Just got denied Aqua credit card worth applying/how to apply for Capital One secured?

mark45

Hey guys. I want to get a credit card.

Reasons: build credit history for future use, useful for European holidays, and to get a little cashback on what little things I spend money on.

I applied for Aqua Reward credit card thinking this will suit me. However I have been rejected about 15 seconds later (after 'careful consideration' it says what a joke).

Some facts: working part-time, approx average out ~£750 per month gross since 20th June, (I put down £9000 annual)
Other household income: ~£45,000
Current bank account (debit card): 3 years 5 mths
Current address 14 yrs 6 mths, living with parents
Previous applications: Lloyds bank account, got rejected (don't know why, this was when I was a student and before I got a debit card w/ my current account with Nationwide).
Phone/other 'contracts/credit based' - none -- I use PAYG for phone since I mostly receive not make calls. Have student loan but I don't think it is applicable.
I am on the electoral role/eligible to vote.

I want to know some strategies to get accepted for an alternate possibly CapitalOne Secured (the refundable deposit based one) as advertised by this website <google bad credit credit cards moneysaving expert since I can't post links>

I think it would be a good idea but don't know if I should wait some time before next application/do something before.

The aqua website recommends contacting Experian for some reason. I don't see the logic since I don't have any credit history hence the need to build some up now.

Thanks.

jpb77

Yes you need to look at your report. This will give you an idea what is on there, you don't know if a CIFAS marker could be on there that you don't know about etc hence why its a good idea to see what lenders are seeing. Nationwide report to Experian so you need to know what they are also reporting so you need to ensure information on there is correct.

mum2one

I ditto to checking your credit reports, - theres 3 that are generally used, as companies use different agencies. Sods law minds gone blank at the other 2 companies.

I'd leave it a couple of months before you apply again, as this will give you time to check your credit info and also time passed between applications as these leave an imprint on your credit report.

mum2one

just going back to your post, it could be something as simple as your income as you say £750pm since June - were you on benefits/ lesser hours, - that would only really give less than 4 months wages, - you may well find that is the reason,

Experian_company_representative

Definitely worth checking your credit report as it might help you identify improvements. Actually, although they produce decisions is mere seconds, a lot of care goes into creating credit scoring algorithms! They are modelled over several years.

Importantly, if you were refused simply because of credit scoring - ask them and they should tell you this - you have a legal right to request a manual review. That is, a person reviewing your application instead of a computer. Maybe worth a go if there's nothing adverse on your credit report and you can definitely afford new credit.

James Jones

jo-bo

You've put that you live with your parents but your other household income is £45k! Whose is that income?

mark45

Many thanks for replies guys,

Certainly motivated me to check my credit report and explore why I have been denied. Hopefully nothing sinister will show up (CIFAS marker scared me). Would the standard £2 from each of the companies be sufficient?

I think I will check with aqua to see why I have been denied so will hopefully get back to you soon thanks again!

I also had a idea, but not moneysaving unfortunately, not sure if its worth it, just that I'm due for renewal at the end of the month. Since I drive a car, would you think paying monthly would build up a credit score? Normally I pay year up front since seems cheaper or would I probably be rejected again anyway? Haha.

Forgot to mention the 'other' 45K was a 'Annual household income' question on the application form. It was referring to my mother and father's estimated combined salary.

glasgowsaver2011

jo-bo wrote: »

You've put that you live with your parents but your other household income is £45k! Whose is that income?

Looks like it would be his parents income.

Best advice I could give is dont get a credit card

jo-bo

You cannot include your parents income as annual household income. They dont share their money with you or contribute to your bills. This question is generally for couples.

reclusive46

jo-bo wrote: »

You cannot include your parents income as annual household income. They dont share their money with you or contribute to your bills. This question is generally for couples.

Amex's bit on the raise credit limit says this in the FAQ and technically it is correct. I doubt other creditors are different.

'Household income includes the income of everyone living within your registered address"

jo-bo

I'm not looking to get into an argument but I'm sure if you spoke to Amex they wouldn't say "let's include your mum and dads income too!!"
Anyone who seriously would think to include their mum and dads income as a pot that they have access to needs their head read!!!