Declined for a credit card-excellent credit report??

skea56

hi all
I recently got engaged and thought it might work out better for us if I got a credit card to pay deposits etc and pay off before the big day in Mar next year.
Applied for M&S cc with 19 month int free on purchases and was declined.

I currently have a santander and telco cc which are both paid off in full each month, I work 30 hours a week and my take home pay is just shy of £20k.

I checked my credit report on experian and had an excellent score, with 3 positive factors and only 1negative, this being a car finance of £30k taken out in oct. The agreement is in my name but the payment comes out of a joint account with my fianc!.

Is this what has caused this refusal and what are my chances of getting a card?

Hopefully I've given enough info but if you need any more shout

Sk56

Thrugelmir

£30k car finance on a £20k income.

That'll be the reason behind the decline.

YorkshireBoy

So you work part time?
Have a circa £31K salary?
Have a car loan almost equal to your annual gross salary, and taken out very recently?
Have further available credit (how much?) on two other existing credit cards?


There's no wonder you were rejected to be honest.

DCFC79

Save up for a cheaper wedding.

Excellant credit report means diddly squat to lenders/ credit card companies.

grumbler

skea56 wrote: »

Applied for M&S cc with 19 month int free on purchases and was declined.

I currently have a santander and telco cc which are both paid off in full each month, I work 30 hours a week and my take home pay is just shy of £20k.

I checked my credit report on experian and had an excellent score, with 3 positive factors and only 1negative, this being a car finance of £30k taken out in oct. The agreement is in my name

£25Kish income, 2 CCs with unknown limits + £30K(!) loan - and your are surprised that you were declined?
You can't be serious.

If it was the CRA that told you that everything was 'excellent', then it's yet another proof of how worthless their estimations are.

but the payment comes out of a joint account with my fianc!.

Firstly, nobody knows this except you.
Secondly, it's irrelevant.
The only what matters is that the debt is yours.

Also, do your realise that the joint account linked your credit files together? Is everything 'excellent' with your fiance's history?

saver861

skea56 wrote: »

hi all

Applied for M&S cc with 19 month int free on purchases and was declined.

I currently have a santander and telco cc which are both paid off in full each month, I work 30 hours a week and my take home pay is just shy of £20k.

I checked my credit report on experian and had an excellent score, with 3 positive factors and only 1negative, this being a car finance of £30k taken out in oct. The agreement is in my name but the payment comes out of a joint account with my fianc!.

Sk56

Well I did wonder if you made a typo and meant a £3k loan rather than £30K!!

The two together would add up - refusal plus £30k car loan.

I might suggest a strategy rethink - you got the £30k loan in your own name and you are looking to get a credit card to rack up more in your own name!!!

Think about it ...

Not even sure how you managed to get the whole £30k car loan on a £20k salary ......

MikeMouse

I am assuming that the £30K is a typo as well.

Even if its £3k the fact that the car loan was taken out only three months ago and you are applying for additional finance so soon afterwards would be a big factor. You would be seen as credit hungry.

Throw in two additional cards and your earnings and that would be that.

If its not a typo please tell us who gave you 30K on your salary - wouldn't mind a new car myself if there is someone silly enough to lend it to me

MikeMouse

Also the credit score is not the only thing that counts. You can have the best credit score in the world but if you apply for a loan of a million bucks and the lender doesn't think you can afford to pay it back they will say no.

The credit score only shows your track record in the past but the lender will decide on the affordability of a loan itself.

DalePie

That's a pretty big car loan to take out on a 20k salary. It's going to hamper you obtaining credit cards.

I think you have to decide what's more important. Ability to have a credit card or a posh car.....

Armorica

Sounds like your fiancee would stand more of a chance of getting a card given that you have a very expensive car loan!

JKSandy

Your application will also be based on your partners credit file if you have a joint account.