Credit card declined :(

BugsyBrowne

MoneyLoser wrote: »

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less-than-perfect is the fact that my wife has a long list of store cards against her name - mostly dormant or out of date.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

As you have said you say your credit is fine.

Are you and your wife financially linked by any chance?

danouk

MoneyLoser wrote: »

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

Incorrect. The search is recorded, the result of the search is not.

MoneyLoser

star-fire wrote: »

As you have said you say your credit is fine.

Are you and your wife financially linked by any chance?

Not sure what you mean. We did have a joint mortgage which was paid off a long time ago

Moglet

star-fire wrote: »

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.

I agree that's probably the most likely reason but if he appeals and sends in the bank statements then a person can make the judgement based on more information supplied in the statements.

What's he got to lose other than the cost of sending a letter? Sure they might still say no but they might not. I don't have a great deal of history on my file and my partner isn't on the electoral roll yet.

BugsyBrowne

MoneyLoser wrote: »

Not sure what you mean. We did have a joint mortgage which was paid off a long time ago

Yes basically it means you 2 are now financially linked which means when you apply for credit they will also check her credit report as well,which means if there is any nasties on her report more than likely they would turn you down for this.