Rejected by Tesco & Sainsburys... But Why?

Murgy91

I want to borrow £2000, i thought the best way to do this would be get a credit card with 0% intrest and pay it back within the year. I applied for tesco's and sainsburys credit card to be declined by both, im 18 living at home, lived there for 18 years, 0 Dependants, No other debts, credit cards or anything, Had bank acount for year and a half, Gross Income £250 a week, £13000 a Year.

Any ideas why i got declined?
What can i do?

Would anybody suggest another idea of getting £2000?

Luke

MrTomato

are you on the electoral roll?

big_Daddy_Dave

seeing as you have no credit cards etc you have no credit history
therefore you wont be accepted

you cant just jump in at the deep end, and dont try apply for loads more either itll just make your credit rating worse

if you want to borrow try your own bank first, if they refuse then its deffo your history

not much you can get at 18

opinions4u

Murgy91 wrote: »

I want to borrow £2000

Why?

i thought the best way to do this would be get a credit card with 0% intrest and pay it back within the year.

No. The best way is to wait a year before spending the £2,000 and saving up £170 a month for 12 months.

im 18 living at home, lived there for 18 years

18 years of no credit history.

No other debts, credit cards or anything

Do you have a proper debit card (e.g. not Electron)?

Had bank acount for year and a half, Gross Income £250 a week, £13000 a Year.

Less than £1k a month net then.

Any ideas why i got declined?

Because banks have very little money to lend, so instead of lending it to high risk 18 year olds they let other people have it instead, such as homeowners and people who already have a credit history.

Would anybody suggest another idea of getting £2000?

Work hard, save hard, earn interest and buy it with your own money instead of a credit card company's money.

It's so much more rewarding.

Murgy91

Not on the electorial roll,

I see what your saying...

I do need the £2000 , but if i get a bank loan wont that give me a load of intrest to pay?

What are my best options? Im a complete novice at this..

Help would be much appreciated

Hazzanet

Murgy91 wrote: »

but if i get a bank loan wont that give me a load of intrest to pay?

Would suggest that if you were declined for the credit card, you'll struggle to get a bank loan also. Suggest you take O4U's advice of working hard and saving hard.

Make sure you have a 'proper' (not basic) bank account with a debit card like a Visa Debit (not Electron) and this should start to be reported to credit reference agencies starting off that all important credit history.

Murgy91

Sorry opinions for you missed your post.

I need the 2000 for a car to get me to and from work on the east coast in 2 months... I wish I could save up but there is t enough time..

I have a hsbc account. With a visa. Debit card and a Halifax visa debit card..

Hmmm... I'm stumped on what to do....

big_Daddy_Dave

read the forums, learn about credit

its what i did

izoomzoom

Why £2 grand for a car. Its a lot of money for a car and how you gonna pay it back .... you'll have killer insurance to pay for too ?????????

opinions4u

Murgy91 wrote: »

Sorry opinions for you missed your post.

I need the 2000 for a car to get me to and from work on the east coast in 2 months... I wish I could save up but there is t enough time..

I have a hsbc account. With a visa. Debit card and a Halifax visa debit card..

Hmmm... I'm stumped on what to do....

Isn't a typical car insurance premium for an 18 year old in the region of £2,000?

Have you budgeted for that?

I still genuinely feel that 18 is too young an age to take on debt. If it really is essential, there are circumstances where swallowing the price of adult independence and talking to parents about things is a good idea.

The bank of Mum and Dad tend to charge less interest.

Murgy91

Trying my best Reading through them now. I'm new and learning all this stuff so I was just wondering what all the people hu understand think I should do. Would a bank loan be better than a credit card??

Really do need advice.