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Refused for a Credit Card - why would this be?
Silaqui
Posts: 2,778 Forumite
in Credit cards
Hi everyone,
I am currently in about 5k of debt on two credit cards and an overdraft. I no longer use these and am overpaying significantly to get them paid off.
Recently, I applied for a Tesco Credit Card that had a 0% balance transfer deal, simply to move my debts onto.
This was the first credit I have applied for in 2 years, I have not missed or been late on any payments in the last two years, and I checked my experian report and everything was green on there.
When the decision came back, they said I had been refused (and didn't even offer one of the worse deals, just a flat refusal).
Now I'm not too bothered to be honest, it would only have saved me about £300 quid in interest and I wouldn't have accepted a different deal had they offered it, but it did get me thinking why would the application have been refused? Just because of the amount of credit I've got perhaps? Any ideas?
Ta!
I am currently in about 5k of debt on two credit cards and an overdraft. I no longer use these and am overpaying significantly to get them paid off.
Recently, I applied for a Tesco Credit Card that had a 0% balance transfer deal, simply to move my debts onto.
This was the first credit I have applied for in 2 years, I have not missed or been late on any payments in the last two years, and I checked my experian report and everything was green on there.
When the decision came back, they said I had been refused (and didn't even offer one of the worse deals, just a flat refusal).
Now I'm not too bothered to be honest, it would only have saved me about £300 quid in interest and I wouldn't have accepted a different deal had they offered it, but it did get me thinking why would the application have been refused? Just because of the amount of credit I've got perhaps? Any ideas?
Ta!
Ths signature is out of date because I'm too lazy to update it... 
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Comments
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credit crunch.0
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Maybe Tesco found out that your real name is Carlos the Jackal.0
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Hmm yeah probably - OMG maybe they did!!! But how could they know??? !!!!!!.Ths signature is out of date because I'm too lazy to update it...
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Sorry have I missed the pun?Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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they have no money to give you until lots of people that are in Debt pay it back
Hence why we have a recession every now and then.....quite a good system really...If you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
Only the government is clever enough to spend it's way out of debt.
The rest of us get further into trouble.0 -
Well its only because of the current crisis that we are going through. Even people with good credit are denied to have 0% Credit Card. Exceptions are there where you can get such cards only and only if you have an excellent credit score. Your current debt can also be a reason for your denial for the card.0
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Oi Spamma [R - R ] shove them payday loans up your jacksy.. "reported"0
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Hmm I guess so, I didn't realise things were like that that they weren't giving any credit at all. With all the things on the news it seems like they are saying people are still taking CC's and getting into more debt with them, I guess thats not the case it is just from the existing credit they already have.Ths signature is out of date because I'm too lazy to update it...
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Get a copy of your credit file to check its the only thing thats been applied for recently.
Its most likely that it is firms cutting back on risk credit. To give an example, Barclaycard only accept 1 in every 2 apps at the moment.0
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