CreditCards Blog

Hi all I have two credit cards which I am trying to transfer to 0% interest. I have failed to find any company to accept me. I applied to goldfish and amex who declined me.

Now these two companies has forced my credit rating down to poor.

Can anyone advise of which way to go?

Thanks
Martin

hi there i`v no answer to you`r problem,but i know what you mean i`m in the same situation exactly--two credit cards abbey MBNA and RBS both to the limit,trying hard to clear 4,000--100 a month on each,tried two credit card on 0% transfers but was declined twice!! still waiting for any answers!!!:confused:

unfortunatley there'll be reasons why you where both declined. To the OP, don't bother applying to any more 0% deals at the moment, the likleyhood is that you'll be refused again, making your file look even worse. Is there anything you can see on your credit files that looks wrong or bad? Are you on electoral roll?

You may find that you'll have to clear one of the balances before you start getting new deals. If you can clear one, you may even get a new deal from them (your existing card supplier), allowing you to switch over without another search on your file. I applied for loads of credit about a year and a half ago and kept getting declined. I've had to lump the APRs, and pay off what I can. Thankfully I've been able to pay a lot off, and I've just received a new 15 month 0% card, as well as having brand new 0% deals with 2 CC companies on existing cards :)

Wales4u.... it may be a better idea to snowball - pay minimum on the lower rate card (assuming 100 isnt the minimum already) and pile all your other cash on the other card, paying it off quicker. It's better to have one card with a zero balance and 4k limit and another with 4k balance and 4k limit than two cards with 2k balances and 4k limits.

Hope this helps and makes sense

May also be worth checking your credit files to see that the agencies have the correct details. Also make sure you are on the electoral roll as this can influence your credit score. Don't bother paying to see what your credit score is though - different companies have different criteria so it's not really worth the money.