Declined credit card - should I appeal?

RingtheChanges

I have got two loans and two credit cards, but all payments are completely up-to-date, never late and I have never defaulted. I think I will give it a try.

Thanks for all your responses.

adindas

agrinnall wrote: »

Has an appeal against a decline ever been successful? The fact is that they have assessed you already and decided that you don't meet their criteria, they can decide to accept or decline whoever they want so I'm not sure why they would even waste their time looking at an appeal.

Look at my post #3. I appealed for my Halifax Clarity Card application and got approved. Approval with much higher spending limit and low interest rate that are normally approved with this type of credit card

There are various reasons why people got rejected.
- The most common mistake is the way the stupid and inaccuracy in CRAs work. You will never know there is a bad record which is not correct have been reported by banks, bs utility companies, mobile networks, loan companies (?)....
- There have been other facts which have not been taken into consideration
- The case was decided by novice underwriters, who have very less experience and can not think beyond their boundary and just see the CRAs data in black and white. See for instance you just move into a new address for less than three months a novice can not see whether the move is genuine or not. So the safest bet is "DECLINE" ....
A more experience underwriter will see whether the applicant move to another city because of having a new job. They could easily find out about this if you are banking with them.

In the appeal procedure, a more senior underwriter will look into the case and make decision from there.

BugsyBrowne

RingtheChanges wrote: »

I have got two loans and two credit cards, but all payments are completely up-to-date, never late and I have never defaulted. I think I will give it a try.

Thanks for all your responses.

Yes payments upto date or not what are your balances and credit limits and how much of the loan have you left.

Most declines are not addresses related its available credit & how much debt you have compared to your salary.

Soon as we know this then would know if an appeal is worth it.

Fingerbobs

agrinnall wrote: »

Has an appeal against a decline ever been successful?

I was successful with an appeal to Capital One.

Poosmate

As Bugsybrowne says, its possible the decline was due to current debt, credit available and income. Ideally you should have less than half your salary in debt but also not much more available credit.

The problem is though, if you reduce your current available credit, you could then appear to be desperate if your balance is close to your limit. There's a fine line but I don't know what the ratios are.

Poo

missile

RingtheChanges wrote: »

I have got two loans and two credit cards, ... .

I would suggest this is why you were rejected

seriousDFW

Calling and asking them to consider their decision surely won't result in a second credit check? What would be the point of them doing this - surely the information can't have changed that much from when they had done a check very recently.

Calling/writing to appeal is worthwhile as you may be able to offer further relevant info.

I called M&S when they rejected me and I didn't even have to ask -they said "let me just look at this for you to see if I can overturn the decision that was made automatically". It was instantly overturned and I was accepted.

I have appealed to Amex without success.

I agree with the principle that you've got nothing to lose, so just ask. You could always ring and appeal, but tell them not to proceed if they will carry out a further credit check.

Hazzanet

opinions4u wrote: »

An appeal is unlikely to succeed.

I was declined by The Co-op bank once, after an appeal I was accepted, albeit with a low credit limit.

More recently (last 9 months), First Direct declined me for a credit card. A secure message and a 20 minute phone call later I had a £3k limit with them.

Although it does all rather depend on circumstances.

giblet10

Yes, appeal. My success rate is around 60% over ten years - don't listen to the naysayers - never waste a credit search following a decline - always appeal..only two months ago Tesco online app came straight back with "jog on.." - an appeal in writing with copies of payslip, bank statements and I got the card with £2.5k limit

BugsyBrowne

giblet10 wrote: »

Yes, appeal. My success rate is around 60% over ten years - don't listen to the naysayers - never waste a credit search following a decline - always appeal..only two months ago Tesco online app came straight back with "jog on.." - an appeal in writing with copies of payslip, bank statements and I got the card with £2.5k limit

The OP as done a runner as soon as asked what the limits and balances are on her/him credit cards & loans possibly what lead to rejection in the first place therefore an appeal being a waste of time.