Credit card application mystery

goodbuyer1

Thanks. Well maybe you are right about the income. But the Tesco card reads 'income : £ 5000' so why do they waste people's time. Forget my bank, HSBC, they offer a card with 0 % for, can you believe it, a whopping 3 months.

Thanks

lisyloo

What if I ask my bank directly? Will they see it as 'desperation' as well?

You will still have to go through their computerised system which will have "rules" about how many searches are too many. Computers work on rules not on human understanding so if it says no more than 6 searches in 6 months then it's a pass or fail. The appeal is normally done by a human so that's one route that might work.

Anyways I would be surprised if that's the reason of the turn down, as the Tesco card reads 'income: £ 5000'.

There are a number of factors taken together.
So they might lend to someone with £5K income provided they have a permanent job and aren't self-employed - for example. It doesn't mean they will lend to everyone with a £5K income regardless of job, searches, available credit.
The decision is a combination.

Your best bet is to appeal adn go through a human being as you are failing some "rule" somewhere in the computer and we don't know what it is.
Human beings can make a sensible decision.

I've been rejected before but got the card on appeal or it might just be that you aren't going to get it.
I don't mean to sound harsh but it's not a "right" to have it although I understand your frustration at not knowing why.

goodbuyer1

thank you, I now have a much better understanding of how it works and I think all your points make sense.

I will appeal, then, as it seems it's worth trying. Thanks again for all the very helpful answers. Cheers

YorkshireBoy

goodbuyer1 wrote: »

I will appeal, then, as it seems it's worth trying.

There's an 8 month wait between applications to Tesco (it's on their website).

There's also a note on there saying second applications will be automatically rejected.

You'd be better waiting a good few months then trying again elsewhere in my opinion.

Something that has not already been mentioned is the effect of financial associates on your credit rating. Do you have any?

goodbuyer1

YorkshireBoy wrote: »

You'd be better waiting a good few months then trying again elsewhere in my opinion.

Something that has not already been mentioned is the effect of financial associates on your credit rating. Do you have any?

Thanks. No, no associates at all.....I am a one-man-band

Venusflytrap

Tixy wrote: »

(eg natwest & RBS are a minimum of £10k income, nationwide is £25k)

Nationwide CC requires 5K income not 25k.

meer53

goodbuyer1 wrote: »

Thanks. No, no associates at all.....I am a one-man-band

By financial associates they mean anyone who you are involved with, not in your employment only. eg. anyone who lives at your address with you, partner, husband, wife, mother, father etc or anyone you have been associated with in the past.

If you've only been self employed for a short while then that also will impact on their decision. Why don't you call your bank and ask if the increase in your limit is still available ?

cr1mson

Tesco always had a reputation of looking for those with whiter that white credit historys not sure if still true.

C

Tixy

Venusflytrap wrote: »

Nationwide CC requires 5K income not 25k.

Really? That would be useful to know. Have you got a link to somewhere that says that? I'd always believed it to be £25k (which is what it says on the stoozing.com site), and I can't see anything on the nationwide site about an income criteria.

Venusflytrap

Tixy wrote: »

Really? That would be useful to know. Have you got a link to somewhere that says that? I'd always believed it to be £25k (which is what it says on the stoozing.com site), and I can't see anything on the nationwide site about an income criteria.

I am unable to attach a screen shot of the page (you can view it by proceeding to apply for the NW CC; it's the first page), but here is a copy and paste version:

Credit Card ELIGIBILITY CRITERIA

Please confirm the following eligibility statements apply to you before starting your application:

1) You and any additional card holders are aged 18 or over.
2) You have been living in the UK for the past 12 months (this includes BFPO address but excludes the Isle of Man and the Channel Islands).
3) Your gross annual income is greater than £5000.
4) You are NOT currently declared bankrupt, subject to an Individual Voluntary Agreement (IVA) and you do not have any County Court Judgements (CCJs).
5) You have NOT missed any 3 payments or more on any credit commitment during the last 12 months.
6) You have NOT applied and been rejected for a Nationwide Credit Card in the last 6 months.
7) You have NOT held any Nationwide credit card in the last 12 months.

By selecting 'Next' you are confirming that you meet the eligibility criteria. Please select 'Exit' if you do not meet the eligibility criteria.