Hi guys,
Just wanted some information from someone who may know a little about lending criteria and if it is any different to a "non-balance transfer" card?
I have been rejected recently for a credit card which I wanted to use exclusively as a balance transfer card to move some of my current credit card balance to. I think I failed the "affordability criteria" that they run through. I hadn't applied for a card for a couple of years however I do have a couple of personal loans. What I want to know is if you tick the little box on the application that asks if you have any balance to transfer over, does it adjust their lending criteria, or does it make no difference whatsoever?
I would have thought that the fact that you're doing a balance transfer would slightly relax their rules considering that you're effectively reducing the debt on one card and simply shifting it elsewhere, however perhaps I'm sadly mistaken.
Anyway, does anyone have any ideas?
Thanks!
It should not affect the lending criterion, although what specific lending criterion different banks use would differ. Prehaps the bank where the card you applied for recently has a more conservative approach to lending or a specific criteria that you have not met.
Given that you were declined, it would probably have happened regardless of having a BT to bring over or not.
Source: Bank call centre worker - credit cards department