Cutting my nose off to spite my face

ceredigion

Santander turned me down for a credit card today !!!
Must say a little surprised and when you consider im mortgage free , no hp, no outstanding debts of any sort.
I opened their 123 account a month ago specifically to get their 3% apr on £20,000 which is about 20% of my total cash reserves .
So im not exactly short of a few bob or two . Now i know im not exactly their best kind of client as they are never going to make any money out of me , only wanted the card to get the cash back on the fuel but im still abit cross to say the least.
So do i send them a stroppy letter and say sod you , they obviously dont want my business , pull all my money out and close the account or stick in there to get the 3%. Decisions , decisions.

psychic_teabag

Sounds like you're taking it rather personally. It's just a computer saying no. It might be something wrong on your credit file - might be worth investigating. But in the meantime, no reason to close the (unrelated) current account lose out on what's a fairly generous interest rate at the moment. Unless you have somewhere else to put the cash, of course.

CLAPTON

what credit cards do you have already

Jegersmart

I guess you have already explained why they may not want you as a client.....?

Try someone else?

Gizmo247

Credit files show just that - only credit and do not show savings, so perhaps the banks does not see enough active usage of credit.

A bank's job is to make as much money from you as possible whilst committing the least amount of resources in doing that. Your role, as a customer, is to do the same thing to the bank.

Just follow the Pirates of the Caribbean mantra "Take what you can - give nothing back!"

ceredigion

CLAPTON wrote: »

what credit cards do you have already

none.
Had one 20 odd years ago will admit got in trouble with it back then but had no credit issues for 15 years now

ceredigion

Jegersmart wrote: »

I guess you have already explained why they may not want you as a client.....?

Try someone else?

I realise that , but that refusal of credit now goes down on my file .
Although i have no need for credit for the for see able future , you never know when it may come back to haunt me.

lippy1923

Have you had any more recent credit checks, in the last 6 months or so? Maybe its because you have only just recently opened the current account and have hardly any existing relationship with them. Or maybe its as you say, you are not the sort of customer they want.

If you can find a better rate elsewhere then move your money, if not stick with it. Move on, lifes to short to dwell

innovate

What is on your credit file at the moment?

Something on there might have scared them off.

Gizmo247

ceredigion wrote: »

I realise that , but that refusal of credit now goes down on my file .
Although i have no need for credit for the for see able future , you never know when it may come back to haunt me.

Do refusals actually appear on a credit file or just a search with no appearance of a new product?

Gobosly

They will almost certainly have refused you because your credit history is not active enough. Rather stupidly they consider lack of credit history as a negative, and do not take items such as savings accounts into account. I believe this is due to change some time soon, but similar to you my wealthy sister in law was refused a mobile phone contract - Strange when you're a millionaire!

I would be like you and take it personally, because that's the kind of guy I am - But the logical thing to do would be to take them for every penny which would mean keeping the Santander account just for the interest, then when the interest goes down (as it surely will), then say goodbye!