Rejected from natwest cc.. affect future?

mtm103

Hi all

Bit of background.. I applied for a Natwst cc to move my mbna (£9k) debt over to take advantage of balance transfers.. I also have a £1k amount on Barclaycard but I pay this off every month, I just use it for internet shopping. I got rejected, even though my mortgage and one of my current accounts is with natwest.
My credit scoring is "excellent" according to experian, so not sure why i got rejected...
My credit limit on mbna is £13k (they made it higher a few months ago) and barclaycard £9k, but this together represents 20% of my salary, could that be the reason?
I just could really do with transfering my mbna amount. I called Natwest to ask for a reason, and they said it was their internal procedure.
Any suggestions?
Many thanks

jon142

Companies seem to be getting more and more tighter with credit, it could be that they have seen you have 9K with MBNA and think its too risky?

OR

Because as soon as your 0% deal ends your onto the next 0% Deal and they know they will make no money out of you apart from the BT fee. so whats in it for them?

Hvae you checked your credit file made sure there is no nastys on there? maybe do a soft search with Nationwide. see what limit it offers you and at what APR. £500 @ 19.9% usually means you will get rejected. then you can choose to carry on or cancel.

http://www.nationwide.co.uk/creditcard/default.htm

Hope this helps

JohalaReewi

mtm103 wrote: »

My credit scoring is "excellent" according to experian, so not sure why i got rejected...

Experian can say what they like, they do not offer credit so their score doesn't count.
Natwest on the other hand do offer credit and your score with them obviously wasn't excellent this time.

As well as credit worthyness, lenders also like to do customer profiling (the type of customer they are looking for) and if your profile doesn't fit, you get rejected - even if your credit history is OK.

Maybe this was what happened with Natwest?

Have a read of Martin's article...
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

mtm103

Thanks both!
I suppose what worries me is that Natwest are my mortgage lenders, so if I get approved for a mortgage why not this? The 9k mbna was for house refurbishment, so one off.
Thanks!

mtm103

Just noticed with nationawide that it won't let me apply as I live in the Channel islands, could that be it??