Keep getting declined for credit

dazza12

Hi,

After spending the last few years trying to sort out my credit history, I'm now at the stage where all of my previous problems have disappeared. No CCJs, and all of the old defaults have now gone.

I now have one default (Vanquis, marked as settled on one CRA, but not the other) and a couple of late payment markers (no more than a month and only a couple in the last few months).

However, I still seem to have problems getting credit. I did get a copy of my credit record from Experian and Equifax. There's a small problem with the Equifax one and I wanted to run it by you guys to see if this is what my problem is.

The Equifax report lists my previous address as my current one, and shows my current address under the "Address Forward Linked From Current" heading. I'm listed on the Electoral Roll on both reports correctly.

I can't even get an Aqua card, even they refer me! I need a card for expenses, which are cleared within the month that they would be made. I've got a Capital One card, and a Barclaycard Initial. Neither will raise my limit. Barclaycard due to me going over limit by 3 pounds (despite the fact that it was cleared on the statement the following day) and Capital One won't raise my limit but won't say why.

I've recently tried Littlewoods, and Argos. Both also decline me flatly.

I hope someone can help, this is driving me nuts!

danielanthony

Probably because you have a high outstanding balance on your other credit cards, if your existing cards wont increase your limits, why do you expect a new lender to give you another line of credit?

lilian1977

Also, applying for credit over and over is going to leave marks on your file so you need to be careful with this.

thriftymomma

you need to give the apply button a rest for a good six months and try not to incur any more lates or over limits. good luck.

Typhoon2000

If you have had missed payment in the last few months, its enough to for lenders to decline your application.

dazza12

I think a few assumptions have been made, so I'll clear those up if I may.

My Barclaycard has a £500 limit, and I currently have a balance of £120 on it. The Capital One has a £200 limit, and my balance is currently £64.

The reason I'm looking for a raised limit or another card is because my monthly expenses are around £800, settled by my employer at the end of the month. Currently I'm juggling between both cards and my overdraft, and I'd rather just use the one card and settle that at the end of the month. This is also why the Barclaycard went over by 3 pounds - I realised my sums were out by this much and settled this straight away.

I'm also not pressing the apply button over and over again. I've applied for credit 3 times in the last 4 months or so, the two organisations mentioned and Aqua, and the last time credit was applied for before that was August last year.

My query really was to ask whether the address issue on the one CRA file showing my previous address as my current one was what was causing me problems. Having worked in a bank before I'm aware how much damage missed payments (or late by a day or two) can do to my file so I'm trying to avoid this.

Ivydene

Which bank receives your salary? Talk to them? Use a debit card for expenses? (Overdraft won't help)
New credit cards are difficult to obtain now & applications rejected for various reasons. Similarly credit limits are lowered rather than raised
Ask Equifax to correct your address.
Ask employer for expenses float

thriftymomma

Perhaps ask your bank for a loan to consolidate all you owe and then you are off with a fresh start so to speak? Rather than a credit card I mean. Apologies for any assumptions made too! :-)