Declined for Virgin Credit Card

Mips

Hiya

I have banked with HSBC about 6 years, applied for a Natwest current account who gave me it with a £250 overdraft which is all open and has funds in.

Thought I would apply for a Virgin credit card and they declined me, but did say I can appeal if I wish.

Is this standard or is it worth an appeal?

Thanks

UnderPressure

It may just be that there isn't enough information on your credit file for them to make a real risk assessed decision, you should get a letter from them, I presume they will refer you to the credit reference agencies, send oof for your credit file from them and if there is nothing bad on there such as defaults late payments etc then I would presume your decline is because your score is not high enough, it is a vicious circle really you need the credit to pay it off to increase your score

Once you have these send Virgin a copy of them with a nice letter explaining your situation, they may well give you a card then with a smallish limit, but after time and frequent payments this will increase.

Whatever you do dont go and now try for a card with every lender on the net, too many searches in a month on your credit file is also not good.

You may want to approach your own bank as well, generally speaking if you have a history with a bank they tend to be a bit more leniant on the criteria for lending you wont know until you ask.

Hope that helps and good luck

almost_there

I applied 7 months ago and was declined! I decided to apply last month, got we will be intouch as the reply.

I had 1 late payment on my credit file, the nice lady asked me to explain what had caused this. I explained and she accepted me for a card with a Limit of £2500.

gizmo111

Dippychick wrote: »

Hiya

I have banked with HSBC about 6 years, applied for a Natwest current account who gave me it with a £250 overdraft which is all open and has funds in.

Thought I would apply for a Virgin credit card and they declined me, but did say I can appeal if I wish.

Is this standard or is it worth an appeal?

Thanks

Natwest have a 15 month 0% card for customers - try them you will most likely only get a small limit but it'll be a start.

Mips

gizmo111 wrote: »

Vatwest have a 15 month 0% card for customers - try them you will most likely only get a small limit but it'll be a start.

Aha Ooops - I meant that I opened a Halifax account, not a Natwest one... doh!

CannyJock

Dippychick wrote: »

Thought I would apply for a Virgin credit card and they declined me, but did say I can appeal if I wish.

Is this standard or is it worth an appeal?

It's always worth appealing - you get to put your situation to an underwriter and provide them with additional details to argue your case.

Mips

CannyJock wrote: »

It's always worth appealing - you get to put your situation to an underwriter and provide them with additional details to argue your case.

Just checked experian - went overdrawn by about 30p and they added late payment marker to my file - HSBC :mad:

Can't wait to ditch them. They're not getting a penny more from me.