why cant i get accepted for a credit card?

farleyo

hi there im trying to find out if anyone would know a reason for me not getting accepted for a credit card. i'm 20 years old in a job with a salary over 22K. I'm not in debt and never have been. im soon to be going on a cruise and tried to apply for a post office credit card to take advantage of the benefits which come with using the card abroad. would appreciate any feedback.:):):)

YorkshireBoy

Start here...

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

LeeSouthEast

Do you have any credit history? Mobile phone? Overdraft? Anything?
Are you on the electoral roll at your current address?

cobblers_boy

There are a number of reasons why you may not get a card. It is possible that some issuers may not issue cards to under 21 applicants as a company policy. However the more likely reason is that fact that you have no credit at the moment. As such they have nothing to base their decision on and so don't issue a card. Chances are you are more likely to be accepted by the bank you have your main account with as they can then use the information from that to assess whether or not they consider you a reasonable risk.

Regards

CB

farleyo

i do have an overdraft which i rarely use. i have gone on the experian website to check my credit rating and it says it is fair, however i still dont understand this as i have never had a loan.

KingElvis

As said above, you probably have a limited history.

Try your bank first, followed by Barclaycard Initial and then it's down to the bottom feeders like Vanquis and Capitol One.

Remember, too many searches in t0o short a period of time will scupper any chance of getting anything.

cobblers_boy

Experian will say it is fair because they have no other information on which to say anything. Ultimately though they don't make the decision the banks do. They use the information that Experian and Equifax have but neither of these companies know how the Banks will use it. As such they are guessing to an extent when trying to say whether or not your history is good enough.

CB

LeeSouthEast

Are you a registered voter at the address?

farleyo

yes im registered thanks cobblers boys, meanings they wont give me a credit card how is the best way to improve my credit rating without being allowed credit.

YorkshireBoy

farleyo wrote: »

...how is the best way to improve my credit rating without being allowed credit.

Did you read the article referenced in post #2?

opinions4u

Do you own your own home?

Have you lived there more than 3 years?

Are you registered to vote there?

Have you been with the same employer for more than three years?

Can you say that you have never missed / paid late any commitments?

Do you have other relationships with the firm you have applied to (e.g. current account and savings account)?

Do you have a positive relationship with other contracts and commitments (e.g loans and mobile phones)?

Are you over 25?

These are just some of the factors that make up the perfect credit risk for a lender. That doesn't mean that you will be automatically declined if you answer "no" to any of the questions. But, espeically if it's a lender that cherry picks, the more "no" responses you are giving the less likely you are to succeed.

I know this doesn't get you the facility that you want, but it may help you to understand the reasons behind the decision.

And there's no point "adjusting" your answers to suit the question because it invariably won't stack up with the other data that is provided by credit reference agencies.