to rich for credit cards

quickfix

Please help i have a friend who seems to be to rich to have a credit card. Every time he applies he is turned down. He has never been in debt, he has been with his bank for over forty years and has an overdraft faculty which he never uses. No one seems able to tell him why he has been turned down.:money:

dunstonh

He should check his credit file to see if there is erroneous information on there which needs clearing up.

ironlady2022

There is no correlation between being rich and being refused credit. He needs to check his credit file.

lisyloo

He should check his credit files. I recommend the £2 statutory ones.
The free trials can be problematic to cancel and end up costing a lot.

I suspect his issue is not being too rich, but not having ANY credit history at all.
It's not about how much money you have but whether you can be relied upon to pay it back. There is no evidence in his case and therefore lenders will be sceptical especially at the moment as credit is very tight.

Normally the first step would be to approach his own bank.
They have 40 years of history and not just the credit report.

He could also try sub-prime cards, a mobile phone contract, catalogue companies or store cards etc. to build up some history, but own bank is a good first step.

JasX

lisyloo wrote: »

I suspect his issue is not being too rich, but not having ANY credit history at all.

or a long damaged credit report having suffered multiple identiity thefts and never found out because he bothered to check it...

book12

Try a card like Barclaycard Initial, Capital One, and Vanquis.

These are good cards for people who have no/limited credit history.

lisyloo

having suffered multiple identiity thefts and never found out because he bothered to check it...

It possible, but unlikely he wouldn't have had ANY mail at all if it was multiple thefts.
But we're guessing and only one way to tell.
I suspect pretty empty credit history.
Being well off does not stop people getting credit.

INT1

If he's too rich, he needs one of these

http://www.mahalo.com/how-to-get-an-american-express-black-card

https://www.icenturion.americanexpress.com/prospect/cent/uk/FrontServlet?request_type=Login

BigLee_24

hmm might get them cards lol