Hi,
Hoping someone can advise. Long story short, I made a large purchase on my Avant Card (€3300 and had a balance of €400 already). I have a savings account with over €16k but am using that as an eventual mortgage deposit and did not want to have withdrawals.
Had the brainwave to apply for a 0% balance transfer with KBC, whereby I would clear it in the 6 months. I received a call today and have been refused credit.
They asked for details on my finances so knew about the outstanding balance I wanted to transfer.
- Explained I paid rent at €500 per month.
- Have just placed my rental property on the market so also pay a mortgage of €490.
- Have one dependant.
- No other debt.
- I have an overdraft facility on my current account of €1000, unused, I’m in debit €1000 present.
- I have another post office account with approx €1000 in it.
- I also have a bank of Ireland credit card with 0 balance.
- monthly net income is approximately €2600.
They were not clear on why I was refused. I would imagine it’s because I’m now shouldering the rent and mortgage, although it’s manageable for me, just means I can’t save as much until house is sold.
Now I’m panicking that their refusal will affect my credit rating...
It gets worse. Bare with me. Before I thought it through properly, I’ve made an online application to PTSB for a 0% balance transfer card. That’s when it hit me.... they can probably see KBC have refused me and the whole situation will affect my credit history as I look like a desperado. I’ll get a call back from them in morning.
Any advice on what I should do? Is it as bad as my overactive imagination is making it seem???
Thanks in advance
Hoping someone can advise. Long story short, I made a large purchase on my Avant Card (€3300 and had a balance of €400 already). I have a savings account with over €16k but am using that as an eventual mortgage deposit and did not want to have withdrawals.
Had the brainwave to apply for a 0% balance transfer with KBC, whereby I would clear it in the 6 months. I received a call today and have been refused credit.
They asked for details on my finances so knew about the outstanding balance I wanted to transfer.
- Explained I paid rent at €500 per month.
- Have just placed my rental property on the market so also pay a mortgage of €490.
- Have one dependant.
- No other debt.
- I have an overdraft facility on my current account of €1000, unused, I’m in debit €1000 present.
- I have another post office account with approx €1000 in it.
- I also have a bank of Ireland credit card with 0 balance.
- monthly net income is approximately €2600.
They were not clear on why I was refused. I would imagine it’s because I’m now shouldering the rent and mortgage, although it’s manageable for me, just means I can’t save as much until house is sold.
Now I’m panicking that their refusal will affect my credit rating...
It gets worse. Bare with me. Before I thought it through properly, I’ve made an online application to PTSB for a 0% balance transfer card. That’s when it hit me.... they can probably see KBC have refused me and the whole situation will affect my credit history as I look like a desperado. I’ll get a call back from them in morning.
Any advice on what I should do? Is it as bad as my overactive imagination is making it seem???
Thanks in advance