Credit card declined :(

jacko198

Hi guys,

I just tried for my first credit card and got decline
Feeling abit annoyed and confused right now.

It was with Tesco.

I got a credit of 410 with equifax ('Good' apparently)

I am 21, full time job, lived with parents at current address for 11 years (on the electoral roll for 3 years)

I get £950 a month after tax, and have been at my current job for 3 years.

I have 0 credit cards or loans. I just have my car insurance and phone bill.

The only thing equifax said was 'poor' was the fact my "oldest credit agreement has only been opened a year or less" - which i dont understand because i have had my car insurance with the same people for 18 months now. My phone contract started in March.

No missed or late payments etc etc


Really really confused!

I have read on here that you can apeal the decision. Would that be worth me doing at my age?

Any help would be great

Jack

wayne99

its prob worth making an application with capital one, vanquis or aqua as a first card as they are more lenient then others.

if you get a card, make sure you pay in full each month as they come with crazy interest rates.

can you not try your own bank ?

it will be your lack of credit history that is holding you back by the look of it.

jacko198

The only thing is, im really after a 0% card! Ha. Just because i plan on buying stock for a buisiness i am running (only small, selling things on ebay) so it would make sense for it to be 0%

Also, if i was to apply again somewhere else, wouldn't it come back bad because of this decline?

BugsyBrowne

jacko198 wrote: »

The only thing is, im really after a 0% card! Ha. Just because i plan on buying stock for a buisiness i am running (only small, selling things on ebay) so it would make sense for it to be 0%

Also, if i was to apply again somewhere else, wouldn't it come back bad because of this decline?

Mate unless your bank is willing to give you a credit card you can forget about a 0% card.

Your 21 and never had a credit card b4 try cap 1 or vanquis these cards are the only ones who might give you a shot.

LAINEY28_2

Exact same situation with our first mortgage...worked full time, good wage, lived with parents and no debt. Declined...twice as I didn't have a credit history for them to check so I was classed as a risk!!!
It is really annoying but could be worth appealing?

It will show on your credit history as a decline maybe even more reason to appeal as its not a good start to your credit file.

Hope they change their mind. Good Luck!

BugsyBrowne

LAINEY28 wrote: »

Exact same situation with our first mortgage...worked full time, good wage, lived with parents and no debt. Declined...twice as I didn't have a credit history for them to check so I was classed as a risk!!!
It is really annoying but could be worth appealing?

It will show on your credit history as a decline maybe even more reason to appeal as its not a good start to your credit file.

Hope they change their mind. Good Luck!

How is it worth him appealing and saying what look mr credit card company ive got no history in paying back any money b4 but please give me a card.

And it will not show up as a decline either.

Also you are a high risk without any credit history

YorkshireBoy

LAINEY28 wrote: »

It will show on your credit history as a decline

It won't state declined or accepted. It will simply show as a "credit search"...nothing more, nothing less.

YorkshireBoy

jacko198 wrote: »

The only thing is, im really after a 0% card! Ha. Just because i plan on buying stock for a buisiness i am running (only small, selling things on ebay) so it would make sense for it to be 0%

Why not use the savings you've amassed over the last 3 years? Or use some of the (several hundred?) disposable income you must have each month from your £950 take home pay?

Just how big a credit limit were you expecting for your first card at 21 years old?

powerone

talk to your own bank and see what they can do for you.

timbo58

don't use MBNA or Halifax credit cards then -they advertise 0% but hardly ever send them out -instead they will send you a 21.9%+ rated card application for you to sign! (or even worse the actual card at 20%+) if you sign without reading all the small print you are royally screwed.

chattychappy

Agree with comments so far. The real issue is you have not real credit history. So you're unlikely to get one of the best deals.

You can have a couple more goes with other cards before the number of searches becomes a problem.

The credit score is meaningless, by the way. Just a waste of money. Each lender will have their own criteria and will score accordingly. The score you pay for is never seen by lenders.