What's the chance of getting accepted?

oceanscape

I've missed two payments in the last year
Credit report has been viewed 8 times in the last year
Using 55% of available credit
No accounts overdue
Salary £40k/Household Income £60k

What's the chance of getting accepted for a new card? Am I right in thinking that those two missed payments will lead to an immediate rejection? We forgot to set up a direct debit so screwed up on one of the cards by missing the payment twice.

Thanks for any advice

anotherpaul_2

Viewing the report (yourself), identity checks and the like have no effect (and possibly aren't even seen by the lender). The only issue is credit checks - many in a short period are a problem.

Missed payments are likely to be an issue, as you say. You could always try? Even if you get rejected once or twice, your credit report will only show the searches for 12 months and will not show if they lead to an offer or a rejection.

ETA, you can add a note about the missed payment to your credit file too. It can only help (unless you say something rediculous!).

oceanscape

anotherpaul wrote: »

Viewing the report (yourself), identity checks and the like have no effect (and possibly aren't even seen by the lender). The only issue is credit checks - many in a short period are a problem.

Missed payments are likely to be an issue, as you say. You could always try? Even if you get rejected once or twice, your credit report will only show the searches for 12 months and will not show if they lead to an offer or a rejection.

ETA, you can add a note about the missed payment to your credit file too. It can only help (unless you say something rediculous!).

Thanks for your help. How do I add a note to my credit file? What would I write - just mention that I forgot to set up a direct debit and then forgot to make the payments?! Not a very good excuse, I guess. Oh well.

I just don't want to apply for cards only to get rejected, subsequently adding more and more searches to my record.

YorkshireBoy

oceanscape wrote: »

Using 55% of available credit

Which is?

If it's high, as a percentage of your salary, then the late payments may tip you over the edge.

As to the 'note', it's called a 'notice of correction'. Search the Experian help files for more info. You may need to add this to other CRA files depending on which CRA your chosen lender searches.

The notice of correction means any application is automatically referred to an underwriter, rather than being solely scored by computer. If you'd rather not go this way (and I wouldn't) you could always explain the late payments in an appeal letter *if* you're rejected.

anotherpaul_2

YorkshireBoy wrote: »

The notice of correction means any application is automatically referred to an underwriter, rather than being solely scored by computer. If you'd rather not go this way (and I wouldn't) you could always explain the late payments in an appeal letter *if* you're rejected.

I will defer to the greater experience of YB here and withdraw my suggestion. :-)

rokel

re yorkshire boy's reply - if I apply online and get rejected for balance transfer deal will that be a black mark against me? I have 3 cards but want to transfer and then close one. Is there a cut-off age in application or is it always based on income and credit rating?
PS. how do I ask a new question on this site?? I am using the 'reply' facility. Feel like an idiot but don't know what to click on to ask.

nomoneytoday

I'd say the odds were 50/50
Either they will accept you, or they won't