Credit Card Decline (Natwest)

KLogic

Hi Guys,

New here - alot of interesting resources!

I am a student, of which I am now trying to apply for a Credit Card. I have bought my Credit Report and Credit Rating.

My Latest Rating is: 444 (which apparently is good). However, I did have some trouble with the Electoral Role. I moved addresses, and forgot to apply for the vote at the new address. I then obviously applied for a Credit Card and it was declined on that basis.

I then asked the council to change and update my details to the new address (of which that took them 1 month?!) by this time, the updates are frozen as the annual canvass is out.

I asked Equifax to revert the Electoral Role back to my old address, by this time after Commuting to a fro from work and Uni my bank account was running on empty. I therefore applied for a pay day loan from Wonga.com (of which I have used a couple of times and never had any trouble with them what so ever). I am paying this back at the end of the month.

I waited a couple of days and Equifax then reverted me back to my old address with the Electoral role. So I thought great! I'll go and apply for the credit card, everything is Green on my Credit Rating - so here it goes! I walked into natwest explained the situation - then they declined me on my "Credit Report" to which even to this day is all in green with a "good" credit report!

Do you think its because I have not paid the money back yet from Wonga.com and it's something I can do when pay day comes - or has Wonga ruined my credit Rating (I have never missed a payment)

EDIT: Just to say, I have a phone bill (which I have never missed a payment for), a Small overdraft (Which I pay back every month) and a loan a couple of years ago which I paid back within a year!

Thank you Guys.

kadiea

Appeal the decision, ask for a manual review and explain your circumstances in the appeal letter.

izools

Have you ever had a credit card before?

The presence of a brand new, un-settled account (wonga) on your credit file will have a negative impact. Once it's settled the negative impact will be less and the older it gets the less and less the impact will be.

You need to ensure all of your active credit accounts (bank, phone, etc) are registered to your new address and wait until you've been registered on the ER there.

Even then, due to the recent move, your credit worthiness will be affected. Lenders like to see stability, so a recent move will be a risk signal.

Pay off the loan, update everyone with your new address, wait until you're ER registration at the new address has reflected there for 6+ months, and try again. You'll be in a much better position.

And stay away from PDLs. The presence of many accounts opened for a very short period of time could appear as instability and / or frivolity with credit. This isn't limited to PDLs, by the way. An abundance of any kind of account opened and closed in a short space of time indicates instability and isn't a good sign.

Finally, ignore your "Score". This is only Equifax's interpretation of the data on your credit file. All other creditors will make up their own mind based on their own criteria. That score is about as accurate as one-size-fits-all clothes. There's no such thing!

KLogic

I've never had a Credit Card, never had a store card or anything like that.

The reason I used Equifax is that NatWest advised me too! So that was a load of codswollup! ha!

I mean the PDL is something I need to get out of, it's just obviously hard with all my out goings (and student life!) But thank you for the advice. I am applying for a Student Credit card if that helps - as alot of students would move addresses?!

Thanks