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refused, credit score good, even the balance transfer offers on my credit card which I’ve had for years have been withdrawn??

Because we don’t need to?

Really, a family with 3 children aged 10,6 and 1, I know the birth rate is falling but we can’t be the only one on mumsnet 🤣

I think a lot of people are being judgy pricks on this thread, there's a lot of shame around debt and it's not easy.

OP, a lot of people are in this situation so ignore Mumsnetters being wide-eyed at anyone having a credit card and not paying it off. You aren't alone.

But it will help if you look at ways you can start to chip away at the debt a bit more to save on the interest. I bet if you sit down with DH and make a plan, you'll be able to figure out areas where you can make savings. Thatgirlindebt on Instagram/TikTok is great and she has loads of realistic and useful stuff she shares about how her and DH managed to pay down their debt with young kids.

Good advice

none of which the op wants to do

if you’re only using 67% of your credit perhaos they thought you were At It trying to increase the limit when you weren’t near it?

Perhaps something fraudulent is suspected somewhere due to something else?

youve never accidentally used the credit card to withdraw cash have you?

i think i’d phone and ask wht youre no longer Excellent. I’d want to know why that changed if i couldn’t find out online.

Yes so unable to answer my original question, I was hoping to have replies from people who have, not people trying to feel superior for either having more disposable money than us or martyrs to poverty

People are not surprised someone is in debt, nor is tha lt being judged

the attitude that they can spend on a lifestyle they want but can’t afford, and the only reason it’s problematic is that the nasty credit people won’t lend more, is what’s being “judged”

Ok op

see us as being morally superior for pointing out the bank is being sensible

Yes agreed, but it sounds like the OP hasn’t then been paying it the balance every month and the debt has been accumulating. A slippery slope, and probably the reason she has been denied any further credit.

Nailed it

Even with the same credit rating a couple of months ago I had balance transfer offers, just wondered why they’re no longer being offered? They’re not reduced my credit limit

So you're not actually managing your debt op, you're servicing it by paying only the minimum monthly payments. Managing your cc debt would be working to reduce the balance.

If you're looking to increase your borrowing to buy essentials despite a pretty decent household income, something is going seriously wrong with your finances and the cc company is justified in withdrawing your credit as you don't seem to be able to repay the capital.

Have you looked at the MSE balance transfer checker? https://www.moneysavingexpert.com/eligibility/credit-cards/search/?goal=CC_BALTRANSFERV2

No my reply with regard to the interest rates was in response to it being implied the bank was trying to do me a favour. Despising us for having a decent standard of living is your problem, no doubt you don’t think anyone who can’t buy their house outright should own their own house either, should be punished to rent all
their life. Thankfully people will do what is best for their own circumstances and not what is preached by some MNs poster shouting down from their pedestal

Have you tried contacting your existing credit card company to negotiate a better deal?
Have you tried applying for a smaller limit on the % card? Then transfer from the old card that amount. Pay it off before the 0% period ends and then do the same again.
Have you overhauled your expenditure (utilities , phones, insurance etc and get better our deals)?
Do you pay income tax? If you don't then if you are married you can transfer your unused portion to your DH.
Are you on a water meter? If not then look to see if it will be cheaper.
Do either of you have an employee benefits package? My DH has one where he can buy gift cards at a discount. So every week he buys a tesco voucher worth £200 but only pays £192 for it. He then pays for all our shopping on the gift card.
Download a petrol prices app for the cheapest fuel in your area.

Finally, if you are teetering on the brink of manageable debt becoming unmanageable debt get some help from a debt advice charity or CAB. Don't go to anywhere that changes an admin fee.

You are paying the minimum on a growing debt.

Is it not remotely possible to increase the minimum you pay, which will be a fraction of the total debt?

Have you missed the bit where I’ve said we’ve halved our debt in the last 5 years, all I want to do is transfer a credit card balance to a cheaper card or loan

Don’t be daft. Noone thinks that about houses

we might think that funding a lifestyle you can’t afford, by going into debt is not what’s best for your circumstances but only best for your ego…

No because living within your means. Actually means you dont take out CC or loans for daily living expenses.
You are literally paying masses of interest on your basic costs
Madness

Yes but the debt that remains is simply growing now every month. Significantly

You’re buying things on sale but paying 25% interest on the cc you use to purchase?

Hi op, we have recently gone from several credit cards to 1, we have also cleared one mortgage. Our credit ratings have plummeted. I really feel for you as we expect to be able to transfer to a 0% balance when required. I would be really worried to be stuck paying the higher rate. Our credit report gives suggestions on how to boost your rating. The only thing I can do to boost mine is to take out a credit card!

The wife who buys spare pairs of gloves on 25% apr credit in case her kids lose them, the same wife that earns £1100 a month but spends £3.5k a month on essentials?

You have been living and relying on this credit for too long, they are saying enough is enough and you need to get out of this situation asap.

The high rate % is designed to motivate you to clear this debt asap because I suspect you have been taking 4/5% loans out that don't just clear your previous debt but an additional amount also.

You have created a pattern and it isn't sustainable.

Something I’m not sure if has been picked up already I’m the thread… and worth considering…

you have a mortgage?

when is it due to be renewed?

If they won’t give you credit card you may really struggle at renewal if you don’t get this sorted…