Refused credit cards today

tigro

Hi all, in need off some advice if it all possible:beer:

I have applied for 3 credit cards today which all came back rejected for some unknown reason, now I had a credit card application with Halifax july 2009 accepted but didnt take them up on the offer. Now today I have been rejected by 3 different companies to which I dont know why, I have previously (November 2009) took out an argos card which has £130 on it which I was going to transfer to my new interest free credit card, and I did miss a payment thru a fault of my own in november 2009.

Other than that I am only in debt to my mortgage and have no other loans or bad credit as I know, I have signed up for a free trial at experian but it is going to take a few days to get any other information back from them.

I was wondering if anyone would happen to know if missing a payment on my credit card would have affected my chances of getting a new credit card?

If anyone can pass on any help, or anyway of clearing my bad credit (if I have received any) I would be so greatful:T

Thanks in advance

izools

Simple, you have a missed payment from a brand new credit facility only two months ago.

Given the cycle on which every creditor updates the credit reference agencies, there is every possibility that at this moment in time your Argos account is being recorded as currently in arrears, which will update soon. Can't say for sure, but certainly with such a recent missed payment on such a new credit facility most creditors would not touch you with a barge pole.

If it was a long time ago, or on an old credit account it may not be so much of an issue, but what you have essentially done with your argos card is proven that you can't afford to handle a new credit facility, let alone another one.

You'll probably need to wait until the missed payment is a year old, or atleast until the argos account is a year old.

But you need to check your credit file yourself to see what is on there and if there's anything that can be done about it. Once you've received your credit file come back and it should be much easier to help.

EDIT: A multitude of recent applications will hurt your credit score, too. The closer the applications are done together the more likely your score will be affected. Four searches over a year, fine. Four in two monrhs, not so fine. This coupled with a recent missed payment on a brand new account puts you firmly in sub prime for now - and that is assuming your prior history is perfect and long lived.

tigro

izools wrote: »

Simple, you have a missed payment from a brand new credit facility only two months ago.

Given the cycle on which every creditor updates the credit reference agencies, there is every possibility that at this moment in time your Argos account is being recorded as currently in arrears, which will update soon. Can't say for sure, but certainly with such a recent missed payment on such a new credit facility most creditors would not touch you with a barge pole.

If it was a long time ago, or on an old credit account it may not be so much of an issue, but what you have essentially done with your argos card is proven that you can't afford to handle a new credit facility, let alone another one.

You'll probably need to wait until the missed payment is a year old, or atleast until the argos account is a year old.

But you need to check your credit file yourself to see what is on there and if there's anything that can be done about it. Once you've received your credit file come back and it should be much easier to help.

EDIT: A multitude of recent applications will hurt your credit score, too. The closer the applications are done together the more likely your score will be affected. Four searches over a year, fine. Four in two monrhs, not so fine. This coupled with a recent missed payment on a brand new account puts you firmly in sub prime for now - and that is assuming your prior history is perfect and long lived.

I think you have misunderstood, I have not missed an argos payment, the payment I missed a few months ago was on a credit card which is a few years old, I am thinking it could be because I have already got 2 credit cards and an argos card, I am in the process of cancelling my credit cards, well the unused one anyway.

Kavanne

I don't think you can balance transfer off an Argos cc anyway

Any

Another thing to consider is your income and the available limit on your other cards.

However, as you just had 3 searches done I don't think there is any point of trying to apply for anything in the next few months.

EDIT: yes, and missed payment on your credit card would have affected your credit score. And in consideration with your income v available credit it might have been massively affected or just a little and maybe you picked some really difficult card to get (which would result in a search mark and after few applications you just look like desperate so the third company would have refused you only on that assumption)

dzug1

Added to which companies' criteria may well have been tightened since you were accepted last year. Responsible lending and all that.

izools

tigro wrote: »

I think you have misunderstood, I have not missed an argos payment, the payment I missed a few months ago was on a credit card which is a few years old, I am thinking it could be because I have already got 2 credit cards and an argos card, I am in the process of cancelling my credit cards, well the unused one anyway.

Granted, but the creditor may see it as you having borrowed on a store card and as a result couldn't pay your credit card bill from the other provider. It may look like you have already put yourself under debt stress with the argos card.

That and the multiple recent searches will be another sign of debt stress - desperate to get credit. Leave the applications for a few months.