Just been turned down for Egg Money: any advice why?

itgoodson · 8 January 2006 at 5:50PM

I've just been turned down for Egg Money online, but i can't work out why that might be. I sent an email to them to ask their advice. I've copied it below in the hope that a reader might also have some insights for me...

Hello

I would very much like to apply for your egg money card, but have just been declined on line, but I can't really work out why: I only have one other credit card (with no debt on it at all), don't have any other debts beside a student loan... it doesn't really make sense to me.

Perhaps you can tell me what your minimum requirements are. Do you instantly turn down anyone who is in temporary employment (such as I am), or anyone who earns less than I certain amount each month (I earn roughly £720 a month)?; does the fact that I am in rented housing rather than a home owner count against me? I'm just quite surprised I've been turned down when financially I am in a good position really. Did it not help my cause from your position because I asked to pay the amount off in full each month?

What can I do to improve the chances of me being accepted? When I applied I asked for an additional card for my wife: are my chances increased if I don't ask for this? Please do give me some information since I would really like to have an egg money account.

Many thanks indeed

IanGoodson

YorkshireBoy · 8 January 2006 at 6:03PM

It could be any one or more of several reasons...

Temp employment
Not on electoral roll
Too many addresses in last few years
Too much existing debt
Too many recent searches
Not a home-owner
Salary too low (for existing debts plus new card)

Egg will be very 'vague' in their reply, saying simply "we suggest you get a copy of your credit file from one of the Credit Reference Agencies".

For some background reading...

Click the 'Credit Rating' link in the blue box above your first post.

See also https://www.stoozing.com/credscore.htm

Systemaddict_2 · 9 January 2006 at 8:54AM

IF you want an egg card use the back door!

Open a saving a/c with them ( i.e. to establish yourself as a customer of egg) and put a few £ every month (by SO or DD) . Then in a a few months time apply for one of their credit card.

K9cuddles · 9 January 2006 at 11:18AM

I've done what systemaddict has said!! Opened a savings account so I can use the Egg Manage Money software and get my free £10!!! Even that I've had to send them an original bank certificate!! When they do a 0% cc I'm gonna apply.

YorkshireBoy · 9 January 2006 at 11:19AM

S_a_r_a wrote:

When they do a 0% cc I'm gonna apply.

They do one now - the Egg Card!!

innovate · 9 January 2006 at 11:28AM

My application was also initially declined but on appeal I got the card. My circumstances were very different to yours, but I was equally stumped by the rejection!

You won't find out why they really turned you down, but they will respond to your appeal.

I would recommend you "sell" them that there is no better card in the market (sounds strange - but flattery often works :cool: ). Try to use THEIR words to explain to them why this card, and Egg in general, is ideal for YOU. Tell them you'd consider other Egg products if Egg shows interest in you as a customer.

HGLTsuperstar · 9 January 2006 at 9:16PM

As with innovate, I was turned down online, appealed online, they called me back, we had a chat, I got the card!

K9cuddles · 10 January 2006 at 1:24AM

YorkshireBoy wrote:

They do one now - the Egg Card!!

I got refused before.. back in 2003... but I was in a rubbish suitation!!! I've just got my hsbc for my 0% BT that will cover all my needs, obvisouly I've gotta keep options open when those 9 mths are up!

The_Boss · 23 March 2006 at 3:03PM

Will a credit search show up for the savings account? Or any other search that will be held against the applicant in terms of applying for other credit?

I applied for an Egg money card using my old log in details, and it has been refered for 72 hours for a decision. Last time this happened with a card, I was rejected so I'm not holding much hope. I'm hoping that the referal might be down to two notices of correction on my credit form relating to accounts with Capital One and Lloyds that I closed many months ago that still have not shown up as settled.

YorkshireBoy · 23 March 2006 at 3:50PM

The_Boss wrote:

Will a credit search show up for the savings account? Or any other search that will be held against the applicant in terms of applying for other credit?

If you don't have any existing accounts with Egg, they'll carry out an ID search with the CRA's. This may be recorded as a "ID verification search", ID - money laundering search", or simply an "unrecorded enquiry". None of these searches are visible to other lenders when searching your file.

I'm hoping that the referal might be down to two notices of correction on my credit form...

Lenders' automatic credit scoring/assessment systems can't cope with notices of correction, meaning most (all?) applications you make will need to be assessed by a manual underwriter.

If the notice is there simply to inform other lenders that these accounts *are* settled, I'd consider removing it, registering a formal complaint with the lenders concerned, and informing prospective lenders in your appeal letters of the situation with these two lenders.

The_Boss · 23 March 2006 at 4:49PM

Aha, thats ok then. I'm fairly confident of it going through with it being assessed by someone. I take your point though and after these corrections have been made will not do anything.

I would like to make a complaint against Lloyds and Capital One, but dont wish to be 'blacklisted' by them if I want to reapply.

Just been turned down for Egg Money: any advice why?

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