Turned down for CC but not sure why?

izools

Having only one credit card doesn't give you an A1 repayment profile

Having held a variety of credit accounts for many years, with sensible balances and limits etc, gives you A1 repayment profile

Having just one gives you a limited credit history and leaves you Sub Prime.

Had you applied for the Initial card you would have probably got it. What does the tool I linked to above say you are eligible for?

book12

Try your current bank who may have a BT credit card. If they don't, try again with Barclays or another bank ins 6 months time.

lisyloo

I am now confused as to just what it takes to get credit these days?

One (poor) card does not give you an excellent rating.

I have 6 open accounts. Mortgage, 3 credit cards, bank account and mobile phone. I have about 15 settled accounts.
That gives them much more history to go on.

Anecdotally the following things will help

having a mortgage
being in your current home a while
having some long term credit relationships
a decent income
not being in a probationary period of a job
not being maxed out on your credit i.e. % used credit is not too high
not having too much avaialble credit compared with income

Other than that it's up to lenders which customers they target for their accounts.

Could you try your bank for a credit card?
What about an overdraft or loan?

Any

Timbersnake wrote: »

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?

I don't know what is there to be confused about after all the answers.
Are you reading them?
You have 1 credit account, so not that much for banks to go on. Admittedly more then if you had none, but it still needs more work.

And you might only want it for BT, but obviously once you do the BT that leaves you with another card that you can use/run up a debt on it.. The banks are just being very cautios at the moment.

Repeating again - did you try your own bank for card? Or is this one from them? Your own bank is always more inclined to offer credit, because they can see also how you are managing your current account.. other banks cannot.

Blitz01

Does anyone else know where im coming from?

Everybody understands....you are just not listening to what you are being told.
Your credit file isn't as perfect as you think it is <----FACT.......else you would be accepted.

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

If you cannot get a Gold Barclaycard, then i seriously doubt any other mainstream lender will touch you anyway. They are normally very easy to get.
Sometimes you just have to accept that you aren't the kind of customer they want.

If you don't like their decision then appeal......but they certainly won't delete their footprint from your file.

[Deleted User]

Looking at your other thread, where you say you are being chased for a previous debt you defaulted on, I suspect your repayment profile may not be quite as A1 as you would like to think.

Although you say "I have no bad history", I have a sneaking suspicion that defaulting on credit agreements is not seen quite as favourably as you believe.

https://forums.moneysavingexpert.com/discussion/comment/40300792#Comment_40300792

opinions4u

Deleted_User wrote: »

Looking at your other thread, where you say you are being chased for a previous debt you defaulted on, I suspect your repayment profile may not be quite as A1 as you would like to think.

Although you say "I have no bad history", I have a sneaking suspicion that defaulting on credit agreements is not seen quite as favourably as you believe.

https://forums.moneysavingexpert.com/discussion/comment/40300792#Comment_40300792

Why is nothing ever as stated by people on this site?

OP: I think your three defaults are still showing somewhere. Why did you choose not to mention them in this thread?

lisyloo

I dont want any more credit, I just want to transfer my balance on my high-interest card (48% pa) to something more reasonable.

Two things.

1) Although you know you just want to transfer, if you have the limit you can spend it and the banks need to take this into account.
2) The banks need to put REAL capital aside for your credit limit, whether you spend it on not. This is now a requirement since the banking crisis. So even if you only have double the limit to transfer, they need to put some money aside. This is required because when they didn't do this, the whole global economy got into a mess.

BTW - If you want to get good advice, you need to be honest with people, so if you are hiding stuff then you won't get the right advice.

paulmcerlean

Timbersnake wrote: »

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?

Years of hard work defaulting and not paying?