Why am I turned down?

mum-2-3

Hi, wondered if ayone would kindly help please?

This is so very frustrating.

I do not own a credit card, but have a couple of store cards and a couple of catalogue accounts which at most have a balance on around xmas time of £1000 in total. I pay monthly for these debts and have never missed a payment.

My husband has a couple of credit cards, one is a long term debt from 5 years back from some major purchases which we pay around £200 a month for (he has missed 2 payments by a couple of days in those 5 years but we make sure that never happens now). The other credit card was a 0% balance transfer to reduce the long term card for a time. This 0% rate ran out, there was a balance of around £990 left and believe it or not he couldnt get accepted for another card so we have been payment the minimum payment every month by DD and only taking around £1 off the balance every month for the past 6 months.

We have one loan for sofas through DFS which is joint and paid by DD every month never late.

Apart from that we have an overdraft that we use most months but we both work and both have our salaries paid in etc.

We don't have a mortgage as we rent - priced out of the housing market where we live!

I decided to get all my credit histories in order to get a credit card and to reduce the amount we are paying on our CCs- having read about it here for many years and have recently got the three main ones, all of which score me as excellent - Experian gave me a score of 982 out of 999 so you'd think I could get a card right?

Having looked at the top cards today, I decided to go for the Virgin simplicity (not the Barclaycard one as one of my husband's transfers would be from Barclard).
AND IT TURNED ME DOWN!! I can't believe it! WHY would it do that? - I have resisted making any applications as I know these show up so have very carefully done all my homework and only applied for that one card - and all they say is:
"we have used a credit scoring system and we're sorry we can't offer you one at this time"

So do I carry on trying to find one that will accept me at a worse rate or try to find out why i was turned down (i dont hold much hope)???

Many thanks

YorkshireBoy

Working against you:

At least 7 credit accounts between you, all of which are interest bearing? ie no promotion rate indicators on your credit report.

Late payments on the credit reports (doesn't matter they're on his as you're financially linked so credit card searches will see his record as well as your own).

Regular use of your overdraft shows you can't manage your day-to-day/month-to-month spending.

Renting, rather than owning your home...on that subject, are you on the Electoral Roll there - and at your previous addresses if less than 3 years there?

To go any further you'll have to post your, and your partners:

Total debts
Total available credit
Income

Oh, and don't go wasting any more money on useless credit scores.

opinions4u

mum-2-3 wrote: »

I do not own a credit card, but have a couple of store cards and a couple of catalogue accounts which at most have a balance on around xmas time of £1000 in total. I pay monthly for these debts and have never missed a payment.

My husband has a couple of credit cards, one is a long term debt from 5 years back from some major purchases which we pay around £200 a month for (he has missed 2 payments by a couple of days in those 5 years but we make sure that never happens now). The other credit card was a 0% balance transfer to reduce the long term card for a time. This 0% rate ran out, there was a balance of around £990 left and believe it or not he couldnt get accepted for another card so we have been payment the minimum payment every month by DD and only taking around £1 off the balance every month for the past 6 months.

We have one loan for sofas through DFS which is joint and paid by DD every month never late.

Apart from that we have an overdraft that we use most months but we both work and both have our salaries paid in etc.

We don't have a mortgage as we rent - priced out of the housing market where we live!

Having looked at the top cards today, I decided to go for the Virgin simplicity (not the Barclaycard one as one of my husband's transfers would be from Barclard).
AND IT TURNED ME DOWN!! I can't believe it! WHY would it do that? - I have resisted making any applications as I know these show up so have very carefully done all my homework and only applied for that one card - and all they say is:
"we have used a credit scoring system and we're sorry we can't offer you one at this time"

So do I carry on trying to find one that will accept me at a worse rate or try to find out why i was turned down (i dont hold much hope)???

Many thanks

I've highlighted in red what I think the problem is. Your lives appear to be totally reliant on multiple credit commitments. The lender of the latest application has decided that it's time to stop.

I decided to get all my credit histories in order to get a credit card and to reduce the amount we are paying on our CCs- having read about it here for many years and have recently got the three main ones, all of which score me as excellent - Experian gave me a score of 982 out of 999 so you'd think I could get a card right?

To be honest, if you're not scoring 999 with Experian it usually means there's something wrong.

I'd suggest cancelling any subscriptions to these scores (which are dreamt up by companies that don't lend) and pay that sum as an additional payment off your most expensive card.

splatt30

It says on the Barclaycard blurb about if this card 'suits' you
- you have always made payments on time
- have a regular income of more than £20,000 pa
- your debt is less than 10% of your income

Do any of these pointers help?

I was going to apply for this card but due to my stoozing my amount owing on cards is more than 10% of income so have decided to leave it.

mum-2-3

Kind of not sure where to go with this now. Thank you for your help though.

def none of the 3 above reasons, however like the PP has said,

I expect its because I am linked to my dh and he has 2 cards? and we have a number of small credit accounts open.

Although HSBC collared me on the phone yesterday whilst I was trying to do something else and *offered me a card* I was very tempted but I don't want to have many applications on my file either so declined for now until I have done more homework on what suits us best.