Natwest - Approved then declined!

dadofdaisy

Hi,

I'm wondering if anybody could shed some light on my situation please?

On the 4th of Jan I applied for a Natwest World MasterCard and was approved over the phone and given a credit limit. I was told I'd receive the credit agreement by email to sign electronically which I did the following day, I immediately received an email thanking me for my application and that my card will be with me in 7-10 days.

The reason I was after a card was for the deposit on at hire whilst on holiday in March.
After recieving the confirmation email from Natwest I went ahead and booked the car hire.

On the 15th I received a letter from Natwest thanking me but declining my application!!??

Anybody else had this issue?
I do have 4 defaults on my credit file from later '09 to mid '10 from when I was made redundant but as I bank with Natwest I was hoping they'd go off my account behavior and overlook the defaults.
I've submitted an appeal and should find out the outcome today.

Gordon_Hose

I suspect they've offered you a card prior to doing a credit check because you bank with them. They've then carried out a check and seen your defaults.

I doubt Natwest would give you a credit card based solely on account behavior.

Tixy

This does happen more than you might expect. A lot of people reported barclays doing just the same thing last year.

Why the companies don't wait until they've made a final lending decision I don't know.

Sounds like they perhaps approved you on internal information and then conducted a full credit search and you were declined due to the negatives on your credit file.

Worth trying the appeal but with 4 defaults on your file then I would be surprised if you'd be accepted for a mainstream card.
You might want to consider applying for a card with one of the subprime lenders if your appeal is not successful.

Can you cancel the car hire now without incurring a charge as its still quite a way the booking?

dadofdaisy

Thanks for your reply
In your opinion, do you think it wasnt worth appealing then?

Gordon_Hose

As harsh as it sounds, it's not the companies fault you were made redundant, so all they've done is record that you haven't maintained payments. Even if you make reduced payments for a time you have still defaulted on the original agreement.

dadofdaisy

Tixy wrote: »

This does happen more than you might expect. A lot of people reported barclays doing just the same thing last year.

Why the companies don't wait until they've made a final lending decision I don't know.

Sounds like they perhaps approved you on internal information and then conducted a full credit search and you were declined due to the negatives on your credit file.

Worth trying the appeal but with 4 defaults on your file then I would be surprised if you'd be accepted for a mainstream card.
You might want to consider applying for a card with one of the subprime lenders if your appeal is not successful.

Can you cancel the car hire now without incurring a charge as its still quite a way the booking?

Thanks for the reply!
I have until Friday to cancel the booking without incurring charges, it's slightly embarrassing though as its a big family holiday with the mother in law etc and I have been volunteered to be a driver out there
I may have to just come up with an excuse for not being able to drive.

dadofdaisy

Gordon_Hose wrote: »

As harsh as it sounds, it's not the companies fault you were made redundant, so all they've done is record that you haven't maintained payments. Even if you make reduced payments for a time you have still defaulted on the original agreement.

I do understand that, I just wish they could have been a bid more lenient as a couple of other creditors were. I wasn't unemployed for a massive amount of time and have since settled all outstanding debt.

Gordon_Hose

Banks just want their money, they don't care about any hardship their customers are experiencing.

They have to pay for their massive staff bonuses somehow!

dadofdaisy

That's true, I remember phoning them and explaining my circumstances, they couldn't have cared less!
I was made redundant the day I returned to work from Paternity leave after my 1st (of 2) was born!
Bad times

Gordon_Hose

Bad times indeed mate. Hope you get sorted

dadofdaisy

Gordon_Hose wrote: »

Bad times indeed mate. Hope you get sorted

Cheers, And thanks to everybody else for the responses