Visa Debit Card & Declined Fianance

mobad

I tried to purchase a TV today on finance and was declined for an unknown reason.
I have had the card for around 2 years and the residence ive moved into for about 4 years.

I have bought few mobile phone contracts in my name in the last few months for me and my brothers/sisters without any issues.

Any reason why I have been declines and how I can get it rectified to purchase the TV on finance please?

ged1980

mobad wrote: »

I tried to purchase a TV today on finance and was declined for an unknown reason.
I have had the card for around 2 years and the residence ive moved into for about 4 years.

I have bought few mobile phone contracts in my name in the last few months for me and my brothers/sisters without any issues.

Any reason why I have been declines and how I can get it rectified to purchase the TV on finance please?

whats the visa card got to do with it were you paying with the card or were you wanting finance

if it is finance you card wont help

mobad

Was trying to get the TV on finance with a Barclay's visa debit card..

Basically I had to pay 10% there and then.
The reminder is within 12months.

bingy_burge

Might be your limited history (2yrs) is damaged by taking out alot of contracts recently.

Do you have an o/d or credit card? It may be that these finance companies want see a good history of repayments and from the sounds of it you haven't had time to build it up.

TFD_2

mobad wrote: »

I tried to purchase a TV today on finance and was declined for an unknown reason.
I have had the card for around 2 years and the residence ive moved into for about 4 years.

I have bought few mobile phone contracts in my name in the last few months for me and my brothers/sisters without any issues.

Any reason why I have been declines and how I can get it rectified to purchase the TV on finance please?

A "few" mobile phone contract applications will mean a "few" credit searches. This won't help your credit rating for a while.

There's nothing to be "rectified" - the finance company see you as too high a risk.

Your Visa debit card is ID - it's nothing to do with the finance agreement.

mobad

TFD wrote: »

A "few" mobile phone contract applications will mean a "few" credit searches. This won't help your credit rating for a while.

There's nothing to be "rectified" - the finance company see you as too high a risk.

Your Visa debit card is ID - it's nothing to do with the finance agreement.

Ok well is it possible then to go to my bank and get an overdraft facility for say £1000 and then I can purchase?

ElkyElky

mobad wrote: »

Ok well is it possible then to go to my bank and get an overdraft facility for say £1000 and then I can purchase?

It is possible. Whether they'll give you one or not, is another question. I don't think that is the best option for you. Depending on your bank, you'll be charged a lot in overdraft fees and can you actually afford to pay it back?

You shouldn't really be getting into any debt if you cannot afford it. It is best to save up.

TFD_2

mobad wrote: »

Ok well is it possible then to go to my bank and get an overdraft facility for say £1000 and then I can purchase?

Yes, but your bank may not want to give you a £1000 overdraft if again you have little credit history.

bingy_burge

You can try they may well search you and see the searches (Togue twister) and decline you. On the other hand if your acc is well managed with good credits each month they may say yes.

Also depends on what acc you have ? You might have a basic and so would need to apply for a regular acc the visa debit means nothing as you get them with some basic accs.

mobad

Well ive they offered me over draft before but didnt take it as I didn't need it.
Till date ive always had money in my account without ever going negative.

TFD_2

mobad wrote: »

Well ive they offered me over draft before but didnt take it as I didn't need it.
Till date ive always had money in my account without ever going negative.

Ok, then ask them! If they will give you a sufficient overdraft then you can buy your new TV.

Of course you will have to pay interest on this, unlike the in-store finance.