I’ll try to keep this simple. My goal is to become debt-free, and I currently owe $8,500 in credit card debt. My game plan is to do a few balance transfers because my current interest rates are very high. I was approved for two 0% APR cards that offer 15-18 months with no interest. I applied for these two cards last Saturday and was approved for a total of $3,758 between them.
However, I still need to allocate the remaining $4,742 somewhere else, so I applied for other 0% intro offers today but was denied. I’m feeling pretty bummed out because these offers had a 21-month no-interest period. I recently got a new job and have proof of good income (though they don’t ask for it when applying online), so I’m unsure why I was denied. Now, I’m not sure where to allocate the leftover debt.
Why do you think they denied me? I have a few ideas in mind, but I’d really appreciate some feedback. Also, if you have any other ideas or steps I can take moving forward, I’d love to hear them. Thanks!
That’s frustrating! It sounds like you’re on the right track with the balance transfers, and getting approved for two cards is a good start. But getting denied for the others is a bummer.
It’s possible they’re concerned about your credit utilization going up too quickly, especially with multiple inquiries in a short time. Have you checked your credit report lately? Maybe there’s something unexpected on there.
Don’t give up just yet. There might be other options like personal loans or debt consolidation programs. Let’s figure out your next steps
There could be a few reasons why you were denied for the 21-month 0% APR cards: Your Recent Credit Inquiries, Applying for several cards in a short time can lower your credit score because of multiple hard inquiries, and your Credit History, A history of missed payments or high credit utilization can affect your creditworthiness.
To overcome this, try creating a debt repayment plan. Outline how you’ll allocate your income to pay off the debt. One effective strategy is the debt snowball method, where you start by paying off the smallest debts first to build momentum.