Advice on rejected application

haysmith999

Hi all, sorry its legnthy but just curious as to why i get rejected.

I was trying to get a decent credit card as i have a vanquis one currently, not through bad debt but because i had never had credit and they were the onlyones who would accept me to build a rating.
Ive been using vanquis for almost 2 years now, never missed a payment and never maxed it or gone over my limit (which is only £700).
I haven't applied for any other cards in the last 10 months but did apply for a loan of £1700 through my work in January to pay for a car, which i got accepted for and paying it without problems each month.
The only other account i have is next, which i use for about £50 once a year again perfectly for the last 2 years.
My incomings and outgoings leave me with plenty to meet payments and save spare money.
My credit report is fine, i have lived at my address for 12 months and has my job for 2 years too. so nothing new.

I tried to get a tesco credit card and got rejected, no explanation
Any reasons why i would get rejected?
Could my address affect me? or anyone in my family or who i live with etc..?
What about student debt (eg student loan)?

Thanks

YorkshireBoy

haysmith999 wrote: »

My incomings and outgoings leave me with plenty to meet payments and save spare money.

I'm sorry to be blunt, but if you needed a loan for such a relatively low amount your financial circumstances can't be that good (in the opinion of Tesco)?

But to your reasons for rejection...

Tesco are known to be picky.
Are you on the electoral roll?
12 months at address may show instability (ie they prefer someone more settled).
2 years in a job isn't an awfully long time.
Are you financially associated with someone with a low credit rating (through a current account, mortgage, loan, etc)?
Your income may not meet their minimum criteria.
They may think a very low £700 credit limit (showing on your credit file) represents a high risk borrower.
What's the limit on the Next account?
Any overdraft (either facility or used)?

You can discount student loans (they don't show on a credit report), people you live with (subject to the aforementioned financial association possibility), and your actual address, as reasons for rejection.

haysmith999

Thanks for the reply.

I got the loan as i didnt want to use all my savings or pay monthy at the high costs but suppose it could be a factor.

I am registered on the electoral role
Not associated with anyone else, no joint accounts or llinked borrowing
My income is 3 times there minimum
I don't want a higher credit limit as i don't use it but again i suppose that could count
My next account is £1000, was reduced but the kept increasing it
have a student overdraft which is payed off and not showing on my credit report

I ll just have to keep waiting and hopefully will get one later on.

jakesuk

Might be worth appealing, nothing to lose other than a postage stamp.

I appealed Tescos and the original decision was overturned.

There's plenty of threads on this forum about appeals and what you should include. Many people suggest including a copy of your credit report but I've never done that.

Good luck.

giblet10

Yea, ditto that - got Tesco decline online - appeal overturned the automated decision and got £2500 credit line.

jonesMUFCforever

IMO not being on the electoral role is an important factor - until you rectify this I don't see them changing their minds but good luck in trying.

YorkshireBoy

jonesMUFCforever wrote: »

IMO not being on the electoral role is an important factor - until you rectify this I don't see them changing their minds but good luck in trying.

The OP has already stated they're on the electoral roll (in post #3).

chanz4

I dont get tesco, I got declined and overturned on appeal just does not make sense

bigadaj

jonesMUFCforever wrote: »

IMO not being on the electoral role is an important factor - until you rectify this I don't see them changing their minds but good luck in trying.

That the second inaccurate post after the travel insurance/s75 one earlier, take a bit more time to read the posts, and accept the city are now the best.