Credit Card Application - My 1st "Declined"

Moonlapse

Been declined by M&S.

I have checked my credit history with Equifax and seems reasonably accurate at first glance - the only glaring blemish is a missed payment on my current card for this month.(out by a day or something ridiculous).

I have 3 credit cards total. My total debt between them is roughly £7k.

One is not used and the balance is cleared (albeit there are two other missed payments on this old card, one for 2009 and one for 2010.) Interestingly I missed a couple of payments for an outstanding amount of less than £1 for about two-three months lately, I have no idea how I managed to spend on this card, must have been an old internet account. I didn't even consider that I might be missing payments on it, therefore didn't realise - however, they have not shown up in the credit report.

I have £2k sitting on card no.2, I think 0% purchases has elapsed but last time I looked balance transfer fee outweighed any interest accumulating so I have left it to sit there.

Card no.3 has roughly £5k on it, £3k of which is for an outright major item purchase . I tend to use this card for day to day purchases aswell. I was initially paying off the balance in full every month but started to exceed my monthly ability, and after the major one off purchase it seems I have well and trully deferred living within my means for a good few months yet.

I ideally want to 'tart' to stop any interest accumulating and continue to have 0% purchases, aswell as a reassurance that I won't have any cashflow problems - I reasonably need about £400-£650 in any given month just to cover travelling for work.

Any advice appreciated. Would prefer it to be advice on how to get more credit (what to apply for next and how to make sure I don't get declined) but any and all advice appreciated.

jon_boy75

late payments = no new credit

That's just the way it is at the moment. especially as you have 3 (or more) over the last few years. This was once a minor offence, but not anymore. You will likely need to wait 6 months minimum for those late payments to become less of an issue for lenders.

I assume you won't be wanting sub-prime cards. That being the case, just use your existing card, because if you pay off work expenses within a month (or 56 days) you wont pay interest anyway.

BugsyBrowne

Moonlapse wrote: »

Been declined by M&S.

I have checked my credit history with Equifax and seems reasonably accurate at first glance - the only glaring blemish is a missed payment on my current card for this month.(out by a day or something ridiculous).

I have 3 credit cards total. My total debt between them is roughly £7k.

One is not used and the balance is cleared (albeit there are two other missed payments on this old card, one for 2009 and one for 2010.) Interestingly I missed a couple of payments for an outstanding amount of less than £1 for about two-three months lately, I have no idea how I managed to spend on this card, must have been an old internet account. I didn't even consider that I might be missing payments on it, therefore didn't realise - however, they have not shown up in the credit report.

I have £2k sitting on card no.2, I think 0% purchases has elapsed but last time I looked balance transfer fee outweighed any interest accumulating so I have left it to sit there.

Card no.3 has roughly £5k on it, £3k of which is for an outright major item purchase . I tend to use this card for day to day purchases aswell. I was initially paying off the balance in full every month but started to exceed my monthly ability, and after the major one off purchase it seems I have well and trully deferred living within my means for a good few months yet.

I ideally want to 'tart' to stop any interest accumulating and continue to have 0% purchases, aswell as a reassurance that I won't have any cashflow problems - I reasonably need about £400-£650 in any given month just to cover travelling for work.

Any advice appreciated. Would prefer it to be advice on how to get more credit (what to apply for next and how to make sure I don't get declined) but any and all advice appreciated.

Late payments and you want to tart.. Right OH :rotfl:

chattychappy

A single missed payment is not a big issue, but given you say it is for "this month" I agree this could well be a big problem.

You need to let a few months pass so that it fades in significance. Generally a couple of searches are not an issue so you could just try another card in the meantime if you are keen.

You might want to look at Experian too.

BugsyBrowne

chattychappy wrote: »

A single missed payment is not a big issue, but given you say it is for "this month" I agree this could well be a big problem.

You need to let a few months pass so that it fades in significance. Generally a couple of searches are not an issue so you could just try another card in the meantime if you are keen.

You might want to look at Experian too.

More than 1 missed payment the OP has.

adamc260

I have a completely clean file... had 2 loans that I cleared early, never missed a payment on anything, on electoral roll (only ever lived at this address)... and m&s rejected me too! They must have a target market and I dont fit it!

LovelyLeeds

adamc260 wrote: »

I have a completely clean file... had 2 loans that I cleared early, never missed a payment on anything, on electoral roll (only ever lived at this address)... and m&s rejected me too! They must have a target market and I dont fit it!

It might be because you have available credit on other cards you might have, so your available credit is already at the max with which lenders will lend. I have an M&S card with a £9k limit, but I don't use it anymore because I wanted a Sainsbury's Nectar credit card - consequently Sainsbury's only gave me a £3k limit - I think because my available credit was already available with my M&S card. I think I know what I mean anyway!:T

Moonlapse

Damn! I was only out by a day or so, really annoying!

I wonder if it's really a huge problem or whether I don't meet M&S target audience? If it's the latter, is it worth applying for a different card or is that the classic 'downward spiral' route?

My other missed payments are on my first card which I don't use now, balance is zero, is it worth cancelling this card? Will it make a huge difference? The missed payments stay on credit report for 6 years but available credit will presumably go down?

Is it worth checking Experian - do credit reports vary considerably? Is this one likely to show anything different to the Equifax one?

As an aside it's really annoying if I have been sent on a downward spiral just because I don't meet certain criterea - if only I'd have known which one to apply for first it may have been avoided? Is it worth phoning lenders to find out what they look for before applying? Is it worth begging to get the missed payment report removed as it was only 1 day?

chattychappy

star-fire wrote: »

More than 1 missed payment the OP has.

Yep, but it seemed only one was logged so would have been picked up by M&S - unless I misunderstood the OP.

BugsyBrowne

chattychappy wrote: »

Yep, but it seemed only one was logged so would have been picked up by M&S - unless I misunderstood the OP.

Probably more than likely me not reading the post..

SCO

[Moonlapse;43106516]?

Is it worth checking Experian - do credit reports vary considerably? Is this one likely to show anything different to the Equifax one?

Yip as all lenders have there own prefered CRA, however a lot of the info is the same it is still woth checking after all its only £2 per company.

If I was you try the Creation credit card if they dont take you none of the prime cards will. I would also stop applying after that.