Declined for RBS CC - Quick advice

TheMysterious1

This is the first time I have been declined for ANYTHING. Never had any problems with applying for anything before and my credit score has always been high! I thought I had a pretty good score but was declined because of my score, so the guy says. Is it difficult to be accepted by RBS or something?

I know the credit search scores are meaningless but still surprised to see myself being declined. I have just cancelled my tesco cc because I have just finished paying it off. Would it be because of that? Now I'm kinda thinking I should have just kept the tesco cc running even though I didn't use it.

Basically I still need a cc to take advantage of the 0% BT so do I wait a week or so before applying again and if so which would be the best for me (I currently have barclaycard, virgin and egg)?. Would applying again affect my chances because I have been declined by RBS? Of course if I get rejected again I should wait 6 months before applying again is that correct?

Any other advice on being successful in obtaining a BT CC?

Thanks for all your help in advance!

fozmcfc

You could very well, have too much credit available to you whether you are using it or not.

The general feeling around these boards, is that lenders will make available to customers with very good credit ratings upto around 50% of their annual income.

It is a problem for those of us who decent credit rating and want to keep shifting around to take advantage of 0% offers, eventually you have to start to close down accounts or you end up having too much credit available.

When closing down cards, I believe it can take a while before it is registered on your credit report.

I believe no more than 3 credit applications in a 6 month period is advised, otherwise you can look desperate for credit.

To really get the best advice from members on these forums, you will need to post your annual income, what credit you have available and how much of it you are using. Also whether you have any missed/late payment or defaults.

TheMysterious1

You are correct, after closing down the tesco cc I now have half the credit available to me of my annual salary. I have about 10.5k credit available to me and im using about 8k of it (If I can remember correctly from the spreadsheet I have set up to monitor my spending). This is spread over the 3 cards I am currently using. With the tesco cc I had about 12.5k.

Guess I'm just stuck with this for now until I pay off more of my cc's and then re-apply say 6 months later? My offer on my Barclaycard runs out in November so might be a case of just biting my lips and paying the interest till then and applying to another card?

Out of interest which card would be recommended to apply for?

Thanks for your help fozmcfc

izools

Some providers are more lax with available credit than others.

I've seen reports of people being approved for the Creation card with more than 100% of their annual salary available in credit, including my mother.

You aren't likely to get a card from anywhere for the whole 8.5K but certainly part of the balance could be transferred to the Creation card.

http://www.your-application.co.uk/netfinancecertegymicrosite/creation/Welcome.aspx

The lowest limit they've offered, according to reports here, is £1,500 and highest £7,500. They seem to be influenced credit-limit wise by the transfers you enter on your application form so remember to enter all of the balance transfers you want whilst applying to increase the chances of them giving you a big limit.

And also make sure to immediately close down totally any accounts you've paid off (not just cut up the card).

Good luck! Let us know how you get on :beer:

TheMysterious1

Just aplied for the creation card and they are "reviewing my application". Wish me luck.

Thanks for your help izools.

fozmcfc

I think they review every application rather than give an instant decision, so fingers crossed. Good Luck.

david39

I don't know whether it is relevant any longer but the Tesco card used to be administered by RBS before Tesco took it under their own financial arm recently.

If the two are still maintaining a dual database, the above may be the reason you were rejected, as RBS would probably have not been updated yet from Tesco that you had relinquished the Tesco card.

The issuers of multiple-branded cards will look at their position with a customer across all of their cards and will limit their liability to what they consider a suitable level.

You can see which cards are issued by whom at :
http://www.stoozing.com/cards.php

so if you need to apply for another, make sure it is not in the RBS stable.

TheMysterious1

Just got off the phone to them, have been accepted for the creation card and didnt get all the limit I wanted but got £2k limit and £1600 balance transfer. At least that will help with the ridiculously high egg card rates. Hopefully egg will have some offers in the future and I can move stuff around.

Thanks for all your help people :-)

penny82_2

Hey, I had the same problem today, never been an issue before, had two cards I wanted to transfer to one and I was declined. I am going to appeal as they said I could. I earn over £25k a year and have £5500 on my two cards. I think lenders are starting to become more strict. I wish they had done this a few years ago then I wouldn't have such alot. My limits spread over the two cards are £14,200. A terrible amount of credit made available to a young girl.

TheMysterious1

penny82 wrote: »

Hey, I had the same problem today, never been an issue before, had two cards I wanted to transfer to one and I was declined. I am going to appeal as they said I could. I earn over £25k a year and have £5500 on my two cards. I think lenders are starting to become more strict. I wish they had done this a few years ago then I wouldn't have such alot. My limits spread over the two cards are £14,200. A terrible amount of credit made available to a young girl.

lol at the end of the day it was your choice not theirs.

at least it sounds like you have had the lightbulb moment and sorting it out. better than just letting it get worse.