Declined c/card application with Egg

Swarovski77

I have just been declined a credit card with Egg.

I do have 2 loans/mortgage/1 credit card/overdrafts... i.e. some debt, but I always make my payments on time. Same with OH who is associated with me credit-wise as we have a joint loan/mortgage.

Basically, I wanted to transfer a £5k balance to a new card to get a 0% deal. Naturally I'm now wary of trying for another card as I do not want tons of credit searches against my name.

I guess Egg et al have become a lot more stringent recently? ??? anyone have any ideas what their lending criteria is like and whether anyone is less harsh??? I haven't been declined credit for many years. Perhaps it's because I've opened up savings accounts recently????? (didn't think these required searches as they're with existing bank accounts).

What would you do... just leave it for a bit and apply once the promo rate finishes? Or, apply sooner. Or just leave it?! I'm paying about £15 per month - it's with Virgin Money.

thank u

Swarovski77

Anyone with any advice, please? Would it be more sensible to apply for another card now to do the bal transfer or wait for a bit?

sillyme

Hi there, I was an ex Egg creditcard customer, and a current Egg loan holder.

I was able to pay off my Egg card last year but within days of doing this received a letter from Egg Card telling me that they were reviewing their card membership and basically - to put it bluntly - getting rid of any members who were less than perfect, and so my card account was being closed.

I believe - and may be wrong - that Egg Card were bought out and that the new ownership wanted to reduce any possible risky members who might make late payments, miss payments, have bad credit ratings etc and so closed off hundreds/thousands of cards.

Knowing this, I'd suspect their card application process is very rigid and they are very selective about accepting applications.

Worth reviewing your credit file and / or asking them for feedback on why you were declined?

IWantToBeFree_2

I have an Egg Money card which I pay off in full and an Egg Loan which I have never missed a payment on. I used to have an Egg card but closed the account down a long time ago. I recently decided I wanted another Egg Card, and applied, told I was successful only to then be told I needed to apply again (twice) and that I have been rejected.... I have an activation screen for my non existant egg card when I log into My Money and have had texts and emails telling me to log on and accept T&C's, yet they said they won't give me one...

Apparently I can appeal against the decision, but im not exactly desperate for the card so not fussed. The whole experience left a sour taste in my mouth, I'd tell them to shove their Egg Money, but I am costing them by not doing so, so just keeping it open!

GrammarGirl

I applied for an Egg card yesterday and was declined. I have an overdraft and a credit card, neither with particularly high debts on. I figured they were being stringent with their acceptance, so won't be trying with them again.

Incidentely, someone mentioned that yesterday was the busiest day for balance transfer searches and applications - would this have an effect on the number of people accepted?

Cash_Flow

GrammarGirl wrote: »

I applied for an Egg card yesterday and was declined. I have an overdraft and a credit card, neither with particularly high debts on. I figured they were being stringent with their acceptance, so won't be trying with them again.

Incidentely, someone mentioned that yesterday was the busiest day for balance transfer searches and applications - would this have an effect on the number of people accepted?

You are not alone, I applied yesterday and was declined:rotfl:My total debt is less than 10,000 with no missed/late payments, their acceptable criteria must be very tight.:T

seeya23

why not try flybe

codger

OP:

Without going into wearying detail, credit card providers have moved from consideration of which customer represents the smallest risk to which customer represents the smallest profit.

So if you have a 100% bad credit history, then tough. You're too big a risk.

And if you have a 100% good credit history, then also tough. You're too big a loss-maker.

The customer every credit card company wants is one whose track record fits the median profile, viz: he / she can be relied upon not to run up too large an outstanding debt -- but who also won't pay everything off when each month's account is rendered.

(Don't forget: cc companies make lots of money only if that money comes from two sources rather than one -- merchant commission income, and customer account charges income.)

Years ago people used to think that if they had an excellent credit record, they were entitled, almost as of right, to a credit card. The misapprehension was commonplace but does explain why so many people out there still seem to view credit card issuers as a social service when they are in fact hard-nosed commercial outfits whose sole purpose is to make a profit.

As to you or anyone else on this thread worrying about a rejection of a credit card application, please don't.

It happens to the nicest people. . . including, only recently, the Consumer Editor (Money) section of The Sunday Times.

Swarovski77

Thanks guys for your replies.

I DID used to be really shame-faced when I was declined credit (very poor handling of money/credit in my youthful past....), but it's been such a long time since this has happened, it came as quite a surprise.

If I couldn't transfer the balance right now it's not the end of the world... but in my bid to save some cash, I thought it would be a sensible thing to do...

What I am concerned about having too many credit searches against my name in such a short space of time (I've applied for 3 savings account recently - 2 with own bank - don't think they carried out any searches, and 1 with A&L who I didn't go with - perhaps they carried out a search??). Aside from that, I think my last credit application was made in Feb 08 for a loan for my car. So, perhaps I should be safe... I think I'll check my credit file (thanks sillyme) and see what's on there. If there's only the one/two recent search logged, then I might try another card. Hmmm... just need to find one that I've not had!

I've checked the flybe one and it's only 0% for 6 months. Ideally, would like one that is 12 months+ at 0%....

I currently have Virgin and have had M&S, Mint, barclaycard (covers most suggested in Martin's credit card section on his site, I think. Egg hadn't been recommended on his list - I'd simply searched for them on t'internet)...

Any more suggestions? Any ideas would be very, very gratefully received!

: )

Thanks

Swarovski77

Actually, forgot to say, Martin's article did say Tesco's credit card is 0% for 14 months. However, bizarrely, I think you have to apply in store - seems a bit of a strange way to do it! (this is based on what customer services advised last night)

Swarovski77

Just checked my credit file and appears ok. Searches for savings account not logged. Egg c/card app hasn't been logged either - but I only applied last night so I wouldnt' think it'd be on there yet.