Help - supposidly good credit but refused for Sainsburys credit card

daveyboy11

Hi all,

Really hoping someone will be able to offer some advice on my credit card woes!

I just applied for a Sainsbury's credit card, but was declined. This was a real surprise as I have no debts, am a homeowner, full time employed on a reasonable salary, and there is nothing wrong with my experian credit report (I actually spoke to someone at experian who reassured me)!

I currently have a Natwest credit card with a measly £500 limit, which I use frequently (put about £200 - £300 a month on it) and always pay the balance in full, on time.

From reading around I got the impression that I may be "too good" with my money (i.e. the credit card companies won't make much from me), could this be the case? And would it be worth paying to see my actual credit score if this will further affect it??

I've had similar problems with Natwest, who have declined on several occasions to increase my limit (without running a credit check). I will be speaking to the Sainsbury's credit underwriting team to hopefully get some more info tomorrow...

Thanks in advance,

Dave

[Deleted User]

Could be that you dont have enough "history" for them to go on,are you on the electoral roll?

daveyboy11

Thanks for the prompt response John,

Yes, have been years! As far as I'm aware all my address history is up to date.

Dave

Fruit_and_Nut_Case

daveyboy11 wrote: »

[...] And would it be worth paying to see my actual credit score [...]

Don't waste your money. The people who sell you these scores do not know your salary or any other sources of income. Neither are they the ones who are in the business of actually lending to you.

BugsyBrowne

daveyboy11 wrote: »

Hi all,

Really hoping someone will be able to offer some advice on my credit card woes!

I just applied for a Sainsbury's credit card, but was declined. This was a real surprise as I have no debts, am a homeowner, full time employed on a reasonable salary, and there is nothing wrong with my experian credit report (I actually spoke to someone at experian who reassured me)!

I currently have a Natwest credit card with a measly £500 limit, which I use frequently (put about £200 - £300 a month on it) and always pay the balance in full, on time.

From reading around I got the impression that I may be "too good" with my money (i.e. the credit card companies won't make much from me), could this be the case? And would it be worth paying to see my actual credit score if this will further affect it??

I've had similar problems with Natwest, who have declined on several occasions to increase my limit (without running a credit check). I will be speaking to the Sainsbury's credit underwriting team to hopefully get some more info tomorrow...

Thanks in advance,

Dave

If you would of had a 12-18 of credit card history you would of had a much better chance,unfortunately with no credit history although being a homeowner without that credit history your score would of dropped dramatically.

When applying for credit cards having good management with previous cards will only do you favors.

If your bank will not give you a credit card this might be the best time to consider a sub-prime high interest credit card and gain some credit history.

scottishblondie

I don't think you need to worry about being "too good" with money, I pay off my cards every month and always have, but I don't have any trouble getting credit. It's more likely, as the others have said, that you don't have enough of a history for Sainsbury's. I believe they are quite picky. Is Natwest your main bank? If not then try to get one from the same bank as you have your account with.

grimboj

OP, I have had the same problem.

In the last 2 months I have signed up for tesco card, capitalone card, an o2 contract and sky contract - no problems at all. Apply for sainsburys credit card - BOOM no dice, no explanation and sainsburys was not the last of the things I applied for. I don't know why their criteria are harsher, all I can think is that I don't spend enough on nectar to make it worth their while - I can't imagine I average more than £5/week in sainsburys.

scottishblondie

grimboj wrote: »

OP, I have had the same problem.

In the last 2 months I have signed up for tesco card, capitalone card, an o2 contract and sky contract - no problems at all. Apply for sainsburys credit card - BOOM no dice, no explanation and sainsburys was not the last of the things I applied for. I don't know why their criteria are harsher, all I can think is that I don't spend enough on nectar to make it worth their while - I can't imagine I average more than £5/week in sainsburys.

I'd hazard a guess that either you didn't meet their profile at all, or that you were borderline and the 4 credit checks in 2 months tipped you over, especially if your new Tesco and Capital one cards were already registering on your credit report. Applying for multiple lines of credit over a short period is generally considered a bad idea in terms of your appearance to lenders.