m&s card question

Moonlapse

Got an email of decline.

"Thank you for your enquiry.

We have assessed the details that you have provided, but, unfortunately, we are
unable to assist you at this time.

A letter of explanation will be sent to you by post. We are sorry for any
disappointment this decision may cause, but thank you for your interest in
Marks & Spencer Money.

Yours sincerely,


Underwriting Department"


What do I do now? I have checked my credit rating with Equifax and at first few glances it looks reasonably accurate. I missed my latest payment by about a day or something ridiculous on my existing card, closing balance of which is near limit. When is the best time to apply for a different card? Immediately or leave it?

Aside: The M&S credit limit seems low, in any case. I am seeking out a new card to ease some existing debt and also any possible near future cashflow problems.

fozmcfc

Moonlapse wrote: »

Got an email of decline.

"Thank you for your enquiry.

We have assessed the details that you have provided, but, unfortunately, we are
unable to assist you at this time.

A letter of explanation will be sent to you by post. We are sorry for any
disappointment this decision may cause, but thank you for your interest in
Marks & Spencer Money.

Yours sincerely,


Underwriting Department"


What do I do now? I have checked my credit rating with Equifax and at first few glances it looks reasonably accurate. I missed my latest payment by about a day or something ridiculous on my existing card, closing balance of which is near limit. When is the best time to apply for a different card? Immediately or leave it?

Aside: The M&S credit limit seems low, in any case. I am seeking out a new card to ease some existing debt and also any possible near future cashflow problems.

You really need to be tackling the debt, late payments even by a day aren't good and talk of easing existing debt and possible near future cash flow problems, you need to get serious now, before it's gets to unmanagable.

Getting the M&S card, maybe in the short term might have helped, but I think it would have just got you into worse debt, because even at 0% debt is debt.

My advice try the debt free wanabee board, post a statement of affairs (SOA) and see where cuts can be made and income upped.