where has the credit gone?

[winterblues25]

I’ve usually never had a problem being accepted for credit but just tried to increase my credit limit on my card recently and was refused, new balance transfer card and loan applications refused, credit score good, even the balance transfer offers on my credit card which I’ve had for years have been withdrawn??

Tighter restrictions
It is a good thing

What is your credit rating?

Check your cedit rating/history, in case someone has been taking out credit in your name

I don’t use credit to buy luxuries or holidays, just the everyday essentials, have done for years. Just means now stuck paying a high interest rate on my existing credit card

That’s concerning that you need credit to buy every day things.

Are you not paying it off every month?

I’ve checked it, is rated as ‘good’ only thing apparently affecting it is credit utilisation, we’ve paid off loads of debt in the last few years as well

Just how it is for many people there days. We’re in good jobs but we’ve got children, a mortgage etc, not entitled to any benefits, high taxes etc. The only people I know who are fine and with young children are those who have had a lot of family help or who have subsidised accommodation/low mortgages.

Everyday essentials all purchased online should be paid using a credit card purely because it's online and things can go wrong. So indeed where has the credit gone?

It will possibly be down to affordability…if you’re already committed to repaying existing borrowing then you likely don’t have the spare budget to repay more.

It probably doesn’t feel like it, but they are doing you a favour by not lending irresponsibly.

They’re not as just wanted to transfer a balance so now be stuck paying 24.9% rather than 4-5%

how much is the debt?

"It probably doesn’t feel like it, but they are doing you a favour by not lending irresponsibly."

Which I find really odd given how the economy is built on debt. The government can borrow amounts beyond comprehension, but we do it and get shafted.

I’ve always paid on time, can’t see what’s changed as actually owe less than did 5 years ago, whenever we have any spare we over pay. Having credit at a low interest rate has helped us over the years, e.g can buy a decent pair of shoes that lasts 5 years rather than 6 months so costs less in the end

How much is the balance though? If it’s high then it’s probably that, you’re already using credit to live and haven’t paid it off so they won’t give you more.

So if you always pay on time, then interest rate is irrelevant.

I could not even tell you my CC interest rate as it’s irrelevant to me

How much is left to pay on the balance transfer?

what is your partner’s credit rating?

As in we don’t default on agreed payments

This.

Do you always pay on time OP?

Which generally tend to be tiny!

DH credit rating is good too, my balance is less than it was in recent years, just wondering if they have started to choke credit in general?

Ok you don’t want to say the outstanding debt, which would indicate why you are so annoyed at the interest rate.

Yes the at least the agreed payments, have never once defaulted on any payment

If you are only making minimum agreed payments then it's understandable that the credit card providers won't allow you an increase in credit.

But the agreed payment tends to be very very small.

So you are rolling over more and more debt over month. On top of the debt you transferred

You need to have a broke month. Pay it all of off and live harsh for one month. You can also buy good shoes on Vinted for cheaper than new crap shoes.