I don't understand.. Morgan Stanley card refused

dapoodee

My salary is touching 30K, I am debt free, own my house outright and have been in the Black for the more than ten years.

I recently applied for a Morgan Stanley card for the Cash back benefits but was refused and told that I had a poor credit rating.

I dont understand?

grumbler

Credit rating is based on your credit history. If you didn't have any credit for years, your credit files are, possibly, empty. This could explain your 'poor' credit rating. Apply for a card from the bank you have a current account with and keep it to maintain your credit history even if you don't use it. Check that the card is reported to CRAs. In 6+ months you will have better chances when applying for other cards.

Linda32

Yes, I'm afraid thats it, stange as it sounds, you do not have a credit history.

As said, your bank will more than likely allow you to have one as they do know you.

dan1st

Hi I'm new here, so mind my stupid comments.
Perhaps it may have something to do with family records? Again, no offense.

ps: Wow, 30k! It takes me 3-4 years to earn that kind of money...

dapoodee

dan1st wrote:

ps: Wow, 30k! It takes me 3-4 years to earn that kind of money...

Lol the tax man get a large slice of that pie... plus I work with some very naughty young ppl who are fond of ASBOs and I reckon I earn every penny of it.

Murtle

try building up your credit history slowly. Try taking out another card etc and use it, paying it back on time etc. It takes time to do it but can be done!

x

The_Boss

Interesting. If you own your house, surely you would have had a mortgage at some stage.

I reckon its a bit crap that people like Morgan Stanley can refuse someone with high earnings and no debt just because they dont have any history. I got my card from them back in 2001 and hadnt ever had a credit card on my account history before - I had a NatWest card but it was never reported to the CRAs.