will being declined for a credit card affect future applications??

kj19

iv recently been declined for a hsbc credit card (my bank) but i am going to need one for my job (hotels/food etc).

im thinking of applying for another one with some1 else like vanquis.

but

because i have been declined will it affect future credit card applications, and does it mean that if i apply for another 1 i will be declined for that too

any help would be much appreciated.

emma396

hmmm, i'm not that sure to be honest. u should prob get a copy of your credit report. i applied for a nationwide credit card whilst in uni, and was declined even tho i had cards elsewhere. i applied again 6 months later for the same card and was accepted.

YorkshireBoy

kj19 wrote: »

iv recently been declined for a hsbc credit card (my bank)

I'd be very worried if my bank refused me a credit card. After all, nobody knows your financial affairs better than your own bank! Did you ask (or do you suspect) why?

...but i am going to need one for my job (hotels/food etc).

Be very careful about putting (perhaps substantial) work expenses on your credit card - especially Vanquis which, after all, is a credit-builder card and would be best used for one £5 transaction per month (and a full payment direct debit in place).

With Vanquis interest rates of 39-59% APR, if your company is late in re-imbursing your expenses, you may incur SUBSTANTIAL interest charges...and if you don't, then you're bank-rolling your company. :eek:

exel1966

Your own bank is usually the first/best place to start when it comes to requesting a credit card as you will already have a financial relationship/history with them.

How long have you actually banked at HSBC ? It will have a bearing ?

Do you have a credit history of any sorts ? a poor credit history ? It could be the reason why ?

Obtaing a Vanquis card for your employment is not a good path to be on. As YB has said, you could easily get stung !!

Tr@cker

NOT always a good idea to have a credit card with your own bank-if you get into financial difficulty they could take money from your current account to pay off your credit card.

exel1966

But it is generally accepted as the BEST place to start when you are NEW to credit cards. Not basing on IF'S !

inmypocketnottheirs

There is no way a lender can tell if you have been granted credit or turn down. Only the number of searches made is recorded, and if there are several this can lead a lender to assume that you are over extending yourself by requesting too much credit. Generally 2 to 3 applications in a six month period is not seen as excessive but frequent applications can be an indicator of financial problems.

There is no problem with using Vanquis if you are sure you can clear the balance every month.

kj19

thanks for the replies.

iv been with them 15 years.also had a grad account with them while in uni and we have always had a good relationship.

i have a mortgage with them (no payments missed)

still 7 grand of loan to pay them (i have missed 1 payment in last few months cos i lost my job)

i have also got an overdraft which unfortunately i have also gone over a few times in the last few months..

iv been in my new job for 2 months and it pays 25 grand year.. (maybe this could be the reason, the fact that i havnt been in my job long)

is there any other cards that would be a better option than the vanquis

i will be clearing the whole balance each month

bankstersbeware

kj19 wrote: »

thanks for the replies.

is there any other cards that would be a better option than the vanquis

i will be clearing the whole balance each month

The Capital One Basic card is similar to Vanquis. The APR always depends, but if you can clear it every month you're credit rating will rise. I used it when I started off as a total nobody 3yrs ago. :j

tom188

if you are clearing your balance each month the the interest rate is irrelevant and you may as well have the vanquis. apparently their customer service is actually quite good in comparison with other companies.

inmypocketnottheirs

tom188 wrote: »

if you are clearing your balance each month the the interest rate is irrelevant and you may as well have the vanquis. apparently their customer service is actually quite good in comparison with other companies.

Actually their customer service is superb. Polite, helpful and above all UK based.