What happens if I keep getting refused?

Jim28

Hi all

I applied for the Post Office and RBS charity card and been refused. I have looked at my credit report and the only problem I see is my level of debt/income ratio of 8K/16.5K.

I need to get another card soon to shift my balance over to it.

My question is this: I have heard that it look bad to apply for too many credit cards but what choice do I have if I need another card and there is nothing I can do about my credit situation?

What happens if I keep getting refused?

Any tips would be greatly appreciated!

mad

I am not sure about this but do you have a Mortgage as well? Have you recently moved house?

It's true that if you are making a number of applications and being refused this is not going to help with the next application as those searches are going to be sat there on your credit record.

The next thing I would do is check with the credit agencies Experian and Equifax (I think) to check what the problem might be. You can do this relatively easily, see this part of the site

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650,

Jim28

Yeah I have a mortgage and have recently moved house.

I have checked with Experian and Equifax and the only problem as I said is the level of debt to my income...

Any other thoughts?

YorkshireBoy

Jim28 wrote:

Any other thoughts?

1. You're possibly not yet on the Electoral Roll?

2. You possibly already have a HBoS card (assume you meant HBoS, not RBS charity card?).

3. You simply don't meet their lending criteria/credit score profiles.

jonesMUFCforever

It may be time to consider how to REDUCE your debt not just transfer it from one card to the next.
Do a budget sheet with all income and expenditure and see what outgoings can be reduced with a view to throwing the extra money towards the debt.
If you continue to apply you will make matters worse as each application leaves a footprint on your credit history.
You don't say if you have a card or have applied for a card with your main bank as they will know better than most how you run your accounts.

Jim28

1) Yes on electoral roll

2)Sorry you are right here. I have a Halifax One and Intelligent Finance cards. Are these connected to HBos?

3)I guess my score from Zopa of 380 is too low for them?

Cheers.

Jim28

ejones999 wrote:

It may be time to consider how to REDUCE your debt not just transfer it from one card to the next.
Do a budget sheet with all income and expenditure and see what outgoings can be reduced with a view to throwing the extra money towards the debt.
If you continue to apply you will make matters worse as each application leaves a footprint on your credit history.
You don't say if you have a card or have applied for a card with your main bank as they will know better than most how you run your accounts.

I agree that I should be reducing my debt level. I am trying to do this by budgeting, but in the short term I need to transfer the debt before I my 0% period runs out.

I bank with Barclays. Do you think I should apply for their card?

Cheers!

YorkshireBoy

Jim28 wrote:

I have a Halifax One and Intelligent Finance cards. Are these connected to HBos?

HBoS run both these cards so this is most probably the reason for your rejection here.

I've heard that the Post Office card (run by the Bank of Ireland) has a very strict lending criteria. As ejones999 says, it's probably time to approach your own bank.

Jim28

So I should go for the Barclaycard then you reckon?

EagerLearner

Hi Jim28 - I am in the same situation, have had 1 card rejected but it is because I recently changed jobs. I wanted to get a Morgan Stanley card to get cashback (and also because I will be moving in 6 weeks time) but they rejected me because my current bank/credit card companies use Equifax and Morgan Stanley use Experian!!!! Morgan Stanley themselves told me this was the reason (an admin problem which is nothing to do with me!), so it can be a detail that isn't your fault and the more you apply for and get rejected, the worse it gets. Plus it's all logged on your file.

I'd suggest firstly ordering your credit report with Equifax and also Experian, it's just £4, and correct any errors. You can also ask for anything older than 6 years to be removed, this is down to their decision but may help clear up old info.

Then I'd suggest leaving new cards for a while unless it's really urgent that you get a new card. If not, try paying off as much as you can on your current one and then in 6 months once all the dust has settled use MSE forums to find the best deal at the time. Don't just go for your current bank's card unless you have no choice as they will normally not offer you a good deal.

I will be moving in 6 weeks and will not have the Morgan Stanley card before that happens, but I will apply in 6 months and probably go for an Egg card, so they lost my business! You may well find the same...

Good luck whatever you decide!

EagerLearner