Is it worth me applying to mainstream yet?

MrsKrepsly

I have a good credit rating, have 3 credit cards (one is mainstreamish with Natwest, 17%) and have an over draft, current plus bank account and a couple of store cards (argos and next).

Never miss a payment, never late, always buy stuff, always let them make a bit of interest on me -

But I want rid of the high interest cards and want to apply to mainstream (barclaycard especially) but am scared to do it incase I'm turned down and my credit rating damaged.

Reason they might turn me down, despite the good credit history is that I'm not currently working. As of september I'll be a full time student but in the mean time, is it actually worth me applying to mainstream or is it only the CapitalOne type cards that will give to the unemployed?

Only thing I ever got declined for was an Egg card and that was a couple of years ago.

izools

Pop your details in here:

https://letmechoose.barclaycard.co.uk/

And Barclaycard will tell you what your chances are of approval for various cards of theirs - they do a "soft search" so the results are based on your credit file and circumstances, but the search they do isn't visible by other lenders so won't affect your score.

Let us know how you get on

Russe11

izools wrote: »

Pop your details in here:

https://letmechoose.barclaycard.co.uk/

And Barclaycard will tell you what your chances are of approval for various cards of theirs - they do a "soft search" so the results are based on your credit file and circumstances, but the search they do isn't visible by other lenders so won't affect your score.

Let us know how you get on

Is this not the reason people are getting accepted, getting a card, then a short while afterwards being told they don't qualify and the card cancelled?

ironlady2022

Why you allowing them to make money out of you? You will still get accepted for cards if you pay in time every month and in full.

jon_boy75

your credit file wont be wrecked by a few applications, it will be by applying for loads of credit in a short space of time

izools

Russe11 wrote: »

Is this not the reason people are getting accepted, getting a card, then a short while afterwards being told they don't qualify and the card cancelled?

No, the Pre-App checker does a soft search with Equifax and Call Credit.

Full applications go for a Full Search with Equifax, and in some cases (never when I've applied, but always when my OH applied) go for a full search with Experian, too.

I think it's when the Experian search results are notably worse than the Equifax search results that the application is turn down after the account is opened.

If Barclaycard ever went to Experian as well as Equifax in my case, I'd have an account opened then closed, too, as none of my defaults or BR order show up on EQ or CC, only EX. (Address linking 'issue'. An issue I rather like)

CLAPTON

you already have a main stream card why do you need another?


completely mad not to pay in full each month; whyever pay interest unnecessarially


being unemployed will stop most CCs giving you a card, as they will see no obvious way that you can pay them back

BugsyBrowne

CLAPTON wrote: »

you already have a main stream card why do you need another?


completely mad not to pay in full each month; whyever pay interest unnecessarially


being unemployed will stop most CCs giving you a card, as they will see no obvious way that you can pay them back

I completely agree why do the OP need a another card, but a friend of mine lost his job 6 months ago where he has credit cards and never missed a payment.
So in the 6 months he has been on Job-seekers and applied for a 0% credit card and he got accepted, so maybe his past excellent credit history for managing credit very well might have over-ruled his employment status.
Just a guess but sounds likely.

Venusflytrap

star-fire wrote: »

he has been on Job-seekers and applied for a 0% credit card and he got accepted, so maybe his past excellent credit history for managing credit very well might have over-ruled his employment status

Bunkers for any responsible CC company to offer credit to an unemployed person! Unless of course he has savings/assets stashed away somewhere that only the JSA folks don't know about.

BugsyBrowne

Venusflytrap wrote: »

Bunkers for any responsible CC company to offer credit to an unemployed person! Unless of course he has savings/assets stashed away somewhere that only the JSA folks don't know about.

Well they obviously trust him with credit has he has not missed a payment in 15 years and also payed back car loans and banks loans, I would lend him money has he has a proven track record..

Or would I lend someone money who earns 30k a year who seems to forget on a regular basis he has to pay his minimum payment every month..Answer NO..

Venusflytrap

star-fire wrote: »

Well they obviously trust him with credit has he has not missed a payment in 15 years and also payed back car loans and banks loans, I would lend him money has he has a proven track record...

But surely the main question any responsible lender should be asking is, "How will the applicant repay the debt? Do they have substantial disposable income?"
If your friend is solely reliant on JSA then i'm sorry but I don't see how this counts in their favour, irrespective of impeccable credit history when they were employed and earning.