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Declined Halifax Credit Card but good credit score..
zaphan58
Posts: 28 Forumite
in Credit cards
Ok I just applied for the Halifax Credit Card as I wanted to transfer the balance over to it from a Tesco card that I have. I got declined so I got a report from Experian as recommended. My score is rated as "excellent" with a mark of 983.
Can't work out why I was declined apart from possibly because I recently started a new job so on the application I had to put I was there 1 month so far. Is that likely to be it? What's my best plan.. Wait a few months and then try again? I don't want to try applying again and get turned down for a second time.
Can't work out why I was declined apart from possibly because I recently started a new job so on the application I had to put I was there 1 month so far. Is that likely to be it? What's my best plan.. Wait a few months and then try again? I don't want to try applying again and get turned down for a second time.
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My score is rated as "excellent" with a mark of 983.
Your "excellent" score means nothing to Halifax (or any other lender) as they don't see it and have their own way of assessing you. It is a random number generated by the credit agencies to give people a warm fuzzy feeling.
You could have been rejected for any one of a number of reasons - short term in job, too much current credit compared with salary, previous missed payments, etc.
What other credit do you have and what is your salary?0 -
I have never missed a payment or anything like that. I just have the one credit card with £1500 on it. I have had a card with M&S a few years ago but it was always paid on time and I cleared and closed it a long time ago. Currently on 16k.
If I went in to a Halifax branch would they tell me specifically why I was declined?0 -
What's my best plan.. Wait a few months and then try again? I don't want to try applying again and get turned down for a second time.
Try a different lender. Does it have to be Halifax, are you looking for purchases, then look at a long term 0% purchase option for example Tesco.
If that declines then wait a few months, try establish what the reason may be, which could well be length of time in work.0 -
If I went in to a Halifax branch would they tell me specifically why I was declined?
No, they'll point you to their CRA.
Ignoring your score (it means nothing), what does your report say? Number of credit accounts? Credit vs Salary %age ? Age of accounts? Duration in current job? Duration at current address? Duration on ER? etc...0 -
No it doesn't have to be Halifax. It's just to cut out the interest I'm getting on the balance I have while I pay it off.0
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No it doesn't have to be Halifax. It's just to cut out the interest I'm getting on the balance I have while I pay it off.
Ok, so your looking for a balance transfer offer of 0%?
You may also want to run the Barclaycard Pre-Application checker, to see your likelihood of being approved for a barclaycard instead, this won't put a full search footprint on your credit file just a soft search unless you take it through to apply in full.
They have some good balance transfer deals.0 -
No, they'll point you to their CRA.
Ignoring your score (it means nothing), what does your report say? Number of credit accounts? Credit vs Salary %age ? Age of accounts? Duration in current job? Duration at current address? Duration on ER? etc...
As far as I can see it all looks fine. Accounts overdue: 0, missed or late payments in last year: 0, bank account and address all 10+ years old etc. Duration of current job is all I can think is doing it as like I said I've only recently started there.0 -
platterfish wrote: »Ok, so your looking for a balance transfer offer of 0%?
You may also want to run the Barclaycard Pre-Application checker, to see your likelihood of being approved for a barclaycard instead, this won't put a full search footprint on your credit file just a soft search unless you take it through to apply in full.
They have some good balance transfer deals.
Yep just a 0% balance transfer. Thanks for the info I'll take a look at that. I ran the pre-application checker on this site and it said I was good to go that's why I applied for the Halifax.0 -
I can't believe Halifax have a 'policy rule' saying only people who have been with the same employer for more than x years/x months can have a card!Duration of current job is all I can think is doing it as like I said I've only recently started there.
The short time in job has simply gone into the credit score mix. It may have tipped the balance (when your other financial circumstances were assessed), but it is definitely not the reason for the rejection.
As to your next move...your bank (the one that receives your salary and pays your bills) may be worth a shot. Who do you bank with? Surely they have a BT card?0 -
Ok took a shot and applied for a card with another lender which was accepted (Natwest). They gave what I consider a crazy high credit limit of £5600 so I'll be getting them to lower that as it's really not needed.0
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