Credit card application, Declined. Why?

ukjeeper

Just wondering if anyone can help me figure out why my application for a Tesco credit card (both online and on the phone) was declined.

Thought it might be a credit score issue, but Experion says i'm 999 which apparently is almost as good as Mr Smoothy in the commercial .

What else should i be looking for that's preventing me from getting a CC, or is it just Tesco?

Davewils

You would need to give us ALOT more information before anyone can even guess at why you were declined. Info like:

Income:
Total Debts:
How much of your current credit limits have your used up: (ie, if you have a £2000 credit card limit, what is the current balance)

Are you on Electoral Roll?
What is your past history of borrowing?

But one peice of free advice. Your credit score is worthless. Ignore it. It's all about your credit REPORT and the details (like those i've listed above) that are on it.

Also finally, Tesco's check both Experion AND Equifax. Check both reports. One might have some dodgy info on it.

xyellowx

999 credit score means jack and the £6 spent to get it is a waste of anybodys money

Calmity1972

I have just had the same bizarre thing happen to me .....

I too have a 999 with both equifax and experian (have read now that these are meaningless!!! doh)

I have two cc's - one with a zero balance and one with £1100. Both have £9500 limits.
Been on the voters role for three years atteh current address (with one lasped year) when i moved home and credit wasnt important to me.

These are the only 2 credit cards I have. I do however have a Catalogue which I missed a payment for last month (on a balance of £81) which shows a '1' in the payment history schedule of my credit report

Other than that - I have pages of 'o' on all of the credit card report.

I dont actually need the card - just wanted it for the 0% balance transfer offer.

Anybody any ideas?

Thanks

Davewils

How much do you earn?

To get another 'prime' credit card that would do a decent 0% offer you need to only have about a 50% credit: income rate.

In other words, at present you have about £20,000 total credit (even if you're not using it), so you'd need an income of around £40,000.

Calmity1972

Hi

Thanks for the prompt reply.

I earn £44K ..

Do, you think if i lower the limits on the cards i would have a better chance then? A few years back I has some serious debt problems but have worked hard to fix them.

The reason i would want to kepp them is because of the special offers - and i can move my average £1500 balance about to get the best deal.

Thanks again for the advice.

Davewils

Yeah, without looking at a detailed report i would only be guessing but, you could try ringing up one of the card issuers, telling them that you are thinking of closing your account, unless they are willing to offer a 0% balance transfer deal to you.

Could you also mention who the cards are with and who you applied to? Many companies use the same 'banks' to run their credit cards through. So if, for example, you have a Tesco card, it is unlikely that you will get an RBS or Natwest card as they are issued by the some company.

Tixy

Calamity

I would definitely consider reducing the limits quite a bit if you are not using them and don't intend to (maybe to £5k each or less).

Before applying for another card see if the card with a nil balance will offer you a 0% deal to move the £1500 on to there (or back to there).

Calmity1972

Dave both are good insights. I will go push my luck with Virgin and look to see if i can get a 0% offer and also if the RBS has declined me on the basis that they are the same financial institution as EGG or Virgin.

I wouldnt of thought of either of these .... so thanks again for the help!

Tixy

http://www.stoozing.com/cards.php

This tells you which bank issues which cards which might be useful,

Calmity1972

Tixy

The link was dead helpful. I learned that its not because its the same lender ... so it has to be because of the amount of unused credit that I have. So im off to lower my limit on both cards (and take away an unnecessary security blanket) and try and push Virgin for a better deal!

This was my first post and got some good so thanks very much again!