Why am I getting declined?

purple-rain_3

I'm so confused!

Checked my credit report on Experian. Here are the details:

• 17 credit accounts (including settled) - 8 active and 9 settled
• £5,700 of outstanding debt
• £1,043 of available credit
• 84% of total credit being used
• 0 accounts overdue
• 0 missed or late payments in the last year
• 3 searches in last 3 months (7 in last one year)

Have been at my current address for 1 year.

Have had low limit/sub-prime credit cards for 4-5 years with perfect repayment record. NEVER missed a payment or made a late payment. On the electoral roll. No CCJs or anything like that. CIFAS is clear.

I'm a homeowner on a £45k salary. I know my % of credit being used is high but that's because I don't have much credit! Given my £45k salary I don't understand why I'm being rejected. The highest limit card I have is a £1400 Aqua card! Don't understand why I'm still stuck on sub-prime cards?

Rejections from:
AMEX
Post Office
MBNA
...and the Nationwide pre-screening search also rejected me(!)

Anybody have any tips for me? Thanks!

Darth-Simba

Yea, don't get more credit is a good tip.

MrSilk

Your salary is irrelevant, any defaults?

I assume it's to do with current debt amount and amount of accounts you have open, also the fact you have applied for 4 credit cards in a short period of time.

May I ask why you require another credit card?, my guess is you already have around 4/5 credit cards?

You won't be accepted for any card for around another 4 months, anymore than two searches within a three month period and 99% of the time you'll be declined, makes you look like you are credit hungry, which it seems you are.

BugsyBrowne

purple-rain wrote: »

I'm so confused!

Checked my credit report on Experian. Here are the details:

• 17 credit accounts (including settled) - 8 active and 9 settled FINE
• £5,700 of outstanding debt FINE
• £1,043 of available credit NEGATIVE
• 84% of total credit being used NEGATIVE
• 0 accounts overdue FINE
• 0 missed or late payments in the last year FINE
• 3 searches in last 3 months (7 in last one year) NEGATIVE

Have been at my current address for 1 year. NEGATIVE

purple-rain_3

MrSilk wrote: »

Your salary is irrelevant, any defaults?

No, as I stated, my file is flawless. Never missed a payment or anything.

As to why I want more credit. As I stated, my current credit cards are sub-prime and have high interest rates. I faced a VERY difficult couple of years and built up the £5k of debt. I want to try and Balance Transfer this to a card/cards with a lower APR so that I can try and pay it all off.

Seems like that won't happen and I'm just stuck

I just don't understand it. A friend of mine is on a £25k salary and has a Halifax One card with a £12k limit. What have I done wrong? I've been a responsible borrower and never missed a payment, yet seem to be penalised?

CLAPTON

stop applying for ANY form of credit for at least six months (preferrably a year) and then apply for a decent card.

RichL74

84% of total credit being used

This probably.

BugsyBrowne

84% of available credit used is not good to any lender along with 3 credit searches in 3 months.

BugsyBrowne

I know 3 searches in 3 months might not look bad but IMO to many credit searches is the biggest killer in a lenders scoring.

1 credit search every 6 months for the best results.

RichL74

Yeah, 3 searches plus using almost 90% of your current available credit makes you seem like a little desperate even if you are not.

purple-rain_3

Thanks all. Sounds like I just need to try and pay it down and stop applying for a 6-12 months.

Another year of 29% APR isn't good but I got myself into this mess so need to get out of it.