Credit Card Decline Help

Buxem

erimus1 wrote: »

As has previously been stated, you are incorrect. Your income to credit ratio is a big thing for lenders, irrespective of what criteria you had fulfilled - these are just additional conditions. Plus if you are so defensive and dogmatic about people's suggestions, why are you on here asking for advice? These are real people with experience - you should take heed of the advice.

I appreciate the ‘credit ratio’ is a big thing, but as I had already stated I work full time and the minimum requirement for the credit was £5,000. Even at minimum wage working 40 hours per week I would be earning more than double the ‘threshold’, hence why I did not believe it to be relevant. Clapton even backed me up on this by using the example if earning £10,000 per annum so they proved it wasn’t entirely relevant, given the information I had provided.

I am only being defensive/dogmatic about 1 aspect – my salary. I have every right to keep this private and I will not be forced into providing such information. If you read the rest of the thread, you will see I have taken advice and provided all other additional information requested. I admit, my initial post did not provide as much information as it could have done, but frankly I did not think of it at the time but as stated, I disclosed everything else required. I did not find Clapton being helpful, nor were they providing advice with comments like “for obvious reasons you are incorrect” without any form of explanation as to why this would be. This, is neither helpful or supportive as online communities should be.

Buxem

Cell wrote: »

It might not be a condition of applying, but I can assure you that being a homeowner, or not, as the case may be WILL have impacted on your application.

Just because it's not a pre-requisite doesn't mean that it can't harm your application if the internal weighting is set to emphasise that point.

In other words if you and someone else had exactly the same profile but you owned a home and the other person didn't you would score higher with any mainstream lender. That could be the difference.

I didn't think of it that way - thank you.

Buxem

meer53 wrote: »

Call them and ask, no-one here will know why you've been declined, questions have been asked and answered but the only people who can tell you are the lenders you've applied to.

I came here because I thought there may have been something I overlooked. I will be calling them when I can.

BugsyBrowne

Buxem wrote: »

I came here because I thought there may have been something I overlooked. I will be calling them when I can.

At the end of the day no one has a right for credit its entirely the banks desicion and on this occasion they believe your a high risk therefor declined your applications.

Buxem

BugsyBrowne wrote: »

At the end of the day no one has a right for credit its entirely the banks desicion and on this occasion they believe your a high risk therefor declined your applications.

But what I don't understand is why I am a high risk, considering (minus not owning a home), everything is in order...!

bigadaj

Why worry about stating what your salary is on an anonymous forum?

BugsyBrowne

Buxem wrote: »

But what I don't understand is why I am a high risk, considering (minus not owning a home), everything is in order...!

People with perfect credit ratings are often classed as high risk why only the banks know this.

I've no missed or late payments ever got a 5k BC with a £200 balance and 2 bank accounts with 2 OD's thats never been touched and that's it with 15 settled accounts and I believe I am a low risk but you still don't know how a bank would view my report.

erimus1

Buxem wrote: »

I appreciate the ‘credit ratio’ is a big thing, but as I had already stated I work full time and the minimum requirement for the credit was £5,000. Even at minimum wage working 40 hours per week I would be earning more than double the ‘threshold’, hence why I did not believe it to be relevant. Clapton even backed me up on this by using the example if earning £10,000 per annum so they proved it wasn’t entirely relevant, given the information I had provided.

I am only being defensive/dogmatic about 1 aspect – my salary. I have every right to keep this private and I will not be forced into providing such information. If you read the rest of the thread, you will see I have taken advice and provided all other additional information requested. I admit, my initial post did not provide as much information as it could have done, but frankly I did not think of it at the time but as stated, I disclosed everything else required. I did not find Clapton being helpful, nor were they providing advice with comments like “for obvious reasons you are incorrect” without any form of explanation as to why this would be. This, is neither helpful or supportive as online communities should be.

He said 'for obvious reasons' because it is obvious to most people that your salary would have a very big bearing on the matter.

Irrespective, lenders can decline you for various reasons. You do not reach their own minimum credit score, or you are simply not one of their Prefered customers as per their own policies. e.g. they may not lend in certain areas or to certain other demographics.

bigadaj

The more information supplied, op, the better the advice, you are welcome to not state any element but this will make any comments less relevant or inaccurate.