consequences, if you apply for certain things later you may be asked if you have ever been bankrupt. You don't want to have to say yes!

    Firstly work out your income and expenditure in minute detail. This is the difficult part, but it's vital. Account for every penny - but exclude card payments for now. You need to know how much you need for rent, food, bills, council tax, clothes etc. What's left is your real disposable income. Is that really 500?

    Open a bank account with a bank you have no relationship with. For example, Halifax is a Bank of Scotland trading name, and BoS is part of the Lloyds Banking Group - so you don't want Lloyds, Halifax or Bos. It may be that you can only open a basic account (check out Nationwide - they at least give you a contactless card with their basic account). For now, you will just have to live with that. Use the current account switch service if possible to move everything over. The reason for this is that banks can offset your debt against any money you hold in any other account with them, or in their group. It's rare that they would actually do it, but they can. By moving/opening an account elsewhere you're ensuring that they cannot do that. If you do not have any debt with your current bank, skip this.

    Once that account is open (or if you don't need to do that) write down your current balances on all your cards. Then, add that up to get the accurate total owed as well. For each account, use the formula:
    Account balance divided by total debt, multiplied by disposable income.

    That will give you a pro-rata amount to pay to each card so that they are all paid off at the same time.

    Write to each card issuer, enclose a copy of your income and expenditure, and a note of all your cards, who they are with, and the balances. Explain you have used that formula to calculate a pro-rata offer. Ask them to freeze all interest and charges and to accept the pro-rata offer of payment. I never had a problem with a bank agreeing to this. Two reasons, you're being honest and fair with your proposals, and also because if they took you to court that's how they would work it out! (at least that is what National Debtline told me when they explained this to me) All my creditors at the time agreed - but make sure you get it in writing.

    What this should result in, is all your card accounts being defaulted, so you won't be able to spend any more on them (that's the bit that hurts your credit file, but in a way stops your situation getting any worse). It will also make it very hard to take out new credit as that would show on your credit file too. But it also means every penny you pay reduces your debt. Goodbye interest and charges :-)

    If your disposable income is 500 that would mean you pay off all the debt in 40 months. You may find that 3 years in you may be able to get new cards, but please be aware that if you borrow you're just going to be paying out more money each month - so use the cards wisely. When you have paid it all off, using a card sensibly will rebuild your credit.

    I did that, now I have decent cards which I use sensibly, and I'm actually saving every month. Don't give up, don't say **** it, take control and things will get better. 4 years seems a long time now, I know, I've been there. But looking back, I learned a lesson, and now I'm in control. That can be your story too

    As others have said, check the DFW boards - you're far from alone.
    Last edited by Don80; 16-04-2019 at 9:55 AM.
    • Don80
    • By Don80 16th Apr 19, 10:30 AM
    • 254 Posts
    • 97 Thanks
    Don80
    I've just seen that you asked this on DFW in January
    https://forums.moneysavingexpert.com/showthread.php?t=5957701

    You had more information there, it sounds like you need to check your numbers - you say you have 500 after paying almost 500 on cards? Do you mean that without credit cards you would have around 1000 disposable income? If you earn 17K a year, that comes out at a gross income of about 1455. How are you paying all your bills, food, travel costs etc on less than 500 a month, or are you living with family?

    If your January figures are right, scrap what I said above (I have left it just in case!). Snowball your cards, or just pay a fixed 110 to each, then when one is paid redistribute that to the others. You'd have it all cleared in 2 years, and be paying more than the minimum which looks good on your credit file too.

    You might want to close some of these - lenders look at things like your income and compare it to your debt, available credit, how much of your credit you are using etc. High available credit compared to your income isn't great, high usage isn't good either.

    Work out how to snowball here:
    http://www.stoozing.com/calculator/snowball-calculator.php

    The other thing in your January post is that you mentioned you have used most of the balance transfer cards - which means you've likely moved the debt, and then carried on spending on the old card. You also mentioned applying for an Admiral loan. Now, I know you mentioned an addiction - but going forward you need to stop that. All you end up doing is increasing your debt. If this is a problem, be hard on yourself - close the accounts when they're paid off. (if you follow my advice from the first post, the lenders will do that for you anyway when they're paid off) In the future, ask why you need a credit card. If at any point your answer involves spending what you can't afford, don't go there. Maybe one card with a 2000 limit would be enough? Make sure to opt out of limit increases.
    Last edited by Don80; 16-04-2019 at 3:48 PM.
    • beany_bot
    • By beany_bot 16th Apr 19, 10:35 AM
    • 352 Posts
    • 145 Thanks
    beany_bot
    edited - edited
    • SnowTiger
    • By SnowTiger 16th Apr 19, 10:56 AM
    • 3,657 Posts
    • 2,650 Thanks
    SnowTiger
    Every. SIngle. Card. Is 0% eligible.

    My credit score is 750 if that matters.

    I haven't defaulted on a card in years or had any missed or late payments.

    I'm not on the electoral roll yet even though I registered for that on 09.01.19.

