Credit worthiness

[Hammer]

I've just been knocked back for a low-rate Barclaycard and can't work out why. I've got my credit reports and the only indiscretion is going over my overdraft limit once about six months ago (the bank has this recorded as a 2 even though it was cleared after two days, so I've queried this with them already). Everything else is spotless. I have a mortgage, a few other loans etc that are all paid off and I owe about �2k on one card and about �20k of unused credit on a couple of other cards - could this count against me?

[CheekyChops]

Yes it could. Banks are getting stricter at the moment and it is getting harder to get credit cards and loans. They may think that you don't need another card if you have so much unused credit on others. Also the number of other cards you have could also go against you.

[Ethel]

It's the �20k of unused credit. There is nothing to stop you using those cards up to the max when you have another new card, so Barclays won't take the risk.

If you don't intend using those dormant cards, cancel them in writing.

[Ice.Maiden]

Morning Ethel - and yes, you're right.

[Hammer]

Thanks for the advice. I like to have a couple of spares in my wallet just in case one gets refused or something, but looks like I'll have to ditch the higher interest ones to get myself a better deal.

[lemonsorbet]

Do you really need a credit card? Could you not just pay off the �2k you have on the other one, then just keep ONE credit card for emergencies i.e. an unexpected cost such as new boiler, car breakdown etc...

It's easy to get into the habit of paying for everything on credit card, then getting stuck in a rut of spending money that you don't actually have yet!

[Hammer]

Why do people come on here with non-advice and no attempt to answer the question asked, just to impose their own opinion? I�m perfectly capable of managing my own finances and have a reasonably small credit card balance which is causing me no problems whatsoever. I have weighed up my options and decided that the cost of obtaining credit is justified for my circumstances.

I was looking for some advice on why I refused another (better) card from people who know more about these things than I do, not a lecture in how and where to spend my own money. Thanks to the first few posters � in case you�re interested I tried to cancel one of the unused cards and their retention department halved their interest rate for 6 months, so happy days (for now).