Credit Card Rejection

hannahskellam

I am hoping someone can advise me on why I might have been rejected for 2 different credit cards in the last 3 months?

I earn £23,500 a year, I have got a credit card already, and over drafts with other bank accounts.

I just checked my credit score it's 494 (excellent) not one late payment or anything. Only thing that wasn't great was that I've only lived in the flat I rent for 1.5 years.

I also noticed that since the last credit card i applied for (and got) in Aug, there has been no credit checks on my credit report.

Does this mean the 2 different credit card companies have jst rejected me before checking my report? And if so, why would they do that?

Thank you! x

Hazzinho

Are you on the electoral roll? Are you deep into your overdraft? Are your cards at the limits? Do you pay the minimum payment every month? Two credit applications in 3 months may have affected you as sometimes credit takes afew months to appear. lenders don't know if other application are successful so have to assume you have that extra credit.

Steve321

Hi there.

I am in the same position, with an income of £25k.

I have no existing credit cards, no store cards, no overdrafts, and a loan with an existing balance of £3000, which will be paid off before the end of this year. My credit rating according to equifax/experian is high.

I applied for a credit card with a bank I have been with for 10 years now, and they rejected me. They said that the £3000 I had as debt currently was as much as they were willing to expose me to.

It is totally absurd really, and very frustrating. I applied to M&S a few weeks later, and was declined again.

I think my problem is that I spent a year abroad about 5 years ago and came off the electoral roll, and I have never bothered getting that sorted.

I suppose it is a combination of banks just not lending, and me not being on the electoral roll?

guesswho2000

Steve321 wrote: »

Hi there.

I am in the same position, with an income of £25k.

I have no existing credit cards, no store cards, no overdrafts, and a loan with an existing balance of £3000, which will be paid off before the end of this year. My credit rating according to equifax/experian is high.

I applied for a credit card with a bank I have been with for 10 years now, and they rejected me. They said that the £3000 I had as debt currently was as much as they were willing to expose me to.

It is totally absurd really, and very frustrating. I applied to M&S a few weeks later, and was declined again.

I think my problem is that I spent a year abroad about 5 years ago and came off the electoral roll, and I have never bothered getting that sorted.

I suppose it is a combination of banks just not lending, and me not being on the electoral roll?

Not being on the electoral roll will have a huge impact, as will having no existing revolving credit accounts. You're proving that you can service an account with structured repayments (the loan) but not revloving credit.

Not being on the electoral roll makes it difficult for lenders to check your identity and trace you, making it easier for a borrower to run off without paying, therefore I'd say that's the first thing you should sort out

JohalaReewi

hannahskellam wrote: »

I just checked my credit score it's 494 (excellent)

Don't check the score, check your credit report.

The so called credit scores are just numbers made up by the credit reference agencies. Real credit scores are made up by lenders and they do not tell you what your score is or how they calculated it.