Denied by Tesco - Why oh why?

Robert_Sterling

MikeJ79 wrote: »

(what do they get paid for anyway?).

They get paid for acting in the best lawful interest of Tesco.

hax_2

Great info izools

I was wondering why the Classic Mastercard (17.9% APR) would be easier to obtain than the MBNA Rewards card (23.9% APR max on purchases)? The MBNA Rewards Summary Box even says "The rate you get will depend upon your circumstances and the results of credit searches." Is it because the Classic Mastercard has a 1.9% for 9 months BT offer versus the MBNA Rewards 0% for 13 months offer?

izools

hax wrote: »

Great info izools

I was wondering why the Classic Mastercard (17.9% APR) would be easier to obtain than the MBNA Rewards card (23.9% APR max on purchases)? The MBNA Rewards Summary Box even says "The rate you get will depend upon your circumstances and the results of credit searches." Is it because the Classic Mastercard has a 1.9% for 9 months BT offer versus the MBNA Rewards 0% for 13 months offer?

The MBNA Classic is designed as a more basic card for people with a more basic credit history... Although the MBNA Classic card (like all MBNA Cards) is targeted at those who have never missed a payment on anything, has more lax criteria in other departments.

I got my MBNA Classic card when I was 19 years old, living with parents, and only been in my current job a year.

There is a higher risk involved in MBNA having looser criteria for the classic card hence the higher standard APR and Balance Transfer rate. It's still quite a hard card to get and applicants with a history of any missed payments or defaults will still probably get turned away, it's just targeting people with a shorter flawless payment history than those with a full six years worth (i.e. younger people), or people that have recently moved house or job but have been where they are still for a good year or so. Kinda a "Scraping the barrel" prime card

TFD_2

Don't forget with MBNA, if they don't deem you acceptable for one product, they will often offer an alternative facility.

saad_awal

iereboy wrote: »

Mike,

A few points:

1) Shouting at the person at the end of the phone will no way give you your card. They have no leeway nor will their manager.

2) You claim to want the card but you don't want to write the letter?

3) You will have more chance writing an appeal. Yes its 2009 and letters are still needed. Please include:

your last 3 payslips, 3 months current account statements any savings statements you have , a copy of your credit report highlighting the good points and a letter stating why you should have the card and your financial circumstances. Send via recorded delivery. A real person will review and can over ride the decision. No you can't speak to this person. You will have a lot more luck this way and no you are not guaranteed to have the card.

4) If you don't want to appeal. Dont apply for 6 months and get prepared to be most likely turned down again.

I was turned down as well despite a pretty good credit history. I remember I applied last year as well but this time I appealed and followed exactly the same steps. Phoned yesterday and they confirmed I have now been accepted so I'm happy the search will result in a credit account and not a rejection!

woody01

MikeJ79 wrote: »

Thanks - will keep MBNA in mind, though I did want the Tesco points... hehe.

Have done a lot of comparisons of rewards based cards on here and Tesco actually won it for me, biggest factor is that its NOT an amex, and has the best non-amex Air Miles bang for your buck.


Does anyone know if I can try re-applying online, or how long until history of my old application "disappears" ?

I really want to re-apply, I'm pretty confident that it could have been a simple type in my 1st application, but I really dont want to go through the pain of filing an appeal. Its 2009, I cant be bothered to write Paper Letters!

If Tesco turned you down you would have no chance of getting an AMEX anyway.

djsnakehipschris

jakesuk wrote: »

From my experience it is not just Tesco that would refuse to give you any information as to why you have been declined. There are many reasons why they might have declined you, it could be something as simple as a problem clarifying your identity due to a slight spelling error or something more general.

Tesco will send you a decline letter, usually within 7 days but who knows how long it will be with the Royal Mail.

I would wait for the letter, and then send an appeal response enclosing the decline letter and be sure to include your application reference number (which will be quoted on their decline letter). Also enclose recent bank statements, payslips, and some means of identification and a general letter explaining your current financial situation.

There are some good posts around the board suggesting what to include in appeals and a lot of people find the appeal is successful - (such as me with Tescos recently).

Hi Jake,

Can you link to the thread you mention as I cannot seem to find it.

I am in a similar position, got a good job and have in fact just got a 5k payrise, never missed a credit payment, would like to consolidate a loan and the loan repayments should work out less than what I currently pay... so why should they decline me!

Many thanks,

Chris

Robert_Sterling

QUOTE=Mike79;discussion/2028097]

(what do they get paid for anyway?).

Evidently it is not for telling you why your application was rejected.

At first sight you look a good bet to get another card.
You did not tell us your Experian score nor did you tell us your credit limit on your existing card. You did not tell us if you cleared your card each month.
My advice is this.
You asked Tesco for a credit card they said no.
Ask someone else they may say yes.


P.S. The reason they refused you was because you did not meet their criteria.

Robert_Sterling

hixey101 wrote: »

there must be a mistake, the accepted me and I was a student up until June! Only just got a job and nver had a credit card before. Not got it anyway cos of the postal strike

A mistake is always possible but my guess is that you did meet their criteria.

Robert_Sterling

izools wrote: »

I would reccomend applying for a MBNA Classic Mastercard. It's a nice looking card

:eek::eek::eek::eek::eek: