I have four credit cards that are all close to their limit but have never missed a payment. I have checked my credit score on Experian and it's 999 but I was recently turned down for an interest free purchase. As I am in full term employment, a home owner and haven't got a poor payment history, I assume this is because I am using nearly all my "available credit".

Would it help if I paid off some of my credit card debt and reduced the percentage of credit being used ? I am not really bothered about the interest free deal as I can just buy the item up front but did plan to shop around for 0% balance transfer deals for some of my credit card borrowings. I am worried that I will be turned down again despite having an excellent credit score.

If I reduce my credit card balances, is it better to do this by a bit on all of them or pay off one in full ? Is it possible that if I reduce the balances, the companies will also reduce my credit limit so I will still be using nearly all my available credit ?

jackay:

Would it help if I paid off some of my credit card debt and reduced the percentage of credit being used ?

You are probably getting the Experian 999 score largely base on your clean conduct. Income data is not stored in your credit file so Experian have no reason to criticise 4 nearly maxed out cards on "affordability" grounds. However potential lenders when they search your file are in a position to link your stated income and the nearly maxed out status of all your cards.

If you are paying 20-30% interest on any of your cards and you are in a position to pay them down it's a no-brainer not to.

The second question is a good question and is impossible to answer. Probably not and unlikely all the available credit released. Deal with it if it happens. In the worst case, your "affordabilty" would be greatly improved.