Been Declined Halifax 0% Credit Card

Blether

Have just been declined for the Halifax 0% card. Have no debts and have my mortgage with them (for the last 30+ years). Feel like I have been slapped in the face. Am employed in a reasonably well paid job. Was going to apply for the next best 0% but thought that I had read that if you apply for too many your credit score is affected. Is that so and if this is the case how long should I wait. Am going to have a lot of bills in the next month or so and was going to get 0% to pay them off over the next few months.

guesswho2000

One application won't affect your credit score. Any more than three or four in a six month period might.

Halifax rejecting you isn't the end of the world. Have you checked your Experian/Equifax/Callcredit files to be sure there isn't any adverse data on there?

Just because one lender says no, doesn't mean they all will. Try moneysupermarket's smart search, that leaves no footprint on your credit file and advises on likelihood of acceptance for various cards, as does Barclaycard's pre app check (I believe they offer a 14 month 0% purchase card).

For info, Nationwide offer this too, I assume your main bank is Halifax, so you wouldn't be eligible for their Select card (12 months 0% purchases), but their available to all card offers 6 months 0%.

matttye

One more won't hurt but I wouldn't do any more than that.

Lenders don't get to see whether you're accepted or declined, but if they see a lot of different applications it makes you look desperate.

It's worth noting that some lenders (Nationwide, Barclays and probably others) allow you to do a quotation search which searches your credit file, but other lenders won't be able to see such searches because it's not a full credit search.

You should of course make sure there are no errors in your three credit files with Experian, Equifax and Callcredit/Noddle first.

matttye

You-kip wrote: »

slapped in the face why?

If you haven't got any history of managing credit cards how will they know you'll pay them back!

Because he's paying a mortgage?

matttye

You-kip wrote: »

Whats that got to do with it? So paying your mortgage means you're good at managing credit cards does it! NO...

Well yeah, actually. You borrow money and repay at the agreed rate, at an agreed time.

The concept is pretty much the same no matter what type of credit it is.

YorkshireBoy

You-kip wrote: »

Whats that got to do with it? So paying your mortgage means you're good at managing credit cards does it! NO...

I'd wager that the OP's mortgage is over £100 per month. Maybe it's £400? Or more?

They've been paying this mortgage (presumably) without a problem for 30+ years...so there's 'some' history to go on.

The minimum payment on a £1,000 credit card debt during the intro period with them is £10 (£10 + approx £16 interest after the intro period).

Wouldn't you agree that, on the face of it, would be within the OPs means, and that there's a good chance that they wouldn't default?

In short, Halifax have enough to go on.

Plus, we don't know the OP doesn't currently have/hasn't previously had credit cards.

opinions4u

A well conducted mortgage used to mean automatic acceptance for a credit card with Halifax.

Although they weren't dishing out 30+ year mortgage terms in 1983.

Is the mortgage interest only?

londonTiger

who knows, i'd wager that banks dont like to issues credit card to people with mortgages because they're too sensible and they'll never make any interest from them.

They'd much prefer to issue cards to 20 something single people living in rented accomodations because they'll go out and spend the money on nights out, clothes, on an upgrade to their car, gadgets and what not.

guesswho2000

londonTiger wrote: »

who knows, i'd wager that banks dont like to issues credit card to people with mortgages because they're too sensible and they'll never make any interest from them.

They'd much prefer to issue cards to 20 something single people living in rented accomodations because they'll go out and spend the money on nights out, clothes, on an upgrade to their car, gadgets and what not.

I'd wager that that's a ridiculous theory! I'm no underwriter, but I'd be much more inclined to issue unsecured credit to those with assets to back it (such as a property) should they default and a charging order be necessary.

In fact I can speak from experience, I found my ability to obtain credit went through the roof when I went from tenant to homeowner.

It might be unsecured debt, but if you own something, they have something to take if they have to take you to court, I expect.

The_Boss

If the mortgage is 30 years old then would it even be reported on the credit files? The answer is almost certainly no, so it appears that there is no repayment history.

Having a mortgage with them is no guarantes they would know that the OP has a mortgage with them. They would be separate departments and probably with a total lack of joined up thinking .

YorkshireBoy

opinions4u wrote: »

Although they weren't dishing out 30+ year mortgage terms in 1983.

The_Boss wrote:

If the mortgage is 30 years old

I suspect the poster meant they'd had 'a' mortgage with Halifax for 30+ years...much the same as I've had 'a' mortgage with YBS for a similar period, ie we've both had more than one property in that time.