Credit card declined :(

bobbydrake50

As above go for a high interest card and make small purchases on it and pay off in full every month. This will start giving you a good credit rating and enable you to get a better credit card in the future (likely at least 6 months though). As long as you pay off in full the high interest doesnt matter.

knightfox

timbo58 wrote: »

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.

yes but if you pay it off each month then this creates a history.

However I think MBNA are the worst credit card companies in the world. Halifax is the worst bank after Santander in the UK.

Fiddlestick

jacko198 wrote: »

The only thing is, im really after a 0% card!

Not going to happen.

KingElvis

Right, if you have no history you can forget mainstream cards, no one will touch you with a ten foot cattle prod.

You need to build up with a low end card like Skankquis or Crapital One.......if you have NO credit history at all, you'll need to start with a credit building prepay card like Cashplus or Freedom. After six months go for a sub-prime card and then after twelve months perfect payment history you could maybe get a proper card, probably through your bank.

Hope this helps.

jacko198

Cheers for the help guys.

I was looking at the capital one card last night and its seems ok (for 34%! ha)

I was thinking, because i am with hsbc, would that make me more likely to get one of there cards as i am a current customer, or do i really have no chance with them aswell?

powerone

jacko198 wrote: »

Cheers for the help guys.

I was looking at the capital one card last night and its seems ok (for 34%! ha)

I was thinking, because i am with hsbc, would that make me more likely to get one of there cards as i am a current customer, or do i really have no chance with them aswell?

I would have thought that you should try HSBC and see what happens.

JohalaReewi

jacko198 wrote: »

Hi guys,

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

It was with Tesco.

Join the club. Tesco reject lots of people.

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

Don't waste your hard earned cash on these useless scores. You have just proved that they are meaningless.

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.

So no credit history then. That will limit your choices.

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.

So you pay your car insurance by instalments? That is a good start - keep paying them.

As others have said. You are in a catch 22 situation. No credit history so can't get credit. Have a read of Martin's article.
http://www.moneysavingexpert.com/loans/credit-rating-credit-score?dd

Moglet

It's definately worth appealing. Both my partner and I applied recently for Tesco cards, both rejected, both appealed and both accepted.

My limit is only £1k and my OH's is £3k (he earns a lot more than me). We both had to supply 3 months of bank statements and a bill showing name and address as additional ID.

Agree with the others though, if that fails try Capital One to build a history.

BugsyBrowne

Moglet wrote: »

It's definately worth appealing. Both my partner and I applied recently for Tesco cards, both rejected, both appealed and both accepted.

My limit is only £1k and my OH's is £3k (he earns a lot more than me). We both had to supply 3 months of bank statements and a bill showing name and address as additional ID.

Agree with the others though, if that fails try Capital One to build a history.

Personally it would be complete waste of time appealing TBH.End of the he has not been accepted pretty much because of lack of history.

Credit reports are designed for credit companies to understand a little bit more of the applicant and unfortunately in his case there is nothing on his report stating if he is capable of paying the money back or any history of paying anyone back.

MoneyLoser

About a couple of years ago my wife and I applied for a Capital One card. This was because they offered a 4% cashback for an introductory period of 3 months falling to 1%. So I thought I would use it over Christmas (and my annual Rail season ticket) and rake in the cashback.

They rejected me. No reason given. And to make things worse they referred me to a couple of credit rating agencies. That gave me a heart attack!

Luckily the credit agencies were offering a free introductory offer so I went through the hassle of checking my rating with them. The report was clean. I have no debts (having paid off the mortgage) and no history of unpaid debts. I do have a long history of having a mortgage and other credit cards with no unpaid arrears.

The only thing remotely less-than-perfect is the fact that my wife has a long list of store cards against her name - mostly dormant or out of date.

So now, I have no cashback card but a "history" of having been refused a credit card! That could bite me in the bum in the future

I assumed at the time that I was refused because Capital One were offering these cashback cards to people who were likely to be in arrears and pay them huge amounts of interest. They would be lunatic to offer me cashback.

Any ideas? Are these cashback cards targetted towards people likely to incur interest charges? Should I be worried about the effect of this refusal on my "history"?