Credit Card Declines

Angelbud

Hi

Thanks so much for your thoughts and advice
following on - my credit score at the time of applying for capital one was low and so i took this out to help re-build...a few months down the line and a couple of ammendments to my credit files - i had my score to average and now good.
I did appeal both the decisions - sainsburys said that although i had a good score - history had let me down (although i think that was her opinion as it sounded like she really did not know)
Egg said that if i was earning 35k and had only £2500 credit card and very few debts - then i should not really need a credit card??? again a really low answer...
I was thinking maybe my car finance has affected my chances as well?
I have been on the registar for 6 years, 6 years at my present address and 3 years at my bank.

Any suggestions on who next I could try (although i am waiting a month or so - to not affect my score)

Cheers
Carl

dag_2

Any suggestions on who next I could try (although i am waiting a month or so - to not affect my score)

That's sensible. I'd advise you to wait at least four months. Preferably six.

Lenders like signs of stability.

Having a checkable address history is good. At the very least, you should have been on the electoral register at all the addresses you've mentioned - and you should have been on the electoral register at at least one address every year for the last three years.

However, it's better if you've stayed at the same address.

Better still if that address is in a posh area, with nice big detached houses, and not in a low-demand ex-council high-rise. Check the Lower Layer Super Output Area Multiple Deprivation statistics at http://neighbourhood.statistics.gov.uk before your next house move. Sometimes, you can make your address look better without having to pay significantly more rent.

Being married counts in your favour. Having children, unfortunately, often counts against you.

Having a fixed phone line counts in your favour. Lenders have discovered that people who rely on mobile phones tend to move around a lot - and often leave their debts behind them. They don't like that.

The longer you've been with the same address / job / bank, the better.

Having other cards sometimes counts in your favour - but often, it counts against you. When you have more than 10 of them, it almost certainly counts against you - so, close down those card accounts that you really don't need.

danjaq2004

That's sound advice, I have heared points you mentioned elsewhere. The whole 'applying for credit' needs to be read up on before we try getting cards etc, and with the advice here, maybe it will be easier, or at least we will be better informed.

As for that 'guaranteed' card, do we think it is (as long as you pass the criteria on the check list)? I want to know, because I do not want to waste a credit search (which has 0 currently over the past 6 months). Does Capital use Experian or Equifax?

Cheers.

danjaq2004

Update:

Just as I was all ready to apply for this 'guaranteed' Capital One card, I had a call from my bank to 'review my account', afterwhich they said that I had been approved for a credit card!

When quering the term 'approved', the lady said that it was 50% done, all I had to do was complete details, sign and return.

As I have said previously in this post, they declined me last year when I applied off my own back....what shall I do? Go with them or go for Capital?

Cheers.

Jacster_2

I'd wait and see what they come back with. If you get the card from your bank, you might get a card with a better rate in a few months, and you won't have wasted the 'search' on Cap One's high rate card.

Cheers

danjaq2004

Cool - still waiting for my Experian report to come through - was contemplating paying for their £50 annual online service, but didn't. Has anyone tried that?

My other question is, when a bank contacts the customer (as in my case) and says I have been "approved for a credit card", does that MEAN something and count for more - as opposed to me applying off my own back? Or is it just a way to tempt me to applying with now real advantage (in terms of ease to get the card)?

Thanks.

xbox

danjaq2004 wrote:

Cool - still waiting for my Experian report to come through - was contemplating paying for their £50 annual online service, but didn't. Has anyone tried that?

I opted for their quarterly postal service instead - costs £8 for the year..

danjaq2004

Thanks 'xbox' - certainly a cheaper option there!

realaledrinker

Experian have a free 30 day trial. Once you have your credit report you can e-mail them telling them to cancel the subscription. You'll need to provide a debit/card number though..

danjaq2004

Okay - I will give it a go - cheers!