Are under 30s automatically rejected by the big banks these days?

meer53

RobG24 wrote: »

Finally I'm getting a bit peeved off with being described as a stupid arrogant credit junkie who should think themselves lucky.

This is in contrast to the champagne drinking, "contractual obligation" bonus bankers who did receive a handout!

I would like more of my taxes to pay for schools and hospitals.

Anyway, two questions answered: 1. Are under 30s automatically rejected by the big banks these days? Based on the thread: No.
2. Should I post on the MSE Forums again: No.

Can't see anywhere where you were called the above ?

People like you, who tar all bank staff with the same brush really annoy me. I can 100% assure you that the majority of bank staff, myself included, are not champagne drinking, bonus collectors. I'm a single mum, trying to make ends meet just like most people.

If you are so sensitive, then maybe it would be better for your blood pressure if you didn't post again.

zeon999

This has absolutely nothing to do with your age and more to do with the amount of credit you already have.

By your own admission you already have a mortgage a personal loan and a platinum credit card.

I can only suggest you register with credit expert and find out whats going on with your credit file. For all you know you could even have someone who has taken out credit in your name and you don't even know about it.

I tend to join for a few months before I plan on getting any new credit then close it just after instead of paying the monthly rate all year every year.

RobG24 wrote: »

Given the finance logic I'd have to assume that those with credit cards with £3500 limits would have to be on £100,000 salaries or something.

Erm no, I am only on 22k a year and I have 4 credit cards, 2 over 5k credit limit the other 2 over 3k limit. I also have a car on personal contract hire which is also listed in my credit file and we still got offered a mortgage of 170k when we were looking late last year.

My wife who earns more than me actually never gets offered as good a credit limit as me due to other reasons, such as she never used to use credit cards much before meeting me and she has had a name change since we got married.

iAMaLONDONER

RobG24 wrote: »

OK, this is the last I'm going to say anything on the subject. As we are just going back and forth and the focus seems to be about my "arrogance", rather than a debate about gaining credit.

I totally agree with you that everybody is a credit risk to some degree and I don't assume I'm not. But we are talking about a credit card not a loan for a flashy sofa. They had every right to set a reasonable credit limit which I assumed would be below the £3500 quoted in the thread. Instead they've decided I'm such a high risk that they can't even offer a limit of £1. And given the facts I've given (which I was asked to give), I question if that's reasonable given that this will show up on my credit file. It's like "oh, cheers!".

Yes, there is the question about job loss, but that applies to everybody with credit and that situation hasn't stopped everybody else saying "nope, under 30 and got a card, just you!"
And the question about the underwriter wondering "more credit?" Wonder no more, I had to give my phone number in the application. They are free to ring me to clarify questions, just like a bank manager from years ago would have done. But they never do.

To answer a couple of questions about credit history. I have a 10 year credit history with loans, cards and mortgage and Halifax are my current mortgage provider so they should know my payment history.
Also, I didn't apply to Tesco for a card, that was an example for a loan a while ago when I ended up going with Zopa. To answer the questions about customers underestimating outgoings. Again, I agree, which as I said I went into detailed maths with Tesco. I.e. Fuel costs, Food cost, Util costs, Insurance costs, All credit costs (including the loan they wanted to refuse) and at the end of it all they still said "it was my interpretation". I prefer to call it my "accounts".

Finally I'm getting a bit peeved off with being described as a stupid arrogant credit junkie who should think themselves lucky. I know exactly what it is like to come from humble beginnings who was told would never amount to anything. I've never received a handout and if I need financing I either save or get credit.
This is in contrast to the champagne drinking, "contractual obligation" bonus bankers who did receive a handout!

I would like more of my taxes to pay for schools and hospitals.

Anyway, two questions answered: 1. Are under 30s automatically rejected by the big banks these days? Based on the thread: No.
2. Should I post on the MSE Forums again: No.

Don't go mate- I think some people on this forum are rather harsh but they mean well overall ( or so I hope!)

iAMaLONDONER

zerog wrote: »

I am 24 and I have 3 credit cards and an Amex charge, as well as 2 overdrafts. Halifax rejected me though probably because I find it difficult to keep any significant balance with them.

Which credit cards, may I ask?

iAMaLONDONER

callum9999 wrote: »

I've had the Clarity card since I was 19 and Tesco card since I was 20.

And no, the £10 you contributed towards the bank bailout doesn't afford you special treatment from them. As you seem annoyed they got bailed out, perhaps you should be happy they are now being more selective about who they lend to?

Did you have any CCs before? What limits did you get?

jamesml

As said, age is not an issue. Without trying to sound arrogant/big headed, I'm mid-20's, have a mortgage much larger than yours, a substantial amount more available credit, and earn a relatively similar amount. You need to check your files. They might not like the car loan or the Zopa lending. How long have you held the credit card? The £9k loan must be expensive to service - its clear that they think affordability is an issue, even if you don't (and even if its not). I've stepped up my lending since I got my first card at 17, although I never actually needed all the credit I was given - in fact £2/3k or so is in reality all I've needed to use at any time.

As said, no good ranting about having to bail out the banks if you are going to complain they have tightened up their lending criteria.


As to not liking the response you got from other posters, I'm not really sure what you expected. If your original post wasn't written to be so inflammatory then you wouldn't have got flamed in the responses. There are plenty of other people who post on here, asking reasonable questions about why they get rejected, who get much calmer responses. If it didn't sound like you came on here mainly just to rant, you would have got a better response. Chalk it up to experience and don't be so foolhardy that you won't visit again because of one thread.

somethingcorporate

On £40k you pay £500 tax a month, not £1k.

I've never had a problem getting credit cards, 28 years old, a higher salary than you and a couple of massive mortgages.

callum9999

iAMaLONDONER wrote: »

Did you have any CCs before? What limits did you get?

I had the Vanquis, Capital One and Flybe cards before then. Only got £250 from Tesco but something like £1800 from Halifax (I have a well-managed current account with them).

iAMaLONDONER

callum9999 wrote: »

I had the Vanquis, Capital One and Flybe cards before then. Only got £250 from Tesco but something like £1800 from Halifax (I have a well-managed current account with them).

250 from Tesco? I thought they were kind of premium- though it's better than nothing!




Btw is this you ? http://www.thestudentroom.co.uk/member.php?u=132794

iAMaLONDONER

jamesml wrote: »

As said, age is not an issue. Without trying to sound arrogant/big headed, I'm mid-20's, have a mortgage much larger than yours, a substantial amount more available credit, and earn a relatively similar amount. You need to check your files. They might not like the car loan or the Zopa lending. How long have you held the credit card? The £9k loan must be expensive to service - its clear that they think affordability is an issue, even if you don't (and even if its not). I've stepped up my lending since I got my first card at 17, although I never actually needed all the credit I was given - in fact £2/3k or so is in reality all I've needed to use at any time.

As said, no good ranting about having to bail out the banks if you are going to complain they have tightened up their lending criteria.

As to not liking the response you got from other posters, I'm not really sure what you expected. If your original post wasn't written to be so inflammatory then you wouldn't have got flamed in the responses. There are plenty of other people who post on here, asking reasonable questions about why they get rejected, who get much calmer responses. If it didn't sound like you came on here mainly just to rant, you would have got a better response. Chalk it up to experience and don't be so foolhardy that you won't visit again because of one thread.

A 2/3k limit at 17?

I thought you had to be 18?! How did you get such a high limit- are you must of had a high household income ,right?