Applying for balance transfer

[Davypops]

I applied for a bal. transfer to Barclays Platinum of £7000. It was turned down: reason I already had ample credit available on other cards and they weren't prepared to risk me with more exposure. How do I apply for a transfer and make clear that I would close the account where the balance is coming from down. Therefore there is no moe exposure - it remains the same. My motive of course is to stop paying a whopping 25% on the Virgin card where I want the transfer from. I am very reluctant to "just apply again" (6 months have lapsed) for fear of being turned down again and another "imprint" on my credit record. Thank you all.. Dave.

[Nibble]

I make balance transfers all the time, from higher rate cards (at the end of special offer rates) to ones offering new lower rates. Have you already got the Barclays card or were you looking to open a new card to take advantage of the new rate? - if so that might be the problem. A couple of my cards with a high credit limit (not being used) have slashed my available limit - and I must admit I am pleased, I think it's responsible of them not to give me too much risk exposure. The card companies are being very careful at the moment. I suggest that if you still want to do it, don't apply on-line, ring them up and explain your position. That way you can ask their advice before you make the second application - they can do the credit check before you apply, and let you have an idea of how an application would be received.

Btw has the "decline" affected your credit record? I only ask because I applied for a Goldfish card some years back and was declined for similar reasons to you, but it didn't go down as a black mark on my Experian credit check.

[Davypops]

Thanks for answer. I don't already have the Barc.Plat., no. I will ring them but if as you say they do a credit check before I apply, then isn't that still a footprint from a check (which I believe doesn't look good...)? And no, there was no black mark for being refused. Can I ask you too - The Halifax keep suggesting a loan with which to pay off my HalifaxOne card thereby paying about 10% on the loan instead of 25% to the card co. BUT - is that a credit check job or some kind of other one-to-one personal approval do you think?

[pretty_snowdrop]

Every time you apply for credit from a mortgage to a overdraft on your current account a search will be done and a footprint left. The footprint doesn't state whether you were accepted or declined for credit however if too many are seen lenders will get suspicious as to why you keep applying and may decide not to continue purely on that basis.
When they do the checks they will be able to see the other cards you have active. Would it be possible to get rid of some of the other cards before you apply again?
Depending on the amount you owe a loan may be the best option in the long run.

[Davypops]

Thanks for that. What do you think if you applied for the bal. transfer and if got turned down, immediately apply to some other bank (same day) and keep going till yo find one....would the credit check footprint have even registered by then. I know alterations to your credit record can take days because I get an email when it's done. Just wondered.

[boxtops]

The Halifax one is quite good, davy - I have a Halifax card already, then I needed to tranfer a balance from a (much) higher rate card, and Halifax offered me a fixed rate of 6.95% for the term of the borrowing. I jumped at that one - no chance of it going up if the interest rate rises. e.g. My Post office card notified me yesterday that their rate is going up by 2%.
However, I wouldn't hunt around one after the other as you suggest, they do talk to each other and you will look desperate.
I'd go for the Halifax loan if I were you, clears your Halifax card and sets a fixed term for you to pay it back - but only you can finally decide. 10% these days is pretty good.

[Hopkirk]

Have you got any 'empty' credit cards that you are not using?

If so close the accounts. They are showing as available credit for you.

[Davypops]

Thanks for the replies. Prob go for the Halifax loan.

[boxtops]

Good luck - let us know how you get on. (I got my statement yesterday, still 6.95%, always reassuring!)

[factor-fiction]

Also, if your borrowings are below the credit limit on any accounts then ask to reduce your credit limits. By reducing your limits it will increase the likelihood of another card/loan application being accepted because your exposure would be lower.