Refused a card

joymachine

Hi All,

I wonder if someone can help on here..... first time poster but longstanding "lurker"

I just saw a LloydsTSB credit card with 0% for 19 months so decided to apply but have just been refused and sent a letter relating to how to check your credit score.

My wife and I earn £40k each, have a home worth £400k with a £150k mortgage and only debt we have is a car loan for £250 per month. I have done a check on our credit score and it comes back 2 star (out of 5) with a rating of 526. We are both employed full time and have been for the last 5+ years with the same company and on the electoral role.

Does anyone have any idea why or how this can be improved

Thanks

Ben8282

I assume this is the Platinum credit card. As you say you have no debits other than your car loan I was just wondering what you wanted a 0% balance transfer card for as you have no balance to transfer onto it?

There may actually be nothing at all wrong with your credit rating. The letter is pretty standard. You probably just didn't fit the profile of the customer that they want for some reason. I assume that neither you nor your wife posess any credit cards as you didn't mention any? I assume you both have bank accounts so I suggest you try to get a credit card from your own bank first. With your income being paid into a current account with them I don't think you will have too much of a problem. Anyway, give that a try first, then try other companies when you have built up a history with a credit card. And save the applications for good balance transfer cards until you have a balance to transfer.

As to the credit score, this doesn't really mean very much. I assume you pay your household bills, mobile phone bills, car insurance bills, mortgage, car loan etc etc on time? If there have been late payments or anything there, that could be affecting you.

lvm

You say you have done "our" credit check - you can only do a check on an individual rather than a couple.

I'd say check your wife's credit file (or rather, ask her to do it)...she'll be financially associated with you and any credit agreement in her name could affect your score. Could your wife have accounts in her name she's maybe not paid? Even if she's forgotten about them - a mobile phone contract possibly?

CRAs are usually quite good on the phone - give them a call if you can't find anything suspicious and ask them how they rated you so poorly. I'd normally say the scores don't mean anything but there's obviously a reason you've been rejected.

bluffer

Ben8282 wrote: »

..

There may actually be nothing at all wrong with your credit rating. The letter is pretty standard. You probably just didn't fit the profile of the customer that they want for some reason.....

this is odds on the reason. 99% of the letters they send out are bog standard templates that cover everything while saying nothing.

pineapple

The only time my credit card comes out is if an online retailer won't accept switch.
Seriously they may be doing you a favour.

InsertWittyName

pineapple wrote: »

The only time my credit card comes out is if an online retailer won't accept switch.
Seriously they may be doing you a favour.

I always use my credit card over a debit card when buying online - the extra cover it provides is essential to me for internet purchases.

Also, didn't switch die about 2 years ago?