Credit card application - does income matter?

James28

meer53 wrote: »

3 applications in a row in a short space of time ? It makes a lot of difference ! You DO look desperate and banks DO actually do this.

So would you recommend to wait another week/month? Would it make much of a difference to space the applications by a week? I understand a 6 month gap would make a difference. But a week? Really?

By nature of credit application, one is more likely to apply several times in a row anyway. You do not know which card you will get anyway - so I would think people first apply for the highest benefits/lowest APR card, and then re-apply for a more basic card, if the first application doesn't go through. That's doesn't necessarily mean someone is desperate. Maybe someone is just trying their for a better card first.

YorkshireBoy

James28 wrote: »

As for 3 applications in a row... I don't know... I think I will still apply again.

The lender searching your file will now see 2 recent searches yet no account history for any of them. They can deduce only one thing from this; you were declined...twice!

When you're declined, and especially by your main bank, you ought to be asking them why...via an appeal letter...because at the moment you're second guessing the reasons.

Good luck if you do decide, after all we're saying, to apply for a 3rd card anytime soon. Maybe the next one should be a 'credit-builder' card, from the likes of Vanquis, Aqua, Capital One etc, rather than another 'prime' card provider?

YorkshireBoy

CRISPIANNE3 wrote: »

Might be an idea to phone Lloyds to find out what your internal score is and then may give you an indication as to why you were declined.

Not sure if they still do, but LTSB used to score you as 1-9 and A-H (or something very similar), with the best score being 1 and the letter denoting likely APR range for loans and credit cards.

Personally I was a 1C the last time I checked with them (in branch). The reason I was a 'C' was almost certainly due to high (stoozing) credit card balances elsewhere. Maybe I'll have improved now that they have £18K of this stoozing balance sat in 3 of their Vantage accounts?

meer53

James28 wrote: »

So would you recommend to wait another week/month? Would it make much of a difference to space the applications by a week? I understand a 6 month gap would make a difference. But a week? Really?

By nature of credit application, one is more likely to apply several times in a row anyway. You do not know which card you will get anyway - so I would think people first apply for the highest benefits/lowest APR card, and then re-apply for a more basic card, if the first application doesn't go through. That's doesn't necessarily mean someone is desperate. Maybe someone is just trying their for a better card first.

A week isn't really long enough between applications, nor is a month. 6 months might be a better bet. Especially if you do go ahead with a 3rd application and are declined for that one too.

James28

YorkshireBoy wrote: »

Not sure if they still do, but LTSB used to score you as 1-9 and A-H (or something very similar), with the best score being 1 and the letter denoting likely APR range for loans and credit cards.

Personally I was a 1C the last time I checked with them (in branch). The reason I was a 'C' was almost certainly due to high (stoozing) credit card balances elsewhere. Maybe I'll have improved now that they have £18K of this stoozing balance sat in 3 of their Vantage accounts?

Good idea to ask them directly! Didn't realize they can actually tell this information to clients. Although why shouldn't they! It does help both sides.

I still remember how I applied for Barclays debit card a year, and they didn't want to give me even that! All they could say is try again later They could say whether it was because of a short stay at current address, electoral roll, or other details.

Will see how good Lloyds is at that!

chanz4

me mrs has the platinum card, and her income was 20k