Credit denied

cube101

Hi All,
Quick question... Just applied for both the m&s and tescos cards only to be rejected (feeling wounded). I currently have zero debt apart from a small balance (£100-£200) I tend to run on an old HSBC card. I also have a Virgin card I rearly use. My income is well above there minimums and my credit histories all seem fine apart from the fact i moved house about 6 months ago and despite registering on the electoral roll it was coming up as my old address still.
My question is... would the electoral roll be enough for a rejection and do credit card companies reject people they can see are just after the interest free credit? i.e. would i stand a better chance if i had more debt on credit cards?
Also would it be a bad idea to apply for more now as they will be able to see my recent applications?
Thanks for any replys,
Steve

BugsyBrowne

cube101 wrote: »

Hi All,
Quick question... Just applied for both the m&s and tescos cards only to be rejected (feeling wounded). I currently have zero debt apart from a small balance (£100-£200) I tend to run on an old HSBC card. I also have a Virgin card I rearly use. My income is well above there minimums and my credit histories all seem fine apart from the fact i moved house about 6 months ago and despite registering on the electoral roll it was coming up as my old address still.
My question is... would the electoral roll be enough for a rejection and do credit card companies reject people they can see are just after the interest free credit? i.e. would i stand a better chance if i had more debt on credit cards?
Also would it be a bad idea to apply for more now as they will be able to see my recent applications?
Thanks for any replys,
Steve

If your not on the electoral roll with your new address very unlikely anyone would accept you TBH.

Do not apply for anything again until your on the elec roll, also make sure it was 6 months b4 your last applications b4 you apply again.

crispy_chris

star-fire wrote: »

If your not on the electoral roll with your new address very unlikely anyone would accept you TBH.

I'm not sure thats entirely true, I got a Halifax Reward Account, Halifax Clarity CC (limit £2300), Barclaycard Platinum (limit £2500) and a First Direct Current Account (£1500 overdraft) all without being on the voters roll.

Ralphy101

Its not the be all and end all... I got a BC platnium , before realising im not on the elec register.

As i understand it though, it does hit your "overall score", and although each company score their customers differently ( target audience etc.) - I assume that all of them score not being on the elec register heavily.

So get on it, its one of the easiest ways to improve your score.

If you dont use the Virgin credit card - close it. Having access to too much credit is actually a bad thing, especially when companies are tightening their lending criteria. - Having access to too much credit will raise your risk.

In addition, the debt you have with HSBC? is this an overdraft that you automatically pay back as your salary goes in - (which would be classed as paying it back as soon as salary goes in) Or is it a HSBC credit card that you've missed payments or only pay the minimum? If its the latter, then i would suggest either 1) paying over the minimum payments 2) try to pay this debt off first.

kerol

crispy_chris wrote: »

I'm not sure thats entirely true, I got a Halifax Reward Account, Halifax Clarity CC (limit £2300), Barclaycard Platinum (limit £2500) and a First Direct Current Account (£1500 overdraft) all without being on the voters roll.

Totally agree. I am not on voters roll. Got the Halifax Clarity card limit 6700, and a few others.

The credit card application is truly based on your personal situation, and very difficult for others to commend. The credit card companies r really bad, from my own experiences, 3 years ago, when I actually really need some credit or no interest balance transfer, MBNA said NO. Now I'm in a very good financial situation, they keep sending me the 0% interest balance transfer offer.

My advise is when your financial situation is better, apply some credit cards, coz when u actually need it, u will find it difficult to get.

BugsyBrowne

Thankyou chrispy chris & kerol for clearing that up, it seems that being on the electoral roll is not as important to lenders as once believed.

It seems now that if you apply for credit lenders are not that bothered if you have an address.