Refused on Sainsbury's STD Card?

PoorDave

Just wondering if there is any way to appeal against my refusal on my application for the Sainsbury's CC (12 months 0% on purchases). I was going to use this for a "slow stooze", but just got refused.

I have/had:

£8800 Natwest card (always paid in full, closure confirmed by letter last week)
£5000 Morgan Stanley Plat. Cashback (again, alway paid in full, £1000 to pay this month)
£3000 MINT (First fast stooze, opened March, cheque for £2925 about to clear)

My current income is £35k, but i am self employed. I am a home owner, and have been for 3 years (2 different addresses).

As you can see from the above, i have £8000 avaliable credit, £4000ish used, on an income of £35k. I have no other loans etc.

I should add that i've had the Natwest (now cancelled) card for years, but the other two have both been taken out this year, if that makes a difference.

The_Boss

Whether you pay in full or just the minimum isnt recorded on a credit file, so you wont get any brownie points for that.

If you were to appeal against the decision, enclose a copy of the letter you received from NatWest. If you closed it last week, it will still take a while (up to a month or two in some cases) to show up on your credit report. By enclosing the letter, you can prove it is closed.

The other two cards may also have had an impact due to credit searches, but I'd bet the NatWest thing is more of an issue.

PoorDave

The_Boss wrote:

Whether you pay in full or just the minimum isnt recorded on a credit file, so you wont get any brownie points for that.

If you were to appeal against the decision, enclose a copy of the letter you received from NatWest. If you closed it last week, it will still take a while (up to a month or two in some cases) to show up on your credit report. By enclosing the letter, you can prove it is closed.

The other two cards may also have had an impact due to credit searches, but I'd bet the NatWest thing is more of an issue.

I remember now - they only record that you have "paid" on time or not.

While i was waiting for replies to my post, i wrote them a nice letter explaining as above, and am enclosing a copy of the closure confirmation. If am appealing, are there any more searches performed?

I have seen it recommended on here that one application a month should be ok for timing purposes, but obviously this can be affected by your circumstances on the cards you already have. I have been quite careful. The problem is that the irrational part of your brain tells you to apply for another card when you're refused (this is my first refusal), which is totally the wrong thing to do, i suppose.

Shame if i don't get it - 12 months seems like a great offer (was 10 months last time i looked)

stevo84_2

Poor Dave.

Credit scoring seems an odd thing. I have had 3 cards for years (always kept in good standing) but charge some stupid rates. After visiting this forum i thought I may aswell get a 0% card and save some cash. I applied for a sainsburys card and was refused. I then applied for a sky card, which I got, I also applied for a mint card, which again I got. Now within this same month I have also been confirmed a £94K morgage and a £20K loan. I am only on £15000 a year and so I am very surprised that I managed to get all this credit within a single month but the first application of this month (sainsburys) was refused. Very odd i think.

Stevo

PoorDave

I think perhaps i think that my ability to "afford" this credit stands me in good stead, whereas it's much more in Sainsbury's bank's interest if i can't!

I have a "clean" credit record (paying everything in full mostly), but this doesn't make me a good propect to make money from, i suppose.

I have queried the refusla in writing, sending a copy of the cacellation letter from Natwest, and am waiting to hear back, but not holding my breath!

stevo84_2

good luck with the query. Im not sure if being to 'afford the credit' should make any difference. I belive credit scoring takes several issues in to account but I dont know if it takes in to account what 'cash' you have. Would be worth knowing, as a stoozer could potentially have a fair ammount of debt but a greater / equal amount of cash. :rolleyes:

Please let me know how you get on as I may reapply for one in the next few months now im closing all my old rippoff credit cards.

Regards
Stevo

PoorDave

stevo84 wrote:

good luck with the query. Im not sure if being to 'afford the credit' should make any difference. I belive credit scoring takes several issues in to account but I dont know if it takes in to account what 'cash' you have. Would be worth knowing, as a stoozer could potentially have a fair ammount of debt but a greater / equal amount of cash. :rolleyes:

Please let me know how you get on as I may reapply for one in the next few months now im closing all my old rippoff credit cards.

Regards
Stevo

I got a letter back the other day about my appeal. Standard letter - we appreciate your time/effort, but answer still = no.

stevo84_2

ok well atleast u tried. I may give them a go in a couple of months. Once I have cencelled all this other cards i dont use / need !

Decadent_Fool

stevo84 wrote:

ok well atleast u tried. I may give them a go in a couple of months. Once I have cencelled all this other cards i dont use / need !

Hi stevo84, just to let you know I think this offer is only on until 31st May. I can't find the link now where I read that, but found it today while reseaching it before I applied.

Hope this helps

scrooge786

ive just been sent paperwork to sign for the 0% card but was wondering what they mean when they say you get 50 days interest free if you pay on time?
i know u have to pay the minimum amount every month but otherwise shouldntit be 0% for 12 months.

scrooge786

ive just recieved paperwork to sign for the 0% card but was wondering what they mean when they say u get 50 days interest free if u pay on time?
i know u have to pay the min. amount every month but otherwise shouldnt it be 0%?