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Turned down by Santander with top notch credit score
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# 1
54druids
Old 18-10-2010, 4:49 PM
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Default Turned down by Santander with top notch credit score

Has anyone else had this bother. Earn 25k part salary part dividend. Have never missed a mortgage payment. Experian credit score says perfect and says i have 7k credit available. Earlier this year applied for a santander 0 interest credit card but was advised at the same time to cancel my santander card that I already had which had a 5k limit on. I did that and now they have declined my application for a cc. Don't understand why - especially when they had already given me one that wasn't 0 interest. Spoke to the branch who said to check my Experian score - explained I had and they just said underwriters say no and I can call them for explanation. Letter to confirm arrived saying I had to write - no number. Am furious, changed my current account to them recently and feel now I have been duped. Anyone got a number I can call to explain or offer any possible explanation.
Smile though your bank is breaking
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# 2
BugsyBrowne
Old 18-10-2010, 4:54 PM
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Quote:
Originally Posted by 54druids View Post
Has anyone else had this bother. Earn 25k part salary part dividend. Have never missed a mortgage payment. Experian credit score says perfect and says i have 7k credit available. Earlier this year applied for a santander 0 interest credit card but was advised at the same time to cancel my santander card that I already had which had a 5k limit on. I did that and now they have declined my application for a cc. Don't understand why - especially when they had already given me one that wasn't 0 interest. Spoke to the branch who said to check my Experian score - explained I had and they just said underwriters say no and I can call them for explanation. Letter to confirm arrived saying I had to write - no number. Am furious, changed my current account to them recently and feel now I have been duped. Anyone got a number I can call to explain or offer any possible explanation.
Useless bl0ody card anyhow.
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# 3
lisyloo
Old 18-10-2010, 5:17 PM
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Quote:
Experian credit score says perfect and says i have 7k credit available
This is a scam.
Experian don't lend money so this 7K is mythical.

I'll say you have 20K credit available if you like if you pay me 20, but I'm not going to lend you any money so it's meaningless.

Stop wasting your money paying experian for this useless information.

Quote:
Spoke to the branch who said to check my Experian score
Are you sure?
I expect they told you to check your credit REPORT.
Experians score is meaningless (apart from them making lots of money from naive people).

Quote:
Anyone got a number I can call to explain or offer any possible explanation.
There's a big credit crunch on and you don't fit their target profile.
I'm afraid no-one knows what that is.
All you can do is check Experian, Equifax (and if you like call credit) credit REPORTS.
I suggest you pay 2 for statutory ones.
There are free trials but they do make it difficult for you to cancel to get more money out of you after the 30 days is up, so paying 2 is the best way to go IMO.
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# 4
dgrego123
Old 18-10-2010, 5:24 PM
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you could of been declined because they feel your credit score is too good. because the point of credit cards is for the bank to make money. and if they beleive they can make no money from you then they may decline you.
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# 5
Fairzo
Old 18-10-2010, 5:29 PM
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Think yourself lucky.
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# 6
BugsyBrowne
Old 18-10-2010, 5:30 PM
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Originally Posted by dgrego123 View Post
you could of been declined because they feel your credit score is too good. because the point of credit cards is for the bank to make money. and if they beleive they can make no money from you then they may decline you.
Think Lisyloo has pointed out the problem.

His credit being to good for a decline dgrego don't buy that one mate,but then again you never know how these companies work.
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# 7
chattychappy
Old 18-10-2010, 5:51 PM
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On electoral role (for more than a few months)?
Missed any payments on anything (you mention only your mortgage)?
You say 25K divs/salary - did you put this down as your income or did they just ask for salary?
Any other recent applications for credit (including mobile phones)?
Is the income you quoted consistent with what you've said on any other recent applications?
How much credit have you taken as a proportion of your credit available?
Any associations (with others) on your credit report?

Quote:
Originally Posted by dgrego123 View Post
you could of been declined because they feel your credit score is too good. because the point of credit cards is for the bank to make money. and if they beleive they can make no money from you then they may decline you.
I don't think so - they make money out of purchases through merchant fees. Always the prospect you might miss the odd payment and pay fees/interest. Always the chance you'll buy further services, take cash advances etc. Only if you're a bad payer, keep disputing stuff or put very little through the account would they really be losing.

Last edited by chattychappy; 18-10-2010 at 5:55 PM.
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# 8
judenmollydogg
Old 18-10-2010, 5:59 PM
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I got one of these Santander credit cards earlier in the year (about May). I filled in the application form online and was accepted straight away, however, it was only when the actual card arrived that I noticed they had only given me a limit of 3k (I needed 5k)which was obviously not enough to cover my outstanding card debt. I contacted them and after being passed from pillar to post they told me that under the currect economic situation they were rarely giving people the full amount they required. I said this is fair enough but should have been explained at the stage when the application was accepted rather than allowing the whole process to go through and sending out the card, this would have then given me the option to go to another credit card before having the Santander card being sent out for nothing (and also to not waste both mine and their time). They told me to complain in writing, which I did, long story short they were not interested. The same thing has also happened to a friend of mine who also has a good credit rating and she was offered even less than me. It sounds like Santander are being a little naughty in taking on customers without giving them what they initially asked for, a lot of people will just accept what they are given and won't argue, keep the card and probably stay on as a customer. I've since gone to Barclaycard and funnily enough got a card with a 10k limit on it, this was WITHOUT cancelling any of my other cards. I really think it's all trial and error this whole balance transfer thing, sometimes you win and sometimes you lose. My advice, go to Barclaycard (if you havn't already) and cancel all accounts with Santander.
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# 9
chattychappy
Old 18-10-2010, 6:31 PM
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Quote:
Originally Posted by judenmollydogg View Post
I got one of these Santander credit cards earlier in the year (about May). I filled in the application form online and was accepted straight away, however, it was only when the actual card arrived that I noticed they had only given me a limit of 3k (I needed 5k)which was obviously not enough to cover my outstanding card debt. I contacted them and after being passed from pillar to post they told me that under the currect economic situation they were rarely giving people the full amount they required. I said this is fair enough but should have been explained at the stage when the application was accepted rather than allowing the whole process to go through and sending out the card, this would have then given me the option to go to another credit card before having the Santander card being sent out for nothing (and also to not waste both mine and their time). They told me to complain in writing, which I did, long story short they were not interested.
Quite right too. It's clear when you apply for a card that the credit limit is at the discretion of the company. It's not their problem if this is not enough to cover your existing debt. True, some online application procedures will tell you the limit rightaway, others don't. Some cards don't allow you to apply online at all. You have the right to cancel the card or not even apply in the first place if you are not happy with the way they work. There is no detriment to your rating because any search would have been done already.
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# 10
bengal-stripe
Old 18-10-2010, 7:15 PM
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Quote:
Originally Posted by 54druids View Post
Earlier this year applied for a santander 0 interest credit card but was advised at the same time to cancel my santander card that I already had which had a 5k limit on.
When did you cancel the previous Santander card and when did you apply for the new one?

A number of banks (no idea if Santander is among them) will not consider applications for new cards, until the previous card account has been closed for three months.
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# 11
MrsTinks
Old 18-10-2010, 7:35 PM
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bengal - some won't even consider it for 12 months from when you cancelled the original card... but Santander should really have given that as a reason - not credit score...

OP it's always worth appealing - I got rejected for an Egg loan a few years ago and appealed - mainly on principal LOL And after over an hour on the phone with one of their underwriters and by the time we finished I had my money and the compliments of the lady saying that she wished everyone understood their finances in such great detail and had made plans for repayments and the "what-if's"... doesn't always work but sometimes it does
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