Credit Cards - Why am I rejected??

Itokuzu

I have now applied for 3 credit cards: Santander, Tesco and Halifax.

All of which have turned me down. I have an experian account, my current credit rating is 999. I have no accounts in overdraft, no defaults, no debt, nothing. I am on the voters role, own my house, have lived there and been in the same job both for over 3 years. I have no other credit cards (I cancelled my last one 6 months ago).

Yet, all three turned me down on the basis of credit rating.

What on earth do I have to do to get accepted for credit!

I have worked hard to get my credit score perfect and it seems to be worthless as far as credit card companies are concerned.

Arrgghh!!!

onlypaddy

Number 1 - stop paying for your meaningless credit score - see here: https://forums.moneysavingexpert.com/discussion/2686139

It could be anything - you seem to have a perfect record, remember that credit reports will also show companies when they're not going to make a profit out of someone. It could just be that!

YorkshireBoy

onlypaddy wrote: »

Number 1 - stop paying for your meaningless credit score

Number 2 - cancel the Experian subscription and use statutory reports at £2 each as and when required.

Also,

What do your Equifax and CallCredit reports say about you?

Do you have any financial associations with 'undesirables'?

Experian_company_representative

Did all three lenders specifically tell you that they refused your applications because you failed their credit scoring? If they didn't, it's worth asking them for more information. They might be able to give you some pointers.

James

YorkshireBoy

Itokuzu wrote: »

I have now applied for 3 credit cards: Santander, Tesco and Halifax.

Do you bank with either Santander or Halifax? Your current account provider is the best option for a credit card because nobody knows your financial affairs like they do.

I have no...debt...own my house...I have no other credit cards

So there's no current evidence of credit management on your credit report?

(I cancelled my last one 6 months ago).

I have worked hard to get my credit score perfect

I wouldn't call cancelling the only evidence of current credit management a particularly good move.

CLAPTON

whats your income
do you already have a credit card and do you use it

which cards did you apply for (were they 0% cards or what)

Paloma_Dulce

I'm having the same problem.
I'm going to try one last Barclay card (since i bank with them) if that fails then i'm going to try a capital one card (they have extrememly high interest rates but it seems that is the only way to build up my credit rating).
It's ridiculous that some people get lots of cards even though they can't pay back, when people like you and i can't get one for no reason!!

Curt.

Itokuzu wrote: »

I have now applied for 3 credit cards: Santander, Tesco and Halifax.

Halifax are widely seen as one of the best lenders to approve CC's...with your details that you have out down in this post the only thing i can think is either:

All of which have turned me down. I have an experian account, my current credit rating is 999. I have no accounts in overdraft, no defaults, no debt, nothing. I am on the voters role, own my house, have lived there and been in the same job both for over 3 years. I have no other credit cards (I cancelled my last one 6 months ago).

Inactivity/lack of credit recently?

Or the cost of repayments on your house assuming you don't own it outright? If its huge and your income isn't great that may be one of the reasons.

Tesco and Santander are fairly tough and conservative lenders but i think something is wrong here...which did you go for first and in how quick a succession of time did you make the applications?

I was thinking perhaps you made a mistake on the application but on all 3? Doubtful.

Paloma_Dulce

Update: I applied for Barclaycard Initial and I've been accepted! Its a card for people who have little or no credit rating so is a good start! Also available for 18 years +

jamesd

Contact the companies that you applied to and ask them for more specific information about the main reasons for the decline decision. Different companies have different levels of responsiveness to such requests, some will go into great detail, others will try to say nothing.

Itokuzu

Thanks for the replies.

I bank with Santander. They were the first to turn me down. Since my first post I have now been rejected by;

Santander
Tesco
Halifax
Sainsbury's
Barclaycard
Virgin (who tried to "introduced" me to Vanquis, a card with 39.99% APR, err no thanks)

Impressive huh?!

I am pretty sure my details were exact on all applications.

The only evidence of credit management on my report is two current account overdrafts, neither being used. I cancelled my last credit card two months ago. I cancelled it because they inexplicably increased the APR from 18% to 27% (when pressed they would not say why, again referring to interal yada yada yada).

My mortgage is not particularly high. My gross earnings are £29k per year and my total household income is £63000. So I am sure it isn't a disposable income issue.

The only person financially connected to me is my wife. She gets approved no bother! She manages her cards well (incidentally, when I told her Tesco rejected me she applied out of curiousity and was immediately accepted). Obviously she is seen as a better prospect.

I contacted both Virgin and Tesco. They said that I failed their internal criteria but they would offer no further explanation.

I am flabergasted that I can be seen as a bad risk.

What do these companies know about me that I don't??