Can't get credit anywhere else except Barclays. Why?!

slackinside

Hi guys.

I am foreigner and within 2 years I will be eligible to vote, therefore I am not on the electoral roll till then.

Equifax and Experian advised me to write a note for the lenders see when I apply for credit.

My credit account:

Barclaycard Platinum with a limit of £8.000 ( balance £3.200 ) APR 6.8%,
Barclaycard Premier with a limit of £2.000 ( cleared ) APR 13.9%,
Barclays Current Account OD £200.00,
Citibank Current Account
Three Network Contract

History:

I have never missed a payment since 2007 and from 2009 till now I spent / made payment of £18.000 ( as state on my credit report )

As I would like to have another credit card with other provider except Barclays, I have applied in the previous 12 months for MBNA, RBS, AMEX, Halifax and Lloyds, however, none of them have accepted me.

I am thinking to apply for an AMEX Cashback in November when it drops on my credit report showing the cards I have applied in the last 12 months.

Does anyone know why every application I make, I get refused? Is it because the electoral roll?

The guy in credit expert was quite impressed with my report saying only few foreigners have a credit history as I have but I told him I only can get credit with Barclay/Barclaycard?

Thanks for all your help in advance and I do apologise if my post might be some repetitive query in the forum.

stephane_2

It could be the electoral roll as many lenders are very fussy about it and will not lend money if not on it...it could also be that your level of debt compare to income is too high...

CLAPTON

how much do you earn?
do you regularly use your overdraft?

fawinds

Have you tried writing an appeal explaining your situation to the lenders who declined you? This sometimes works as an underwriter will look into your application and consider any facts you inform them in your appeal letter.

Also if you have a Citibank account, Egg credit card is owned by Citi, you could try there too.

slackinside

CLAPTON wrote: »

how much do you earn?
do you regularly use your overdraft?

£26.000 and I do regularly use overdraft but only silly amount like £50-100 being paid off every 2 weeks.

@_@

stephane_2

That will not play in your favour using your overdraft regularly....you need to show potential lenders that you are in control and using your overdraft too often does not....

slackinside

fawinds wrote: »

Have you tried writing an appeal explaining your situation to the lenders who declined you? This sometimes works as an underwriter will look into your application and consider any facts you inform them in your appeal letter.

Also if you have a Citibank account, Egg credit card is owned by Citi, you could try there too.

I only tried appeal once for amex but got it declined too. It was last november. I was thinking egg credit card to do a balance transfer. The prob is I only have a citi account to receive payment abroad so my salary doesn't go into this account.

Thanks!

slackinside

stephane wrote: »

That will not play in your favour using your overdraft regularly....you need to show potential lenders that you are in control and using your overdraft too often does not....

Aha!!!

Good to know because to be honest with you I don't need to use overdraft I only do because it's free till £300 and if it's free I rather pay off the balance of my credit card.

I thought overdraft wouldn't be a prob if you use it regularly but what I understand is it there to use in case of emergency? Of course each of us decide what it is there for.

Thanks!

EarthBoy

Overdrafts are meant for short term borrowing, not long term debt.

You aren't getting the overdraft for free, either. You are either paying £5 per month for the Current Account Plus, or £15 per month for an Additions account. Either way, it's not free.

As far as I know, only First Direct do a totally free overdraft, -£250.

stephane_2

I bank with FD and yes the first £250 are at 0%

fawinds

EarthBoy wrote: »

As far as I know, only First Direct do a totally free overdraft, -£250.

Citibank does a £500 fee and interest free overdraft but you need to pay in your salary into the account.