Declined a credit card, what am I supposed to do?

u03kjm0

I tried to apply for a student credit card with the bank of Scotland last night. After passing the initial checks, they said they were happy to offer me this card, so I completed the application. This was good, until I got an email this morning saying that I was declined.

The email talks about stupid reasons why I'm not allowed the card, for example the fact that I've moved house recently, and how long I've had my current account with the bank (regardless of being with them for 5 years prior to my student account)

The reason for trying to get this card is because I have to leave my current home and find a new place to stay in about 7 weeks. I can't afford to get a deposit AND first months rent together which would amount to about £1,000. In September though, I'm coming into a bit of money just because i'm getting tax back, double student loan, wages from part time job etc so have calculated i'll have £2,000 in September not including any income that i'll already possess.

The plan was to take advantage of the credit card and the proposed £1,000 limit, then replace the money the next month so that the interest wouldn't be excessive.

But now that plan is scuppered, so I have no idea what to do. So far it looks like I'm going to be homeless for several weeks until I can get this money together. I live too far from home to commute, and have a part-time job here that I just can't leave.

Do you think I can explain my situation to the bank and maybe they'll let me have the card, or try other banks? Or is there anything else I can do? Please help, I have no idea what I'm going to do.

stephane_2

Maybe speak to your bank first to request an overdraft.....

u03kjm0

I've tried that, but my overdraft is tiered so I can't get an increase until 4th year - I've just finished my second year.

Tixy

Do you currently have a student overdraft? and is it at its maximum limit? (sorry already answered)

If you need to move home in about 7weeks presumably thats around the end of August - and you say you will be getting substantial income in September? do you have any friends / family you can crash with for a week or 2 before you get the funds?
Any friends or family that you can borrow from?
Any things you could sell to raise money to tie you over?
Any extra hours at work to pull in higher wages this month and next?

I doubt they will reverse their decision, and being a student you are likely to struggle with other card providers (presumably you are a full time student). You could possibly try a subprime lender to see if they might give you a card with a low limit - which might help a bit but obviously make sure you can pay it in full due to the high interest rate.

u03kjm0

I might be able to find somebody to crash with for a week or two, but my main concern is that I need to find somewhere to live and don't want to end up being there for longer than I initially intended.

I don't really understand why it's called a student credit card, if I can't get one because i'm a student!! But maybe i'm just going to have to go for a higher interest card - As i've said, i'm only going to need the money for a month, then can easily pay it back.

[Deleted User]

It's unlikely that another lender will look more favourably, and multiple applications for credit on your credit file will put further potential lenders off.

Try having a car boot, sell unwanted/unneeded things on e-bay, amazon, gumtree. Sell previous years uni books, unwanted clothes, cd's DVD's etc.

Ask for an advance on your wages - and why do you have to wait until Sept to get paid? Can you do extra hours? Over-time? (there might be some going if people are taking holidays at this time of year)

Why do you have to wait until Sept to get your tax sorted?

Try registering for agencies in your area for additional work - there ought to be catering ones that are looking for ad hoc workers for events and occasions - even try your uni, they will be having a lot of graduations at the moment and are probably looking for extra ad hoc workers. (I keep mentioning ad hoc as you have said you already have a part-time job, and this is likely to fit in around your existing work, but if you have set days/times - you may get longer term tempting work to work around existing hours).

Can you stay on a friends couch for a bit?

Can your parents or other family member help you out temporarily?

InsideInsurance

Most letting agents don't accept cards (is my experience anyway) so a credit card wouldn't have helped you in the way you wanted it to anyway.

What do you do? You do things the old fashioned way by either increasing your incoming monies and/ or reducing your outgoings rather than relying on credit