Refused a credit card, even bank cant believe it !

freestyler

To be honest I aint a perfect citizen, or in other words i rarely vote ..but I must be on the electoral roll coz i do get postal vote related letters and stuff..and yeah its the same as my bank address

thumshie

freestyler wrote: »

I do have quite a lot saved in my flex saver and just used my overdraft for daily use..so the bank must know that even though I'm always in my overdraft I'm doing this just to earn more interest on my savings...... So I dont really get how they could refuse me just on grounds that I'm always in my overdraft..

Banks/CC companies do not take savings into account, you could have thousands in savings but this is not considered.. Reason being is as soon as you get the credit card their is nothing to stop you spending/withdrawing the savings, and immediatly not having the funds to repay..

Dylanwing

Credit Card Companies are declining a lot of applications for no apparent reason. Thet are so nervous of bad debt that they are being over-cautious with issuing new cards. I find it odd that they don't want the profitable 'normal' business, but are happy to take on the loss-making 0% balance transfers.

freestyler

I get your point ; do you reckon it would be a better idea to leave quite a lot of what I have in my current account for say a few months [I wont be spending much till end of October] and try applying again ? wud that improve my chances of bettering my credit score ?

dazza.mk

Your best chance is probably to try one of the credit builder cards:

1. Barclaycard Initial
2. Capital One Classic card
3. Vanquis

Although note the APR on these cards are EXTREMELY high, don't use them if you don't intend to pay off the full balance each month.

Once you've used them for 6-12 months you can always try and 'jump ship' to a more attractive card.

hjb123

Have you checked your credit rating? You could try doing that by using one of the free trials avilable, think one of thems called experian and the other one credit expert

freestyler

I think you have to pay to get a credit report ?

Karl.H_2

freestyler wrote: »

I think you have to pay to get a credit report ?

"[FONT=arial,helvetica,sans-serif]The Consumer Credit Act 1974 gives you a statutory right to see your credit reference files by simply writing to the agencies, with a £2 fee."[/FONT]

Here's Martin's article which will give you information about requesting your credit file.

I was refused a Credit Card. It was suppose to be my first card. The Credit Card Companies make it so difficult to build-up a good credit score! :mad:

I am going to apply for Barclaycard Student Card when my accommodation is sorted out. If you're leaving University how about a Graduate Barclaycard.

Please read terms and conditions before applying.

Best of luck!