Turned down for CC but not sure why?

Timbersnake

Hi,

i want to transfer my current CC balance to another card to get a better deal with much lower (or even 0%) interest rate.

My credit report is fine, no CCJ's, no defaults, late payments etc. Im on the electoral role, have home phone.... no issues with credit report or score (which is 821) except; I am using 71% of my available credit.
My credit limit is £2500 and I currently have a balance of about £1400 ( so in real time im using about 60% of avail credit).
My earnings are £32000 p/a and i have no other finance commitments.

Therefore, i applied for a barclaycard gold because it stated it is suitable for people who:

• Need to strengthen your credit rating and want some time out from paying interest on your balance transfer
• Have an average credit rating
• You have no history of bankruptcy
• You have not had any County Court Judgments (CCJs) or Individual Voluntary Arrangements (IVAs) registered against you in the past 5 years
• You have a limited history of managing credit commitments well i.e. have existing credit cards, loans, overdraft or mortgage, but have no more than 2 credit commitments
• Your record of paying credit commitments on time is less than 4 years old (mine is actually more than this...)
• You have not missed ANY payments on a credit card or loan in the last 12 months
• Don't already have a Barclaycard
• Have had a permanent UK address for 3 months or more
• Have a regular income of more than £17,500 pa
• Excluding a mortgage, your debt on credit cards or store cards is less than 40% of your income
• Are aged 21 or over

i tick the box for all of these, yet I was still turned down?
What annoys me, is that despite apparently fulfilling the application criteria, because i was turned down i now have this footprint on my credit report? i feel like I have been mislead by barclays to apply for something i would not receive. Can I request this footprint is removed from my record?

lisyloo

Can I request this footprint is removed from my record?

No you can't. You applied, it's recorded.
By why do you feel it's a big deal anyway.

How much credit history do you have?
how long?
How many accounts?

We don't have enough information yet, but if you only have one credit account then that could be regarded as a lack of credit history (I have about 22 credit accounts, about 15 settled and 7 current including mortgage, phone, credit cards, bank account.

opinions4u

Timbersnake wrote: »

My credit report is fine, no CCJ's, no defaults, late payments etc. Im on the electoral role, have home phone.... no issues with credit report or score (which is 821)

To put it bluntly, that 821 might as well be 34 1/2 or 999 or 2,650. It's a number generated by a company that doesn't lend money. What matters is how the card issuer chooses to treat the information you provide.

I am using 71% of my available credit.

Who told you this? If there's another 29% available to you, ask the company that assures you it's there to be borrowed to provide you with the credit facility you want. I guess they charged you a fee to provide you with this nugget of information.

i tick the box for all of these, yet I was still turned down?

I don't see any phrase in the information you have provided that says "guaranteed acceptance". So while you may have met some or all of the criteria to apply, they will still assess your application based on more of the information that you have provided.

What annoys me, is that despite apparently fulfilling the application criteria, because i was turned down i now have this footprint on my credit report?

I occasionally overuse the exclamation mark. Is that meant to be a question? It reads as a statement.

i feel like I have been mislead by barclays to apply for something i would not receive.

To be honest, I think you're being childish. Unless you can come up with something that states you guaranteed to get the card you haven't been misled. While you may be disappointed to face rejection, get over it and move on.

Can I request this footprint is removed from my record?

You can request it. But as it's a statement of fact, they should refuse.

izools

Perhaps you should have used this prior to applying?

https://letmechoose.barclaycard.co.uk/

Any

No, you can't have it removed. You applied and that is it. But 1 search is not a big deal.
Lack of credit history is probably the problem here.
I would probably write to them to ask why/manually reconsider as as you say, you thought you are suitable. You can't loose anything.

In a mean time-do you already have a card with your bank?

Timbersnake

I have two accounts. The CC i want to transfer the balance of, and a current account. i have had them 4 years and 8 years respectively. Should not have posed a problem though, as barclays advertise this product as being suitable if:

You have a limited history of managing credit commitments well i.e. have existing credit cards, loans, overdraft or mortgage, but have no more than 2 credit commitments

I find it a big deal as this footprint may now jeopardise my ability to transfer the balance to another CC provider. Also, despite appearing a suitable candidate, I dont want to apply for similar products to keep getting turned if i dont know why im being turned down?

lisyloo

I find it a big deal as this footprint may now jeopardise my ability to transfer the balance to another CC provider.

Well you cannot change the truth and the CRAs are obliged to report the information provided to them.
If you are sensible with your applications e.g. don't do 10 in one month, then this should not jeopardise your chances.

It is frustrating when you don't know why, but they aren't under any obligation to give you credit and they also don't have to reveal their criteria which is commercially sensitive (if it was known lots of people would manipulate their credit history).

Have you appealed? or asked them why?

Timbersnake

Just incase there is any confusion, i will reiterate the point...

According to the application criteria advertised by Barclays, I do meet all of the criteria for this product. However, I was rejected. Im concerned that if i keep applying for products that I apparently meet the criteria for, i will eventually negatively damage my report.
I therefore would just rather not apply for them in the first place if i knew i would probably not be accepted, rather than currently seeming like I would be accepted, but then not.
Does anyone else know where im coming from?

lisyloo

According to the application criteria advertised by Barclays, I do meet all of the criteria for this product.

There are very clearly unadvertised criteria.
This is plainly obvious i.e. if there weren't you would have been accepted.

i will eventually negatively damage my report.

You will if you make too many applications in a short space of time, yes.

Does anyone else know where im coming from?

Yes, I understand why you would want that information.
However unfortunately I also know you are not going to get it.

Why not appeal?
Manual underwriting can give a differnt result to computer underwriting.
I honestly don't know what else to suggest.

Have you got all 3 credit reports? or do you know which one Barclays are using?

Any

We know whwre you are coming from.. But if everyone got accepted for every card they think they are suitable for,we probably wouldn't be here constantly advising people.. It doesn't work like that.
And you don't have 2 CREDIT accounts.. Current account does show on ur report, but no details of managing it are provided..unless you go to overdraft and that is bad-then it shows details of the overdraft.
As we said-try to appeal.

Timbersnake

Well i dont think i will try to appeal, as previous experience has proved it a fruitless process with generic responses from lenders.
Im just confused more than anything. I dont want any more credit, I just want to transfer my balance on my high-interest card (48% pa) to something more reasonable. I have the high-interest card as my previous credit report meant I didnt qualify for anything else. However, after years of hard work on this report and score, I am now confused as to just what it takes to get credit these days? i have no bad history, an A1 repayment profile and my salary has doubled. Perhaps I can ask my current lender to lower the interest on this basis?