    I owe 20k on unsecured credit cards and I'm thinking about just going **** it and going bankrupt. They won't lend to me now so it's not as if it will change my circumstances.

    Why are they ALL 0%?
    Originally posted by Alfredos Pizza Cafe
    I haven't made any inroads on the Marbles for a few reasons. 1) Cap 1 & Halifax increased my minimum payments to a much bigger amount than before and my Tesco cc 0% ended.

    The 500 disposbale income I had has shrunk to 250 and in a panic I lost that and maxed out all 9 of my cards gambling chasing my losses. I'm a recovering gambling addict.
    Originally posted by Alfredos Pizza Cafe
    I earn 17k a year.
    Originally posted by Alfredos Pizza Cafe
    We get the story eventually.

    Not on the electoral roll; you've maxed out your cards (gambling); your income is low; and your unsecured debts are greater than your annual income.

    Those are likely the reasons you're unable to get any more credit.

    You're probably beyond the usual advice of putting together a SOA, posting it to The Debt-Free Wannabe Board and waiting for advice about how to save the odd pound here and there.

    If I were you'd I'd talk to StepChange. I guess you don't own your home. An IVA, DRO or bankruptcy might be options to consider.
    • jimbo26
    • By jimbo26 16th Apr 19, 3:24 PM
    • 643 Posts
    • 472 Thanks
    jimbo26
    Just punched in my numbers.

    Every. SIngle. Card. Is 0% eligible.

    My credit score is 750 if that matters.

    I haven't defaulted on a card in years or had any missed or late payments.

    I'm not on the electoral roll yet even though I registered for that on 09.01.19.

    I owe 20k on unsecured credit cards and I'm thinking about just going **** it and going bankrupt. They won't lend to me now so it's not as if it will change my circumstances.

    Why are they ALL 0%? Even on other cards it says 0% except for the bad card section it says 95% for some Chrome card and Agua.
    Originally posted by Alfredos Pizza Cafe
    The answer is right there in your post. You probably can't work it out otherwise you wouldn't have asked.

    1. You have clearly defaulted in the past.

    2. You are not on the ER.

    3. You already have shed loads of debt.
    • eskbanker
    • By eskbanker 16th Apr 19, 3:29 PM
    • 10,106 Posts
    • 12,175 Thanks
    eskbanker
    You have clearly defaulted in the past.
    Originally posted by jimbo26
    Not according to OP's subsequent clarification posted shortly afterwards:
    I have never defaulted on a debt.
    Originally posted by Alfredos Pizza Cafe
    • Ben8282
    • By Ben8282 16th Apr 19, 8:20 PM
    • 2,804 Posts
    • 1,406 Thanks
    Ben8282
    Why am I 0% eligible for ALL balance transfer CCs?


    1. You owe 20,000 on credit cards.
    2. Your annual income is 17,000.
    3. Your utilisation ratio is close to 100%.
    4. You are making only minimum payments on your cards and not reducing your debt.
    5. You already have 9 cards and therefore in all probability already have a card issued by these providers who will certainly not give you another one at 0% if you are using their existing card at 100% and making only minimum payments.


    The only way out of this situation is to reduce the balances on these cards somehow.
    If you were able to completely repay ONE of the cards, it is possible that the issuer MAY give you some sort of 0% balance transfer offer which you could use to repay a second card and so on until some of your debt is reduced to 0% interest which should help. This would take a lot of luck and is not guaranteed but may help you if it were possible.
    • foxy-stoat
    • By foxy-stoat 17th Apr 19, 1:20 PM
    • 3,983 Posts
    • 2,317 Thanks
    foxy-stoat
    Sell stuff, overpay where you can, earn more money, stop gambling.

    Maybe go on DMP for 5 years.
    • fun4everyone
    • By fun4everyone 18th Apr 19, 6:58 AM
    • 1,586 Posts
    • 2,565 Thanks
    fun4everyone
    Just punched in my numbers.

    Every. SIngle. Card. Is 0% eligible.
    Originally posted by Alfredos Pizza Cafe
    IF you mean the MSE eligibility calculator, it told me I was 0% eligible for every single card. I still went ahead and applied (AMEX cashback card) and was accepted without any fuss.

    My conclusion : The eligibility calculator is rubbish.
    • Karonher
    • By Karonher 22nd Apr 19, 5:46 PM
    • 562 Posts
    • 2,228 Thanks
    Karonher
    I haven't made any inroads on the Marbles for a few reasons. 1) Cap 1 & Halifax increased my minimum payments to a much bigger amount than before and my Tesco cc 0% ended.

    The 500 disposbale income I had has shrunk to 250 and in a panic I lost that and maxed out all 9 of my cards gambling chasing my losses. I'm a recovering gambling addict. I banned myself through GAMSTOP for 5 years from all UK online gambling. Hance the reason why I'm just thinking about saying **** it.
    Originally posted by Alfredos Pizza Cafe
    Why did the minimum payment increase? It is set at a percentage of the balance.

    Either there has been a mistake or you have added a lot to the debt.
    Getting ready for Christmas 2019

    Aiming to make 5,000 online in 2019.
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