0% Purchase interest Credit Card rejection!

lupine79

Hello,

I'm having no luck at all with the top rated cards on MoneySupermaket.com. I'd like to buy a new computer, and possibly pay my road tax, over a 6 or 9 month interest-free period.

-I'm self employed - which i'm guessing could be a problem. I'm a partner in the company though, thats been going around 3 years now.
-I've also moved house in the twice in the past three years which i think might not be helping.
-I'm renting at the moment

But these are the only things i imagine are hindering me. I have two c/c's currently, going back about 10 years. These have both been paid off on time for the last 3 or 4 years. My income is reliable, and fairly healthy, and I have some savings too. I do have a student loan that i've recently begun to pay back (i think this isn't taken into consideration?)

The quick check on MoneySupermarket says that i'm rated as 'good' and should get the cards. I've been rejected for the top 4 - wish i'd read the bit on here about spacing out apps!!! Ah well. The free experian credit check all seems in order too.

Any ideas?

Moggles_2

The quick check on MoneySupermarket says that I'm rated as 'good' and should get the cards. I've been rejected for the top 4 ...

Well, that should tell you something.

MoneySupermarket is a profit-driven service that lists some, but not all best buys, due to its commercial relationships.

For a comprehensive list of 0% purchases cards, updated regularly and not influenced by advertising commissions, this table on the stoozing site, which is sponsored by MoneySavingExpert, is hard to beat

http://www.stoozing.com/purchases.php

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

evanjonesaber

Go for a slightly lower one. Like Halifax or Flybe

Moggles_2

P.S. Are you on the electoral roll at your current address?

To help you further, we need to know which two cards you have at the mo and where you applied unsuccessfully.

lupine79

Hi, thanks for your replies.
I'll check out that list...

Ok, Yes, i am on the electoral register at present address (i've been here 12 months).

I was rejected from Halifax All In One, MBNA platinum, Tesco Clubcard, Bank of Scotland All in One.

My two current c/c's are a HSBC Visa (11 ish years old) with a £1000 limit, and a Greenpeace Co-op Visa, about 5 years old, which i think is £500 but may also be £1000.

(I was thinking of cancelling both of these...HSBC offer a 3 month interest free card, which is a start, though i may fail the dreaded application process and end up with none..!)

wayne99

The fact you are applying and being rejected constantly is not helping the situation because of all the searches that will now be on your file.

Could you not use your savings instead of a credit card ?

lupine79

I understand i've kind of shot myself in the foot with the numerous applications.
But the quick checker says i'm good for credit, and i thought i'd been really responsible for a good number of years now. It doesn't quite make sense to me, i wondered if it was worth looking into somehow.
Relucant to use savings for what are pretty much luxury items...

jd87

Have you considered applying for the Super Balance Transfer cards, Virgin and MBNA? These can of course be used for purchases because you can transfer the cash you need into your bank account. I think they might be slightly easier to get than 0% purchases cards but your will have to pay a 4% transfer fee.

Moggles_2

jd87 wrote: »

Have you considered applying for the Super Balance Transfer cards, Virgin and MBNA? These can be used for purchases because you can transfer the cash you need into your bank account. I think they might be slightly easier to get than 0% purchases cards, but your will have to pay a 4% transfer fee.

I don't know where this notion has come from.

These are flexible, market-leading deals. Lenders launch these 0% promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

In any case, the OP has already applied unsuccessfully for an MBNA Platinum card

Moggles_2

I was rejected from Halifax All In One, MBNA platinum, Tesco Clubcard, Bank of Scotland All in One.

Halifax All In One and Bank of Scotland All in One are both underwritten by HBOS, so they treat applications the same way, tbh.

The quick checker says I'm good for credit ...

Remember, they're on lead commissions. It's in their interest to persuade you to apply for as many cards as possible.

Martin's approach (see #2 above) takes a little more effort than firing off credit card applications but, IMO, is more likely to get results

Very best
M

jd87

Moggles wrote: »

I don't know where this notion has come from.

Huh?

What is it I said that you are disagreeing with?