Credit Card Declines

Reaper

danjaq2004 wrote:

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)?

It doesn't mean much. If you look at the wording very carefully they are not guarenteeing to give you a card at all. To get the letter means you are at least the type of person they are targeting so your chances are reasonable but until they have done a credit search on you they have no idea whether they will let you have a card or not.

danjaq2004

Reaper wrote:

It doesn't mean much. If you look at the wording very carefully they are not guarenteeing to give you a card at all. To get the letter means you are at least the type of person they are targeting so your chances are reasonable but until they have done a credit search on you they have no idea whether they will let you have a card or not.

Hey 'Reaper', my thoughts were similar to yours.

Since I have no searches within the last 6 months, do you think my applying for the bank one and Capital One will be okay. Two searches in short succession...?

Of course, if I was unsuccessful with both (worst case, I know), I would leave it another 6 months.

Cheers.

Reaper

2 searches should be ok if you haven't had any others for 6 months, and you are right to leave a gap if you get rejections.

danjaq2004

Well, I'll see what I can get, thanks for the advice everyone, I'll report back on how I got on!

Cheers.

Does it normally take sooo long to get an Experian credit file, by post? Waiting a week now. Equifax was immediate (online for £11) and no similar solution for Experian (well £50 but wait for PIN in post).

*taps fingers*

danjaq2004

Reaper wrote:

2 searches should be ok if you haven't had any others for 6 months, and you are right to leave a gap if you get rejections.

Got my Experian file through (eventually) - no problems there.

The one thing Equifax said when I called them to discuss my online report was that lenders will not need to look back to my 'bad address - where I racked up debt' if the three subsequent ones show active accounts with good history ... which they do for the past 3+ years.

As for Experian, I actually entered that 'bad address' because I thought what the hell and obviously it looks crap in my report. Since I would not have to refer to that address when I apply for a credit card - is it safe to assume Experian will not look there when they are called to credit check me?

Also, when I look at my application that has come through from my bank, there are a load of references at the top, and only fields for address, previous if less than 2 years, DoB, my bank sortcode and a/c number. They don't ask my income, etc etc because I am an existing customer I guess - so my question is ... what do you think my chances are with Capital One and my bank now for a cedit card?

NB: My bank is Natwest.

Cheers mate.

danjaq2004

...Anybody?!

xbox

Not that I'm a Nat West customer..., but I'm my experiance (FD) your own bank should be the best option - they have "real data" as to how you conduct your finances...

Good Luck

danjaq2004

Thanks - well I applied for the Capital One 'guaranteed' card, satisfied all the 'short list' criteria and I'll have to wait and see. The page (after I submitted my application) said they were unable to reach a decision there and then, and I'd hear from them within 10 days.

Here's waiting!

Apart from the Capital One, I have no other searches within the past 6 months, so do you think it is okay to then apply for the Natwest one too?

Cheers.

danjaq2004

Heard back from Capital One. Have been accepted, signed terms and conditions and waiting to hear what card I have been offered.

Incidentally, was turned down by my bank for a card ...crazy!

danjaq2004

As Cahoot only use Equifax I applied online and was conditionally accepted for an account and credit card.

Will have to wait and see now.

Has anyone had any experience in applying for credit cards with them?