Natwest/RBS 0% 18 month appplication

Mentina

Hi all,
hope you can help with my query.
I have just applied on line for a Natwest.

After completion of the application, the last screen just said that my credit needed to be checked in order to process my application.

I was quite puzzled as my friend also applied and got approval immediately and when I checked with the Natwest staff (via chat) he also confirmed that approval or rejection are given on line as soon as the application is completed. He also said you could not check my application as it was completed and they cannot check completed ones.

I am not sure what happened.

Is there anyone in a similar situation or anyone who can advise on what my next step should be with Natwest?

The deal is valid for Natwest and sister bank RBS. Application forms seems different my I am assume if I now apply for the RBS will look bad on my credit rate

Thanks

InsideInsurance

There are normally 3 different results - Pass, Fail and Review.

Effectively the review is generally for borderline cases or there can be other elements that may trigger it (eg a cifas loading, incomes over certain amounts etc)

If you contact their call centre they undoubtably wont be able to tell you what triggered it but will give you timescales for a response - my guess is 7-10 days.

Mentina

Thanks.

I will give them a call.

Mentina

Just called them and they said my application got declined.

I don't understand why as my salary is £34k pa, got plenty of savings and got only £3k debts (0% interest until next month)

In the past months I was also declined a Barclaycard.

Anyone one that can suggest what I am doing wrong?

BugsyBrowne

You checked your credit reports for any lurkers?

Mentina

I did sometime ago.

Last time I checked it was mid Feb 2012

I am on the electoral register and never had any unpaid bill (i.e. mobile contract ect)

InsideInsurance

Savings dont mean squat in automated decisions because they arent asked about and dont show up on CRAs.

First thing to do is to look at your credit history file to make sure there isnt anything wrong there.

Then look at the basics, you say you have 3k of debt, how many accounts is that spread over? What is your total available credit (eg maximum overdraft, credit card limits etc)? From that look at your utilisation rate (ie ratio of debt to available credit). Any payday loans or other sub prime providers?

How many years history do you have? All paid on time? Minimum payments only or above? How many applications made in the last 6 months?

There are hundreds of potential reasons for it and Barclaycard will ultimately never tell you. You ultimately have to remember that it is a commercial decision, it is not purely about "will you pay us back" but also "do we think we will make a better profit from you or from someone else?"

Mentina

Thanks for the reply.

The only £3k debts are on the only credit card I own - £3.5k credit at 0% for 15th - started 14 month ago - I only pay minimum repayments

I have about £1000 arranged with 2 different banks. Used once and repaid the day after.

History since 2007 - all paid in time.

Application made in the last 6 month : just 1 to Barclay ( and 1 today to Natwest)

huw01

Typical, I applied and got the RBS card only last week with the 13 month 0% on purchases. Guess there is no way I can get an extra five months ?