Natwest - yes or no, and sign of better credit?

briankelleher

I've been turned down by everyone for credit lately, either loans or cards, as I've only lived in the UK since Jan 2010 (I'm Irish). Equifax gave me an average rating, but I couldn't even get accepted for a card with any of the sub prime companies, despite a 20k job and no UK debts.

Yesterday, I applied online for a credit card with Natwest (my bank) and they offered me one with £1500 on it, at about 18.54% after three months interest free on purchases. I signed up and got a credit agreement, etc, only for the last step to say "we cannot assess you immediately, so will be in touch in due course".

So three questions:

(a) Is that a yes but we're covering ourselves in case of a system error, or a no, we were just giving you a look at what happens when a normal person applies for a card?
(b) Could this mean I could also possibly now get cards with others? Thinking of getting some money out of the natwest one then transferring the balance to someone else.
(c) If it's blind luck, how many months of careful spending and repayments before other credit providers would be willing to take me on? I know there's no hard answer, but a general one would be helpful.

zppp

It is probably none of the three options you have given. It is likely that the application has been sent to an underwriter who will make a manual decision and get back to you.

briankelleher

Oh. That is disappointing. Strange though, as they've always just turned me down flat in the past. I was thinking it had something to do with my applying for a Santander account, thought maybe they were doing as an incentive to stay with them.

chexum

briankelleher wrote: »

Oh. That is disappointing. Strange though, as they've always just turned me down flat in the past. I was thinking it had something to do with my applying for a Santander account, thought maybe they were doing as an incentive to stay with them.

Just wait it out - after 6-12-18 months without changes in your circumstances (address, job, main bank), your credit rating will be incrementally better and better, even if you're in the country for the first time.

For most credit applications, you need to be resident in the UK for 3 years if you have only a single address, or sometimes 1-2 years at minimum if you have a previous UK address. After that, banks will be gradually more trusting. Just think of it this way - you have the same credit file as a 19 year old would, and they can't tell if you've been in the UK before (and just hide it well).

There's not much better you could do than let your bank give a credit card.

briankelleher

I kind of change about from being honest and giving my two addresses with the right dates, sometimes i do lie and pop in my girlfriend's parents address and say i've been in the country for years but it never works - guessing they have some way of cross referencing these things. We're moving again in a month or so, presumably that'll mess up my address history too. Just have to wait it out I suppose. The killer is i'm paying £400 a month back to ireland for CC debt, just looking for a way to shift it to the UK to get it paid off, or better yet to somehow put it on a 0% bal transfer card. It's completely crippling me at the moment.

briankelleher

Rang them today, it was a yes, card on way.