barclaycard approval process

Hi,

I checked my barclays bank account this morning and it said that I had been preselected for a barclaycard classic with 0% balance transfer. I done the application and put in the amount I wanted transferred £400- have a vanquis card I want to get rid of asap, and it come up that they have to look at more information and will be in touch within 5 days. Does this mean I have been declined? I checked the criteria and I was ok for all of it. Has anyone else had this and still been approved. I got the Vanquis card in June and have payed on time every month.

Many Thanks
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Comments

  • immoral_angeluk
    immoral_angeluk Posts: 24,506
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    Basically you've be 'preselected' to be invited to apply for a barclaycard. Much different to being 'preapproved'. Essentially you've gone through the normal application process and been referred, so will receive your decision in 5 days once it's been reviewed by the underwriters. You've got a 50/50 chance basically.
    Total 'Failed Business' Debt £29,043
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  • KingElvis
    KingElvis Posts: 4,100 Forumite
    I would assume the Vanquis is your first card?

    If so, you've only had it since June, so at best, you'll have a maximum of two months history showing and you've (insanely) run up a balance on it already. At 59.9% or something was that wise?

    If your account conduct with Barclays is good you may be ok but like above, it's 50/50.

    Good luck but if you do get declined, for God's sake pay off that Vanquis balance asap.
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  • spriggit82
    spriggit82 Posts: 25 Forumite
    hi

    vanquis is my first card since my iva completed last year. I used to have credit card / loan prior to my IVA. I have a balance on it due to my car falling apart! (cost me money that I didnt have at the time) have a holiday coming up next month so did not pay the balance in full. The reason I want to be accepted on the barclaycard is so i can transfer the balance, close the vanquis card and then pay off the barclays balance in full on return from my holiday. Barclays sent me the message to say that I can apply so they must have done some preliminary checks....???
  • stephane_2
    stephane_2 Posts: 3,076 Forumite
    You would have been pre-selected probably because of your account conduct with them, their internal scoring. They would not do any check without your prior authorisation this is why yu have to formally apply and consent for them to search your credit file with Experian or Equifax. Now that you have apply they will check your credit history and as previous have said you have a 50/50 chance, but if your credit history is limited to a couple of months with Vanquis then your chances are still very slim
  • immoral_angeluk
    immoral_angeluk Posts: 24,506
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    If you've recently finished an IVA it's unlikely you'll be accepted for mainstream credit...
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • spriggit82
    spriggit82 Posts: 25 Forumite
    Ive just rang barclays to find out if they mean ive been declined and they said that it had been reffered to their applications department. I asked whether it was the address that was causing the issue as I live in a flat and it repeated the house / flat number when i completed the application. I also didnt know what date to put how many years I have had my account for as it was an old woolwich account that was transferred....

    What I dont understand is why they flag up that I have been pre selected for a credit card and then refer it when you apply. all my iva and old credit comes off my credit report next month....

    If It hadnt of popped up I wouldnt have bothered. Just thought the 0% balance transfer would help me get rid of the vanquis card..
  • izools
    izools Posts: 7,513
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    spriggit82 wrote: »
    I have a balance on it due to my car falling apart! (cost me money that I didnt have at the time)

    What would you have done without your card
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  • chanz4
    chanz4 Posts: 10,867
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    I would of waited a month for the IVA to clear, been honest it will be a decline
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • spriggit82
    spriggit82 Posts: 25 Forumite
    izools wrote: »
    spriggit82 wrote: »
    I have a balance on it due to my car falling apart! (cost me money that I didnt have at the time)

    What would you have done without your card[/QUOTE

    hiya,

    i would have been completely stuck if i didnt have my card as i use my car for work and cant afford to get another one yet. Its the only thing ive used the card for, unfortunately it was for a large amount.

    I wish barclays would have just declined me straight away then I know. Just want to build my credit rating as quick as i can!
  • Aparat
    Aparat Posts: 25
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    Couldn't be you address because my fiancee( she put flat number as well as house number) applied for Initial on Thursday and received it on Saturday ( just 2 days wow)
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