Credit Card Applications being refused

pardal51

Hi all,

I've been applying for a few credit cards and apart from Sainsburys, all have been refused. I've never been in debt, have never done late payments, etc. I don't now why it's been happening.

Any clues??

Comments are much appreciated.

Cheers!

MattLG

Do you have much of a credit record? They may be refusing because you don't have enough of a credit record to judge whether you're good or bad.

I'd get a credit report from experian. You can get a bad record by living in the same house as someone with debt problems, being related to someone with debt problems or having the same name as someone with debt problems.

MattLG

pardal51

I've gone on a long holiday last year and returned to the UK recently. I haven't used my current account nor my credit card. I got a full time position and was trying to get a loan to buy a car, however have been declined.

I am using Experian 30 day trial, but can't understand very much how they assess my details.

The house I'm living in right now is "clean".

Aby comments appreciated...

Cheers!!

svmitche

If you've been out of the UK a while and youor finanical stuff has been dormant then that may be a factor.

If you can manage with just the sainsbury's card now I'd stick with that for now to avoid building up a lot of searches on your credit history.

pardal51

You're right I must stay with Sainsburys only for a while. BTW how long do you reckon I can start applying again....

Cheers!!

svmitche

I'd wait for a few months at least, but when you do start applying again then do your research and check which cards are more likely to be favourable. Martin's best buy tables could help with this.

Reaper

Make sure you are on the Electoral Role too.

deemy2004

Hi all,

I've been applying for a few credit cards and apart from Sainsburys, all have been refused. I've never been in debt, have never done late payments, etc. I don't now why it's been happening.

Any clues??

Comments are much appreciated.

Cheers!

Being refused for credit in itself will make it harder for the next application, a string of refusals in a short space of time will mean - no chance.

After your first refusal, you should have stopped applying and started thinkign of ways to up your credit score such as making payments on existing accounts on time.

Another tip is that if you have a current account with no overdraft facility then ask for a small overdraft facility which will help up your credit score even if you don't use it.

pardal51

Being refused for credit in itself will make it harder for the next application, a string of refusals in a short space of time will mean - no chance.

After your first refusal, you should have stopped applying and started thinkign of ways to up your credit score such as making payments on existing accounts on time.

Another tip is that if you have a current account with no overdraft facility then ask for a small overdraft facility which will help up your credit score even if you don't use it.

Deemy,
I've always paid my CC on time; have never had outstanding balance. I've just applied for an overdraft as it may help... Interesting to say that on my Experian report my address isn't listed on the Electoral Roll, however I'm 100% that it is...weird!!!
I hope in 6-9 months time I'll be able to successfully apply again.

Cheers!!

stuwilky

Check with your local council that you are on the electoral roll, And ask them to confirm in writing, it might be that the credit you apply for are seeing the lack of an electoral roll entry and score rejecting you.

If that is the case a quick chat with their credit team and a faxed copy of the letter of confirmation works wonders. (as long as there is no other reasons)

dag_2

I might be wrong on this, but I think that the single most important thing is being on the electoral register. If you haven't been on the electoral register for at least three years, then writing off to Experian or Equifax for a reference is probably a waste of money.

If you've moved house within the past three years, then make sure your potential lender knows where you were living before. You must have been on the electoral register at at least one address for every year in the past three.

So if you've moved twice or more within the space of one year - and didn't register at the addresses you stayed at for less than a year - you can probably get away without mentioning them at all. Lenders don't like people who move around too much.