Can't get a 0% and can't fathom why!

RachelBP

I am really in need of a 0% credit card for some purchases I'm going to need to make over the next few months. I've applied for RBS, Virgin Atlantic and Santander and been declined for all three. The only problem is, I can't work out why. Or, what I need to change to be accepted.

I'm full time employed, earning just shy of £30k before tax, have lived at the same address all my life and have never missed a payment on a card in my life either - I have two credit cards with RBS, one student (even though its a long time since I was one!) and one regular card - had them both 7/8 years and both currently at a £0 balance.

I don't have any debt and I've never borrowed money through a loan etc

Anyone know why I can't get anyone to accept me for a 0% card?

Edit: I looked on Equifax and can't see anything untoward.

jonesMUFCforever

Sometimes no credit history is just as bad as bad credit history.
Have the declines all come about recently?

I would get copies of your credit files from the CRA's and take it from there.
You could try your existing card lender and see if they offer you any deals?

Ant.Evs

RachelBP wrote: »

I don't have any debt and I've never borrowed money through a loan etc

That will be the reason why. Crazy as it sounds, if a lender cant see any history of you paying something back then they are unlikely to lend to you.

johnmcga

Other posters probably have it right when they say a lack of history is the issue.

However, it's probably a silly question, but are you on the electoral roll? My girlfriend had some problems getting a new credit card when we moved house, but once she'd registered to vote it was fine.

Cycrow

how often do you actually use the credit cards you have ?
are they £0 balance because you use them and always pay them off, or simply because you don't use them that much ?

if its the later, then the most likely reason is lack of a credit history, as a lot of these 0% deals require a good credit history.

also, whats the limit of the 2 cards you have ?
If they are both pretty high, then could also be causing you some problems.

finally, you need to check your credit files at the 3 CRA's, to make sure that they are correct.

If the 3 cards you applied for have all been recently, then you will need to wait before applying for any more, as lots of searches can also be a bad thing

CLAPTON

have you checked all three credit agencies?

do you actually use the two CCs you currently have?

are you on the electoral roll?

RachelBP

In response to the replies:

Yes, Im on the electoral roll and my equifax report shows as me having been on it for 7 years.

The two CCs I already have do get used and I always pay them off within the month or at least pay off a very a large chunk. They are simply at £0 because I've paid them off for now. In fact, I often purchase things on my credit card that I have the money in my debit account for - then pay off the card - exactly for this reason.

I applied to RBS (my current bank and supplier of other two cards) and Virgin Atlantic card (as Im on their frequent flyer prog and the miles are handy) and both turned me down. I haven't applied for any other credit in about two years - that was a Tesco 0% CC which is now settled and closed.

DCFC79

Id stop applying for cards and save up for what you need to buy. No one at the card co's will know what you need to change to be accepted.

Simon7685

I am no expert on any of this and this is just a hunch really but I think sometimes using and paying off your cards in full goes against you, as they don't make the money from the interest charges. I know they make money from you using the card but not as much as interest.

It might be worth a final shot for you to try MBNA for their Platinum card if the searches from your recent applications haven't already gone onto your file. I tried my own bank for a card this week and they flatly refused me, even though they are happy to give me an overdraft facility. So I tried MBNA they have an eligibility checker which gives you an indication of what they will give you. I didn't get the headline card but they offered the same card with 16 month offers on it, including transfering money to a current account (4% fee) or 16 month BT with a lower fee and the APR is 20.9%.

It will cost you nothing to try and see what the eligibility checker says.

Also Barclaycard have some good offers and they also have an eligibility checker, I personally think their lending criteria is a bit easier than some. I still had 6 months of default showing when I got the Freedom Rewards card from them with a £2k limit.

Hope some of this info helps to get you somewhere.

[Deleted User]

Simon7685 wrote: »

I am no expert on any of this and this is just a hunch really but I think sometimes using and paying off your cards in full goes against you, as they don't make the money from the interest charges. I know they make money from you using the card but not as much as interest.

I've never known this to be the case with any lender.

jo-bo

Rbs will let you have 5 credit cards from themselves as a group but only 2 under any name eg 2 from rbs 2 from natwest but not 3 from rbs. Hth