Rejected for Tesco Credit Card

Tixy

The electoral roll could easily be the issue.
How recently did you go on it with the council? it usually takes another month or so for this to be updated with the credit reference agencies.

Won't hurt to try to appeal the Tesco decision when you get it in writing.
But if that doesn't work then definitely wait for this to be changed before applying for anything else.

PeteWoodward

I cant believe how slow these processes are. The council confirmed they had shared my electoral roll reg with the agencies a week ago.

CherlokHomes

rbrtmcrthr wrote: »

Yes I do realise this but I gave it a shot, so instead of being "online scored" my explanation would be read by someone. I always say if you dont ask you dont get

What explanation have you got for ignoring letters & more letters requesting payments and you decided to ignore these not once but twice.
Try cap1 or vanquis that's more in your league I'm afraid.

Mat_Lock

I'm not even on the electoral roll and I got a Tesco Credit Card about 2 weeks. They gave me £3k credit limit and I earn £25k too.

nat21luv

Exactly the same happened to me! Got rejected straight off, I have no debt, no defaults, abarclaycard platinum cc with full balance and earn well. I rang them up and even the lady on the phone was miffed as to why I was rejected, I only wanted £250 so I could buy my food/groceries at tesco and earn more points then pay off in full every month.

They asked that I send in my credit report so I have done with a covering letter and I'm just waiting to hear their results. Funny though, just today I was accepted for a Amex card so I could get the cashback reward

Thrugelmir

PeteWoodward wrote: »

I figure my £5k of credit on a salary of £25k with no dependants, etc. isn't a huge issue on paper so i'm really confused.

You already owe £4k. So potentially £9k if you utilised all the funds. That is a sizable amount of unsecured debt.

Was the £5k loan partly used to consolidate other debt?

PeteWoodward

I had a large overdraft and student credit card.

I closed both after getting my graduate loan in 2011. I later brought my overdraft back since it was 0% at the time.

When I say £5k of credit I mean the £4k I owe in a loan and £1k in an overdraft. So it's £5k if I utilised all the funds which I'm doing now, and it's only getting smaller.

Thrugelmir

PeteWoodward wrote: »

When I say £5k of credit I mean the £4k I owe in a loan and £1k in an overdraft. So it's £5k if I utilised all the funds which I'm doing now, and it's only getting smaller.

With an increasing onus on lenders to ensure that credit granted is affordable to the borrower. Then highly possible that £10k would be considered too high in your current circumstances. Not least as you are already dependent on an overdraft.

iAMaLONDONER

nat21luv wrote: »

Exactly the same happened to me! Got rejected straight off, I have no debt, no defaults, abarclaycard platinum cc with full balance and earn well. I rang them up and even the lady on the phone was miffed as to why I was rejected, I only wanted £250 so I could buy my food/groceries at tesco and earn more points then pay off in full every month.

They asked that I send in my credit report so I have done with a covering letter and I'm just waiting to hear their results. Funny though, just today I was accepted for a Amex card so I could get the cashback reward

Let us know the outcome!

PeteWoodward

Thrugelmir wrote: »

With an increasing onus on lenders to ensure that credit granted is affordable to the borrower. Then highly possible that £10k would be considered too high in your current circumstances. Not least as you are already dependent on an overdraft.

It's not 10k though. It's only 5k.

I have a loan of 4k, which is reducing, and an overdraft of 1k which I am looking to reduce but would like a credit card for emergency purchases and the run up to payday to assist with this.

I would want max 1k from Tesco, which would mean £6k would be my limit, less than 25% of my current earnings.