Credit Rating: How it works and How to improve it discussion area

never-in-doubt

Chrysalis wrote: »

Sounds possible, but my APR remains high 34.9% and my card hasnt changed. So I guess we can agree that getting a capital one classic is possible to get a automated account upgrade and as such more than one limit increase. However I have just reported some fraud I see on my statement and they dont seem happy with me now so I wonder if I am about to see a limit drop. They were moaning having to get the police in etc.

LOL, sounds about right - that's why they're called CRAPPY1 :rotfl::rotfl:

Hope you get it sorted - good luck


p.s. 34% APR isn't that bad for their second bottom card (i.e. the one above the classic that comes with higher limits and regular increases)

Chrysalis

post is here, I respect any thoughts you have if you have any thanks.

http://forums.moneysavingexpert.com/showthread.html?t=2181831

Dil1987

A couple of questions, I figured i'd post here, but I can always start a new topic if someone objects...

So, I wanted to get a credit card because I'm booking a holiday to New York for March and wanted the extra security a credit card gives you when booking online. I applied for a Tesco Credit Card and low and behold, they refused me.

This massively shocked me, so I went and signed up on Experian for my credit report, and yeah, it turns out I totally forgot I have a Comet StoreCard (all paid off, hasn't been used in a year, was NEVER in debt with it, I actually thought I had cancelled it to be honest when my purse was stolen, but looks like i just cancelled the card!) Anyway, so when the form asked me if I had any storecards, I obviously said no.

My first question is, does anyone think this would have affected the outcome? As in, do Tesco think i'm trying to hide this? (even though like I said, it's paid off, not in use...)


My second question is, is this a case of me not having enough credit history to get a credit card. I'm only 22 and I've never had one before. I don't go into my overdraft. Ever. I pay off my phone bill every month through direct debit. Or, could it be the storecard, because it does have a limit of £600, and i only earn 12,000 a year, so I'm guessing that's gonna take up a huge chunk of my credit limit...

I think I will now just use my savings for the holiday, but i'm just curious.

One further thing, I did get a new contract phone in October, so they obviously did a credit check, along with my phone insurance...could those checks have made it look bad for me?!

Is it worth writing to tesco finance for further information about why I was refused?

It annoys me that I don't know what the heck tesco look at in terms of credit reports! I know people with one who are up to their eye balls in debt and I can't freakin' get one even though i have no debt!

never-in-doubt

You can appeal the tesco decline - wait til they write to you and then appeal it - see link below.

The comet card has no impact positive or negative, dont worry about that. Are you on the electoral register?

Also, try your actual bank first as they have better history on you.

Tesco search Experian and then follow up with Equifax if necessary!

Search the forums and you'll see these:

1. BEEN DECLINED - Appeal Letter Template

2. Credit Reference Agencies - Who Really Uses Who?! UPDATE

3. The Sub Prime Credit Thread - Part IV

Dil1987

I am indeed on the electoral register, or at least I was back when I voted earlier on in the year!

Try my bank for a credit card or for information?

Thanks for the links, i'll search them tomorrow after I finish work!

I knew I should have just applied with M&S ha ha! But I was online and curious about applying! Serves me right perhaps!

Would it be worth appealing the decline just for the sake of my credit report, because I'm not massively bothered about getting the credit card, it was literally only for security purposes, because I was going to pay it off that month with my savings? Or will that just fade away eventually?!

The help is much appreciated! Thank you!

bingy_burge

Chrysalis wrote: »

never-in-doubt they increase more than once.

I started off at £200, had 4 increases and now at £2300

I ran my account like this.

For first 6-7 months used the card every month and paid it off in full every month.
For the next year or so there was a balance on the card but I pay at least £150 month on the card, 4-5 times the min payment. Also still using the card.
All 4 increases were automated and not by my request.

Do you have cap1 classic card?

never-in-doubt

Dil1987 wrote: »

I am indeed on the electoral register, or at least I was back when I voted earlier on in the year!

Try my bank for a credit card or for information?

Thanks for the links, i'll search them tomorrow after I finish work!

I knew I should have just applied with M&S ha ha! But I was online and curious about applying! Serves me right perhaps!

Would it be worth appealing the decline just for the sake of my credit report, because I'm not massively bothered about getting the credit card, it was literally only for security purposes, because I was going to pay it off that month with my savings? Or will that just fade away eventually?!

The help is much appreciated! Thank you!

When I say speak to your bank, I mean ask them for a credit card. Who do you bank with? If HSBC/RBS/Lloyds/Barclays then you may already be pre-approved anyway as they all have internal scoring which can help your application.

It could be lack of credit that made them decline you. By the way, M&S is issued by HSBC and is quite hard to get accepted for.

I posted a link with a pre-written letter to appeal.... read it! Its done, so for the sake of a stamp yea it's worth appealing! A lot of people have used it and got a decline overturned - that is why I done it cos it worked for me 3 times lol.....

never-in-doubt

bingy_burge wrote: »

Do you have cap1 classic card?

I think you need to read a bit more mate! That is what half this thread is about! I dispute the fact it is, but have a read and you'll see what I mean and then things will make sense.... :rolleyes: start here - 1 page back! http://forums.moneysavingexpert.com/showthread.html?p=28393841#post28393841

Julash

Hi all,

I'm looking to get my first credit card. I don't have a mobile phone contract. I do have a graduate account with an overdraft, I'm currently about £800 into my overdraft. Would it be sensible to pay off this overdraft before applying? I applied for a credit card at my bank in early December but was rejected. I am on the electoral register too. I was hoping to apply for a first time credit card, for example with vanquis.

Thanks in advance
Ash

Zack1

Julash wrote: »

Hi all,

I'm looking to get my first credit card. I don't have a mobile phone contract. I do have a graduate account with an overdraft, I'm currently about £800 into my overdraft. Would it be sensible to pay off this overdraft before applying? I applied for a credit card at my bank in early December but was rejected. I am on the electoral register too. I was hoping to apply for a first time credit card, for example with vanquis.

Thanks in advance
Ash

That's odd your own bank have rejected you if you have a graduate account with them, as you've been with them for years then (from having a student account?). Definitely pay the overdraft off though, and wait a month or 2 for the CRAs to see it’s been paid off. Do you have any information on why your bank rejected you? That could help you to appeal and try to get it overturned