Just been turned down for a Lloyds TSB credit card

uptomyeyeballs

I've just been turned down for a Lloyds TSB credit card !! I already have a Halifax one (pay my balance in full every month) and was wanting to swap to Lloyds.

From the Lloyds website:

We consider a number of factors when making a lending decision:

your employment status, e.g. if you’re unemployed or you’ve only been in your job a short time (fully employed for 33yrs 4mo)
your residential status, e.g. the length of time that you’ve lived at your current address (16yrs 8mo)
whether you’ve kept up with loan or credit card payments (100%)
the length of time that you have held a current account (35+ yrs)
your current level of borrowing and financial commitments (£160 balance on c/c, £10,000 in savings account with LTSB, current account also LTSB, £2k paid in every month, £1,200/month +ve cashflow)

I think they must only be giving credit cards to millionaires these days. Ah well, guess my c/c will stay as a Halifax one

RichL74

Did you think to have a look at what is on your credit report before you applied?

Just because you think you are all above board, it doesn't mean that your report will be.

[Deleted User]

Or maybe they don't people to have more than one card from the same stable now.

BugsyBrowne

Typical banks they are lending your 10k out yet they refuse you a credit card take your savings out and stick 2 fingers up.

uptomyeyeballs

RichL74 wrote: »

Did you think to have a look at what is on your credit report before you applied?

Just because you think you are all above board, it doesn't mean that your report will be.

Yes, my credit report is clean. I check it every few months.

InsideInsurance

uptomyeyeballs wrote: »

your current level of borrowing and financial commitments (£0 balance on c/c, £10,000 in savings account with LTSB, £1,200/month +ve cashflow)

Savings are not visible to lenders, only debts and total credit available via the CRAs and they may not look internally to see if you hold savings accounts within the group when processing applications.

Do you only have 1 credit card? Whats it's limit?

Do you have any loans? Overdrafts? Mobile phone contracts? - the above either in progress of being paid off or paid off in the last few years?

Who's the current account with?

Ultimately banks profile you both for your risk factor and your fit to their brand/ target market. From the headline info you published it could be your lack of credit history that concerns them if you only have a single card and its unused.

RichL74

Maybe raise a dispute with them then.

uptomyeyeballs

Deleted_User wrote: »

Or maybe they don't people to have more than one card from the same stable now.

Maybe this is it. I moved my salary account to Lloyds TSB, but my credit card is still with my old Halifax account (which has nothing paid into it anymore!).

uptomyeyeballs

InsideInsurance wrote: »

Savings are not visible to lenders, only debts and total credit available via the CRAs and they may not look internally to see if you hold savings accounts within the group when processing applications.

Do you only have 1 credit card? Whats it's limit?

Do you have any loans? Overdrafts? Mobile phone contracts? - the above either in progress of being paid off or paid off in the last few years?

Who's the current account with?

Ultimately banks profile you both for your risk factor and your fit to their brand/ target market. From the headline info you published it could be your lack of credit history that concerns them if you only have a single card and its unused.

Only one credit card (Halifax), £160 balance at last statement, £7,000 limit. Use it a couple of times a month typically, pay for hols, hotels, etc.

No loans or overdrafts. Owe £60k on mortgage (100% up to date)

Mobile contract up to date

Current account is with Lloyds TSB, £1,400 balance, £2,000 paid in every month.

B19JON

Personally, I would write a letter and ask them to review it again.
Provide them with the details you feel could support your claim and see what happens.

Maybe you made a mistake on the application?

uptomyeyeballs

I'm really not too bothered about it, my Halifax card works fine and is paid from my Lloyds TSB current account anyway. Don't think I made any mistakes on the application, although I did say I didn't want to swap the balance from my Halifax card to Lloyds. ;-)