Why am I getting declined?

BugsyBrowne

purple-rain wrote: »

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.

Another year of 29% can always be turned into 0% if you budget correctly and pay in full when your statement arrives.

samtoby

I think this is the % being used. When ever I go up above 30% my credit score goes down. I know people say score is nothing but hey I think it gives you good indicator.

I moved home to my mothers to save money to eventually get a mortgage and came here with no debt and 1 piece of credit £500 limit on my MBNA card. It's got late payments on it and I did a PPI claim and charges claim on it and I was sure they would close it- but they didn't just lowered my limit to the above.

I have rubbish credit history but more recently I have been very careful. Most of the bad stuff happened 2006 to 2007 and every month something else is dropping off which has to be making a positive difference. 2006 I have 40k available credit and worked full time earning 26k as well as two mortgages and I was 21!!!!!! Just shows how things have changed. I had 14 defaults but I have paid these all off myself and I have learnt my lessons.

Now in January I thought I would apply online see what credit I maybe able to get, all I had was the card and T-Mobile phone contract.

Very catalogue accepted me with a £500 limit which has now gone up to £600. Then in April I applied for another catalogue JD Williams and they accepted me with a £150 limit which is now at £600 and now Next who declined me in January have accepted me with a £150 limit. I also have a subprime card which is terribly expensive but I just buy fuel and pay it off every month.

I truly believe that leaving a balance and paying it off in full most months and then maybe leaving a balance one month then clearing it again shows you are responsible, one credit file also reports a marker if I only pay the minimum I would also bare this in mind. I don't think they all do this though.

If your earning that good salary I would make a positive effort to clear some of the debt leave your searches with other company's then try creation, think FlyBe is a good one. A lot of people who go subprime to prime go in this way.

I wish it was as easy as it was 6 years ago!

Mara69

samtoby wrote: »

I wish it was as easy as it was 6 years ago!

It was 'easy' credit that got this country and a significant number of its inhabitants into a debt mess.

Why can't people just save and spend according to means? Why is it so necessary to have multiple lines of credit?

I save with a Credit Union so if I need to access more money than I have saved I can borrow from them. No need for expensive credit cards, or catalogue accounts.

Lots of people still haven't learned from the past.

Anthorn

To the OP:

All pretty much covered with good advice in the previous posts.

By way of a postscript, you don't know what's going on with your credit until you have reports from all three CRAs. For example my two defaults show on Equifax and Noddle (Callcredit) but not on Experian. Experian shows searches that are not recorded on Equifax and Noddle. Equifax and Noddle show searches that are not recorded on Experian. (Strange that my Noddle and Equifax reports are always exactly the same).

Sign up to Noddle for free to get your free report; sign up to Equifax to get your free report and then cancel withing 30 days or get your £2 report.