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21 April 2010

I need to consolidate but don't know why I can't get credit

I have £1,800 of credit card debt, and £800 o/d. I already have a loan that I pay @ £222 a month, and interest-free purchases @ £50 a month. I did have a car on finance, but in the interest of paying off debts I got rid of it last week under the voluntary termination rule. I earn £31,000 a year before tax. I am currently trying to apply for 0% credit cards to consolidate the debt I mentioned at the top, as the interest rates are ridiculous. However, I have been constantly rejected for credit. I downloaded my credit report from Experian, which shows all of my finances to be 'satisfactory' except for one missed payment on an account. I can easily afford to repay the credit card - why do I keep being rejected? It makes no sense. I am currently paying £40 a month just on interest on my card and can't keep going on like this. All the Love Money articles state getting a 0% deal as the way to go - but what if this isn't possible? What's the next step?

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