Declined for a credit card

jayswann

Hi,

Today I applied for the RBS/Natwest 20 month 0% finance for a balance transfer from my barclaycard but I was declined!!

I checked my credit rating on experian and it says its excellent. I have never missed a credit card payment or mortgage payment or went into overdraft. I earn double the minimum income required.

Would anyone know why it would be declined.

Thanks in advance

Jay

Plxply

Every lender has different criteria and the rating that Experian or any CRA gives is meaningless. Normally it would be due to a default somewhere on your credit file, have you double checked to make sure that your file is in fact spotless? It could also be that the lender has determined you have too much available credit so they declined your application.

There are lots of different reasons why you can be declined with each bank having different criteria and being very unwilling to share what caused an application to be declined.

Tixy

What do your credit reports show? Not the score/rating they'll sell you but the actual report?

How much do your existing debts total? How much available unused credit do you have on top of that?
How much do you earn?
Do you pay more than the minimums on your current credit cards?
How many credit cards do you currently have?
Are you employed?/self-employed?

Are there any likely factors of instability, such as short time in current job, short time in current property? lots of accounts openend in the last 6months?

jayswann

thanks guys for your replies.

I have 2 credit cards that were near their o% interest rate. I have always paid well over the minimum repayments, earn a good wage, and have never had late payments. My credit report was excellent and over 60% unused credit. It just annoyed to be declined and I was worried it would affect my credit report.

But I have tried and was sucessful in applying for the virgin 20 months 0% so all is good now

whatmichaelsays

It may well be that the bank doesn't believe that it will make enough from you to justify the account.

A bank doesn't just assess you on whether you can afford the credit, it also assess you how much you're likely to add to their bottom line.

giblet10

jayswann wrote: »

Hi,

Today I applied for the RBS/Natwest 20 month 0% finance for a balance transfer from my barclaycard but I was declined!!

I checked my credit rating on experian and it says its excellent. I have never missed a credit card payment or mortgage payment or went into overdraft. I earn double the minimum income required.

Would anyone know why it would be declined.

Thanks in advance

Jay

Jay, the two obvious ones to consider would be:

- have you seen your Equifax and Experian credit reports recently? There may, stress may, be something on one of those that you are not aware of

- you might just not be their type of customer

Either way, when the decline letter arrives, send in an appeal with further information essentially underlining your financial stability. I send in things such as:

- recent bank statements
- investment certificates
- pay slips

In my case it works more times than not.

Catherine_Johnson_2

giblet10 wrote: »

......In my case it works more times than not.

My goodness, how many credit cards do you apply for if your method 'works more times than not' for you?

giblet10

Catherine_Johnson wrote: »

My goodness, how many credit cards do you apply for if your method 'works more times than not' for you?

I should explain for clarity of course, this is my experience over ten years..but I should responsibly point out that hitting the apply button too many times over a short period can make you seen as credit hungry...or...desperate - so don't do that..

Le_Chuck

jayswann wrote: »

Hi,

Today I applied for the RBS/Natwest 20 month 0% finance for a balance transfer from my barclaycard but I was declined!!

I checked my credit rating on experian and it says its excellent. I have never missed a credit card payment or mortgage payment or went into overdraft. I earn double the minimum income required.

Would anyone know why it would be declined.

Thanks in advance

Jay

wrong type of customer. Generally you need lots of debt, to get the best deals

Squiggybank

Electoral Roll?

I applied for a credit card and a loan before I was on the electoral roll and was refused, I tried again this week for a 0% card now I am on the electoral register and got accepted.

Moneysupermarket can do a search for you if you enter a few basic details and it gives you a list on ones you are likely to be accepted for eg Post Office Platinum 8/10 etc.

Good Luck

blacksta

Poster - You dont need credit. Send a bank flowers and chocolate. They are doing you a favour