Credit Card Query

Butter1986fly

I was offered a credit card from my bank the other day - I didn't really need it but the offer seemed very good, so I applied and was accepted. I was emailed on the 18th and told the card would be with me in 10 working days. Great!

However today I receive a letter stating 'your account no longer meets our lending criteria, so we have decided to close it'. The letter is dated the same day as the email and I haven't received any documents (or card) yet. Why would they do this and is it going to affect my credit score?

ironlady2022

The fact they accepted you in the first place will have left a stamp on your credit file. I would go back to your bank to ask what's going on.

Butter1986fly

I thought that but would it make my credit rating lower as they decided to close it?

The letter also states 'we cannot discuss our lending criteria as it is confidential company information'. I will give them a call I'm not to fussed about not getting the card, I just hope it won't have a negative effect on my credit rating.

ironlady2022

It won't have a negative effect as you didn't owe any money as you never got chance to spend it. But it is seen as a search and too many searches in a short period of time will go against you. So I wouldn't worry too much.

Butter1986fly

Thats ok then, I shouldn't have thought I have had any other searches recently as I haven't applied for any sort of credit in a while.

I think I will still ring and ask why they did it though. Thanks for your advice.

lisyloo

It is very probably a blanket change in their criteria to tighten up on their lending.