20 year old turned down tesco credit card...

Deals_2

she is on electoral list and high apr for her car. not a home owner. any idea why? not sure if she is on 16 or 20k . thanks

spaceboy

Maybe because of the car?

Deals_2

thanks in advance

spaceboy wrote: »

Maybe because of the car?

MrsTinks

I was on a lot higher salary, no blemishes and not high debt a couple of years ago and they approved me but only with a £800 limit Personally I don't rate them very highly at the best of times and cancelled the card in less than a year... all other times when I have applied for a card I have been given £4k + limits...
Tell her to try one other and then leave it for 3-4months before applying again

MrsTinks

Deals wrote: »

thanks in advance

Maybe because she already has a high amount of debt compared to her income and credit history...

nikki2804

If the car is worth say £10000 and she has a car loan for this amount then this is at least 50% of her yearly income. If she has any store cards, mibile contracts, overdrafts then this is all seen as available credit. The more she has then the greater risk she is of not repaying.

That said, each lender has there own individual criteria - she may not have been suitable in Tesco's eyes. I was turned down for them and I have a perfect credit rating, I've got a car loan though, a mobile contract, etc etc etc

CannyJock

Deals wrote: »

she is on electoral list and high apr for her car. not a home owner. any idea why? not sure if she is on 16 or 20k . thanks

Time in employment, time at address, time with bank all count for her stability score.

If the car loan is the only credit on her credit report it could be the lack of credit history.

If in doubt, she should appeal their decision. Advice on appealing on separate thread.