Suddenly only getting rejections

baileywin

londonTiger wrote: »

That's not necessirily a good thing, the credit report will show a low average balance or maybe even jsut £0 because that is the statement balance.

It's paid off in full by direct debit - it always shows the "green blob" on my credit report which I thought was good enough. If I do make a manual payment I always leave a penny to be collected via Direct Debit so I've always got a cleared statement each month.

londonTiger wrote: »

The aqua card might be regarded as a negative point against you, after closing it typically takes at least another month for the credit file to update and then the "burning coal" will need to simmer off into the distant past to no longer be a sleight in your record.

I don't believe that lenders can see the exact name of the account only the type, but it's not terribly surprising someone young has a sub-prime card - everyone has to start out somewhere.

Thrugelmir wrote: »

Multiple credit cards and bank accounts with a considerable amount of available/utilised credit every month. In an era of responsible lending the question would be why you require more. The possible intention you have for doing so.

I understand your points re lots of credits accounts - but I used to have more cards, and never had a problem getting accepted whilst I was also earning less money - so it's surprising now I'm earning more with less cards it's a problem!

longtermplanner wrote: »

You have a joint account ... what is your partner's credit record like?

The joint account is a new dimension only added in the last few months so this could make a difference.

My partner has no defaults etc but very little history at all - she's got a credit card which she's had for the last couple of months, a phone contract and a bank account (might even be a basic account with no OD facility and so may not even show up).

I assumed that "negative" history would affect me, but no history would make no difference to me?

I think that the CapitalOne decline *may* be because I already have a Luma card, which is their sub-prime card (I think - it's definitely run by CapitalOne).

Although I have multiple cards, I typically only use 1 or 2 time so the others are often dormant. Would this be a problem?

EDIT - I know nobody asked, but the reason for multiple cards is quite simple - I'm a cashback tart. I had an Aqua, rinsed the card, got £100 cashback and now just have to wait for it to be closed for it to be paid. Had a Barclaycard rewards card, they paid the cashback as a credit to my card and I'm now hanging onto it to use the balance places that won't take the Amex. My Amex is ~1% cashback, but the Luma is 4% in supermarkets and petrol stations etc.

Thanks for the advice so far

londonTiger

Yeah looks like the truth is somewhere up in the discussion above as to why you've been declined.

1) why do you need more credit when you dont seem to utilise it? stoozing or necessity?

2) I took out a personal loan for my brothers downpayment on his mortgage years ago. Was asked not to mention anyone else from the family. Friends told me I was being taken for a ride. But he's my brother, what can you do. Long story short - brother was grateful for me getting him onto the property ladder, he paid off the personal loan without a hiccup and I benefitted greatly by having that on my credit file.

If you're planning on getting a mortgage or something I think it will help to get some arranged borrowing going on. Personal loan for a car or something.

baileywin

londonTiger wrote: »

1) why do you need more credit when you dont seem to utilise it? stoozing or necessity?

Not necessity, but for cashback cards - I no longer have an "everyday spending" cashback card (for when my American Express isn't accepted) as my other cards have expired. I keep the other cards either because they have some special benefit (Luma, 4% but only on food / petrol) or because they have cash on I need to spend.

londonTiger wrote: »

2) I took out a personal loan for my brothers downpayment on his mortgage years ago. Was asked not to mention anyone else from the family. Friends told me I was being taken for a ride. But he's my brother, what can you do. Long story short - brother was grateful for me getting him onto the property ladder, he paid off the personal loan without a hiccup and I benefitted greatly by having that on my credit file.

If you're planning on getting a mortgage or something I think it will help to get some arranged borrowing going on. Personal loan for a car or something.

I would like to get a mortgage in the next couple of years - but up until now my credit files never been a problem so I didnt think it'd be an issue!

I do need a new car soon (~£3-4k) but I've already saved up for it so I don't really want to pay interest for no reason.

I've applied for all my credit reports from the various agencies so I'll have a look once they come through.

londonTiger

OK. I think you're allowed up to 1 years salary in credit, any more than that and it gets complicated, that;s just a guide though and it may vary on age. younger would probably make it less than a years salary and older probably more than a years salary as they are likely to have savings to make payments to clear debts at short notice.

credit card is 7.75K,
what is the total allowable overdraft on the current accounts?

baileywin

londonTiger wrote: »

OK. I think you're allowed up to 1 years salary in credit, any more than that and it gets complicated, that;s just a guide though and it may vary on age. younger would probably make it less than a years salary and older probably more than a years salary as they are likely to have savings to make payments to clear debts at short notice.

Do you have any source to back this up? You've made a lot of statements in this thread that I can't seem to find any related information to online.
credit card is 7.75K,

londonTiger wrote: »

what is the total allowable overdraft on the current accounts?

£1,500 on one, the others I'm not sure - maybe £1,000 between them.

moshoodo1

@op,

multiple application in a short period of time might even triger a decline.

Experian_company_representative

You might benefit from not applying for any more credit for a while, allowing your credit history to mature. Lots of recent credit applications and young accounts may be an issue for you at the moment.

James

foxwales

You have two new bank accounts that have been opened within the last 6 months. Also, in comparison to your income you have many credit streams, which if all were utilised to their max, you would struggle to maintain any further commitment.

Throw in you have just moved into a new property, it doesn't give new lenders much security.

Based on the fact you maintain regular repayments, I would say you are moderate lending risk.

Allow 6 months to pass before you make any further credit applications and try to close some of the credit card accounts to reduce your overall total lending capability.

londonTiger

baileywin wrote: »

Do you have any source to back this up? You've made a lot of statements in this thread that I can't seem to find any related information to online.
credit card is 7.75K,£1,500 on one, the others I'm not sure - maybe £1,000 between them.

A lot of it is what I read here. The total credit limit being 1 years wages is a general guide and seems to ring true for most people.

Cycrow

the general rule would be that unsecured credit shouldn't be more than 50% of your annual income.

while you can be rejected when having less, or accepted for more, its a general guideline.

as it sounds like you have at least £10k of unsecured credit, thats already close to 50% of your income, so could be a likely reason for rejection