ANy ideas anyone??

sammyjane_4

a few months ago i was declined for a credit card ( i already have 2 - i wanted to transfer the balance), so ive just checked my credit score and i have a good credit score so today i tried to apply for one of the recommended cards for balance transfers and got declined again??!
I have a good credit score and my credit report is ok.
Does anyone know why this could be???

CLAPTON

your much debt do you have
what is your income
how long have you bee with current employer
are you a property owner
are you on the electoral roll

sammyjane_4

I started a new job a few months ago, with a higher wage, before that i was with my last employer for 7 years.
I have £750 balance on one card and £300 on the other to pay.
I have nearly finished payments on a small loan i have, never missed a payment either.
I am not a property owner and i am on the electoral roll. Do you think its perhaps because ive started a new job? even though i have a stable work history?
i have looked for information where i can on what the reason could be but no joy?

cupid_s

Do you have a landline? I got turned down because I didn't have one.

exel1966

sammyjane wrote: »

a few months ago i was declined for a credit card ( i already have 2 - i wanted to transfer the balance), so ive just checked my credit score and i have a good credit score so today i tried to apply for one of the recommended cards for balance transfers and got declined again??!
I have a good credit score and my credit report is ok.
Does anyone know why this could be???

A so called good credit score doesn't guarantee credit just as a bad one doesn't mean you won't get credit. How did you check your credit score ? Was it with one of the CRA's ?

How much (in percentage terms) debt to income do you have ?
How much debt to credit limit do you have ?
Have ALL your currents payments been on time ?
Is your income suitable for the type of card you've applied for ?
Had you made other applications at a similar time for other credit.
Are you single ?
Do you have blonde hair ? Do you have long legs ?

I could go on and on. There are dozens of reasons why you've been declined and one of them quite simply could be that you don't fit their current customer profile (hence the last questions in jest).

But if you can answer yes to the last three questions, then call me later !

skintandscared_2

If you apply for anything and get refused, you shouldn't apply for anything else for at least 6 months. Each refusal damages your credit rating.

markanders7353

I used to work in assessing credit risk for new customers for a leading mobile phone company.

What happens, in basic terms, is this. The company you are asking for credit from send your details to a credit reference agency who return a set of data information. Each company then usually applies their own set of rules to the results they get back from the CRA. For example, depending on what you are asking for, the level of current debt you are allowed might be different, or your income or anything else really. So you could easily apply for the same product from 2 different companies at the same time using exactly the same information and one will reject you whilst the other might accept you or impose more stringent terms.

Companies can and will change their rules as their own business risk changes.

In today's world, if you have debt to move or are looking for debt, you are going to struggle and the changes in the BoE interest rate is unlikely to affect that in the near future with LIBOR still running relatively high.

Not much help I'm afraid, but I hope it goes some way to explaining why people might get accepted one day but declined the next.

sammyjane_4

Thankyou for all those replies! That helped me alot!

I suppose i don't desperately need another card at the moment so i will leave it and try a different time (like after another 6 months! grrrr!)

Thanks again!!

NickX

skintandscared wrote: »

If you apply for anything and get refused, you shouldn't apply for anything else for at least 6 months. Each refusal damages your credit rating.

Sorry but I don't think this is the case.

Each Lender uses specific formula to determine whether to offer a customer a credit facility. Just because one lender refuses you it does not mean that you won't be accepted by another.

If you get refused by one lender, I would try another. If it damages your credit rating its not going to matter if you can't get credit anyway, your not going to be any worse off. But, if you are accepted by an alternative lender then Happy Days:beer:

Remember the searches will drop off you Credit File after 6 months anyway.