Rejected by Lloyds TSB...

chokri123

Evening all Moneysavers....quick question:

I applied for a Lloyds TSB Advance recently and have been rejected. Should I wait a month and then apply for another 0% BT card?(was thinking of FD as looking to get a large cred limit,to BT to Egg then SBT to Mortgage)

OR should I get my Experian file after a month and apply only if the Lloyds application does NOT show on it(if it does show,how long should I wait b4 applying for a card again?) I only have 3 cards with 17k o/s(all stoozed) and earn approx £25k, so quite surprised at the knock back from Lloyds...

deemy2004

Get your experian report and see if anything stands out.

Personally, after a rejection, I would wait 6 months !

I'd guess at the £17k being relatively recent debt i.e. less than 3 months old.

blinko

dont worry buddy i got rejected by egg rejection sucks

GH

Just got rejected by Virgin. Got a £14K debt with MBNA less than 3 months old.

Virgin wants to see a 6 month history of repaying MBNA.

Oh well.

silvercloud_3

bah humbug..

don't let that get you down.. try, try and try again at a later date..

Walletwatch

don't let that get you down.. try, try and try again at a later date..

I only agree with the last part of that, try again, but at a later date, as the more you retry immediately, the more rejects you risk on your credit records...

deemy2004

bah humbug..

don't let that get you down.. try, try and try again at a later date..

humbug is what his credit score will be if he keeps trying again after being rejected

You can't have any clearer warning to lay off the applications for a while - 6 months.

Listen to experience

chokri123

Thanks for all the replies guys, in particular Deemy!

I will listen to your wise words Deemy and wait until April before I apply for any other cards.
(have to shift my Egg debt by 31.05, so will need to shop around and apply for a 0% BT card in April anway.
Hopefully Egg will extend mine and wife's 0% for a few months)

In your experience, have u found that its possibble to get 0% cards 1 after another, applying with at least 31 days in between? (wife & I managed to get Egg and MBNA each so far, leaving exactly 31 days between each application)

Martinslovechild

Just got rejected by Virgin. Got a £14K debt with MBNA less than 3 months old.

Virgin wants to see a 6 month history of repaying MBNA.

Oh well.

The Virgin Card is run by MBNA. Don't apply for an Abbey Card or you'll get the same story!!

deemy2004

Thanks for all the replies guys, in particular Deemy!

I will listen to your wise words Deemy and wait until April before I apply for any other cards.
(have to shift my Egg debt by 31.05, so will need to shop around and apply for a 0% BT card in April anway.
Hopefully Egg will extend mine and wife's 0% for a few months)

In your experience, have u found that its possibble to get 0% cards 1 after another, applying with at least 31 days in between? (wife & I managed to get Egg and MBNA each so far, leaving exactly 31 days between each application)

If your going to apply then make 2 or 3 applications at around the same time.

What the companies like to see is if you have a string of new cards that there is a good payment record on them for at leat 3 months, there is also a delay in your payments being recorded on a new card, i.e. if you got a statment at the start of Dec on a new card, the payment made durign dec may not show up on the credit history until the start of feb. so you would have to leave it till around April before the account would have at least 3 clear payments recorded on the report.

cheersthanksbye

How much outstanding debt on credit cards can you have before you start getting rejected?

Reason I ask is that I have around 6k worth of outstanding balances on 3 cards and have recently applied for the Lloyds TSB and got rejected. I see you guys here mention balances of 16k