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Hi,
I have some debts on 5 credit cards and would like to transfer the debt from these cards to another card with 0% balance transfer offer. However, when I applied for the card, my application was denied.
Thus I checked my credit report, and credit score. Now I am even more confused as my credit score is good and I don't really have any areas of concern apart from a couple of missed payments over a year ago which were settled then itself. What other criteria do credit card companies look at that may be affecting my applications?
Please help
application denied
Hi Guy,
It may be due to high outstanding balances on your credit cards. If you have a high balance on your card, it hurts your credit.
I don't really have any areas of concern apart from a couple of missed payments over a year ago which were settled then itself
What is the status of these accounts on your credit report? I think these settled accounts may be the reason you are getting rejected.
Thanks,
Aaron
good is not enough these days. Excellent is needed.
Cinnamon is right. With all the recent issues with the economy and credit card debt lenders are now expecting excellent credit. It may be your debt is high. Creditors look at this as a sign that your debt may get out of control. Have you considered going to the bank for a consolidated loan? I did that a few years ago and was glad to get rid of the interest rates. the only thing is they pay off your debt and with the payment they send a letter asking that the account be closed. If you have older ones it may effect your credit score.
This may be due to many credit cards and all are having outstanding balance.
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