Help Needed On Why Im Denied Credit!

Any

jw2003 wrote: »

Recently? I do know that with MBNA they clearly state if you have one of their cards you will not get another, both of my cards are MBNA now but weren't always so

I had Tesco for some time and applied for NatWest in September.
I also had MBNA for some time and applied for Virgin in September - both accepted - never heard of being able to have just 1 MBNA card - there are people on this forum who had 3-4 at one time.

jw2003

oh maybe I'm thinking of transferring balances from one mbna to another :undecided

Tixy

I thought you could have more than 1 MBNA card, but not more than 1 with a 0% promo rate?

Any

jw2003 wrote: »

oh maybe I'm thinking of transferring balances from one mbna to another :undecided

That you definitely cannot do. Unless you do Super Balance Transfer (otherwise also called Money transfer) via your bank account at slightly higher fee.

aaran7

hey Tixy I am on electoral role and im not sure if i have a good credit rating, i have used the free 30 day trial with equifax but i cant find the rating lol! it says i have to pay £14.95 for it? :S

Izools thanks for that information, i have now cancelled the natwest one im in credit so they are going to send me a cheque and cancel that card.

The problem i now have is i went to setup a student account today and i cannot even set one up and thats with natwest whom ive banked with since 2002. she suggested maybe something on my credit rating? is it possible to have too much of a rating and get denied as a student account or? anybody have any ideas on this? i might also post this in the student section also.

Also I have completed the free trial equifax report and it says i have 12 accounts in total then it gives a breakdown of them! does anyone know what ''date satisfied'' means? does it mean when i ended it or? :S

I have found that one of my three phone contracts has not been paid as the dd it was paid on was cancelled when i cancelled my old card, but they did not inform me of anything and it shows as 'danger' on Dec 2009. I have been on to them and complained about why i wasnt told about the failed payments considering they have all my information to call me. is this something i can fix?

just to make you all aware the main reason i need another credit card is my interest free periods have all finished and next month my car insurance is due lol! does anyone have any more ideas???

Thank you for all your replies xx

stephane_2

aaran7 wrote: »

hey Tixy I am on electoral role and im not sure if i have a good credit rating, i have used the free 30 day trial with equifax but i cant find the rating lol! it says i have to pay £14.95 for it? :S

Do not pay to get your credit score, it is a waste of money, what is the most important is to check the accuracy of the information on your report (addresses, payments, electoral roll...). Also would be good to check Experian as well as most credit card lenders will use that agency (they also offer a free trial)

Izools thanks for that information, i have now cancelled the natwest one im in credit so they are going to send me a cheque and cancel that card.

In my own opinion, you should have reduced the credit limit available on the credit card with Natwest and not close it, simply because lenders like to see accounts that have been open for a while and well run. Your Halifax is your other card & as I understand recently opened.

The problem i now have is i went to setup a student account today and i cannot even set one up and thats with natwest whom ive banked with since 2002. she suggested maybe something on my credit rating? is it possible to have too much of a rating and get denied as a student account or? anybody have any ideas on this? i might also post this in the student section also.

As I said previously, forget the rating, it's all about the information collected by the CRA

Also I have completed the free trial equifax report and it says i have 12 accounts in total then it gives a breakdown of them! does anyone know what ''date satisfied'' means? does it mean when i ended it or? :S

Can you give more details about that?

I have found that one of my three phone contracts has not been paid as the dd it was paid on was cancelled when i cancelled my old card, but they did not inform me of anything and it shows as 'danger' on Dec 2009. I have been on to them and complained about why i wasnt told about the failed payments considering they have all my information to call me. is this something i can fix?

It is your responsibility to call all your providers to advise them of account changes, new debit card details, change of address..etc... It is going to have a BIG impact of your credit file and that could be one of the reason as to why you got declined for credit recently. That will be on your file for next few years unfortunately. Lenders are extremely picky these days.
Also, you mentioned that you made 2 credit card application recently, you need to hold off the applications for next few months.

just to make you all aware the main reason i need another credit card is my interest free periods have all finished and next month my car insurance is due lol! does anyone have any more ideas???

Thank you for all your replies xx

Hope all the information will help

miss_missy

hi
i think that the amount of credit already and salary probably has more to do with being declined
i have natwest, tesco and mint all part of rbs so not because of it being the same bank however you cant transfer money from one to another so if you were looking to transfer anything a card with someone your not already with would be best

Tixy

aaran7 wrote: »

hey Tixy I am on electoral role and im not sure if i have a good credit rating, i have used the free 30 day trial with equifax but i cant find the rating lol! it says i have to pay £14.95 for it? :S

Don't pay to find out a rating, I asked if you had a good credit history not rating . Basically have you made a lot of late payments, or got any defaults or CCJs

Izools thanks for that information, i have now cancelled the natwest one im in credit so they are going to send me a cheque and cancel that card.

The problem i now have is i went to setup a student account today and i cannot even set one up and thats with natwest whom ive banked with since 2002. she suggested maybe something on my credit rating? is it possible to have too much of a rating and get denied as a student account or? anybody have any ideas on this? i might also post this in the student section also.

Also I have completed the free trial equifax report and it says i have 12 accounts in total then it gives a breakdown of them! does anyone know what ''date satisfied'' means? does it mean when i ended it or? :S

Date you paid the final balance off. Are the accounts showing as open or closed? any that are open are counted as available credit.

I have found that one of my three phone contracts has not been paid as the dd it was paid on was cancelled when i cancelled my old card, but they did not inform me of anything and it shows as 'danger' on Dec 2009. I have been on to them and complained about why i wasnt told about the failed payments considering they have all my information to call me. is this something i can fix?

Why do you have 3 phone contracts? If the payment was cancelled when you cancelled a card it sounds like it was a recurring payment from your debit card not a direct debit. What did they say when you called them? how many months payments have been missed? does it show as a defaulted debt?

just to make you all aware the main reason i need another credit card is my interest free periods have all finished and next month my car insurance is due lol! does anyone have any more ideas???

Thank you for all your replies xx

What is the standard APR on your card? you may still find it better to put you car insurance on the card than take out finance from the insurance provider. Especially if you can pay it off a lot quicker than 12 months.

aaran7

hmmm for car insurance if i must i can borrow from a friend but i wanted to use a card so i can just pay if off whenever i feel like it. hmmm i have a 'three' as in the phone company mobile contract is what i meant? and it shows as 'danger' on the report and states it is missed 3 months of payment. hmmmm i think my best bet is to speak to three and sort this out with them, and also on the report it doesnt state whether they are open or closed accounts. so i am going to ring each one that im not sure whether it is stil open or not and cancell it. hmmmm is there any quicker way to fix this or make it better lol? i cant even set up a student account lol!

izools

Unfortunately there's no quick fix for this.

You have serious arrears recorded against one of your accounts. You should have called three the moment you noticed the bill wasn't coming out of your current account.

Unfortuantely creditors don't want to lend to someone who doesn't keep an eye on their finances and track whether or not things are getting paid - unfortunately the three late markers against this account is a sign that you don't keep as close an eye on things as they would like.

You can't get the data removed or edited - it is correct. Once the account is up to date your credit file will reflect this, unfortunately the record of the fact that the account was once three months late will stay on your Experian report for three years and your Equifax report for four years. You aren't going to be given any prime creidt until you've not missed any payments for 12 months at least after this boo boo, so get the account up to date and leave off the "Apply" button for the next year