I need help credit card application been denied

mandye1

Hi i was wondering if anyone can help me.. last week i applied for a Barclaycard thro moneysupermarket.com my credit rating needs improvement and this card was the best one to apply for according to the website.. i have never had a credit card and i am 37 yrs old.. i have a personal loan thro Halifax.. HP for a couch and a contract mobile phone.. the personal loan i got in may 07 the contract mobile i got in june 07 and the hp was nov 06.. i cant understand why i have been declined.. would i be able to apply for another credit card now or would it harm my credit rating any further? can any1 help me please.. i need the card because i am getting married and need more money.. please help me if you can..

iceicebaby

Hiya

You could try oine of the higher interest rate cards such as capital one or vanquis. They tend to accept people with less than perfect credit.

However, I would question the reason why you want a credit card to get more money. Credit cards are an expensive way of borrowing money.

Could you not save the money or extend the loan you have?

CLAPTON

without knowing what your credit files say or what your income is or what your existing debts are or whether you own your own house or renting or are on the electoral roll its pretty impossible to even guess why you were rejected.

Karl.H_2

Further to CLAPTON's post:
Check out Martin's article; it has information about requesting your credit file to look for a mistake. The reason you have been declined might be because of a small mistake. And please, please do not borrow more money than you can afford on a credit card designed to rebuild (or build) your credit score, because the APR is very high.

Money_Man

iceicebaby wrote: »

Hiya

You could try oine of the higher interest rate cards such as capital one or vanquis. They tend to accept people with less than perfect credit.

However, I would question the reason why you want a credit card to get more money. Credit cards are an expensive way of borrowing money.

Could you not save the money or extend the loan you have?

Make your mind up ICEBABY, in one sentence you advise to apply for the high APR cards then advise its not worth it as its too expensive!!



A good starting point would be to call Barclays and ask why you were declined for the card. Your initial post indicates your credit history is very limited, this may be the reason. Have you considered applying for a card with your own bank, where you may have built up a credit history already?

[Deleted User]

Which bank do you bank with? Often they may be more lenient in giving their own customers a card.

Karl.H_2

Money_Man wrote: »

Make your mind up ICEBABY, in one sentence you advise to apply for the high APR cards then advise its not worth it as its too expensive!!

I believe ICEBABE means you have to apply for a high interest card to build a credit history, and is advising not to borrow off it.

mandye1

i bank with the halifax and have for over 10yrs now.. i went into branch in may of this yr and applied for a personal loan (i already had a 2k personal loan from sept 06 which i wanted to pay off with the new loan of 6k) i work part time and earn £700pm before tax, the mortgage is in my partners name so i have no rent or mortgage to pay, and my bank account is always in the black.. i have no ccj's etc, and i have lived at this address for 2 years and before that in a rented property where all the bills were always paid in full and ontime. I was refused in branch on the loan for 6k in may of this year and i was really upset and could'nt understand why, when i got home i decided to ring the halifax and try again over the phone (but not mentioning my rejection in branch an hour earlier) and was accepted right away!! this i cant understand!! i also (after getting the loan) decided to apply for the halifax credit card online, this i was rejected for!! again i dont understand!! And now barclays have knocked me bak on what i have been told is a "sure thing" credit card... Can anyone help me make sense of this please..

Lavendyr

Are you on the electoral roll at your current address?

If not, start by getting that sorted.

You have obviously had 3 prior credit checks this year so far (for the loan and the Halifax CC) which will not help matters.

You do not have a very high income either, and relative to your income you have a reasonably high unsecured loan, and these things may impact on whether lenders are prepared to offer you a credit card.

Have you requested a copy of your credit report? This will show you exactly what the banks are seeing, and you can see if there is anything on it that shouldn't be. Experian is the biggest one, then Equifax, and it costs £2 to see a copy of your report.

If your sole purpose is to build up a credit history, I would consider the Vanquis card, but you have already had 4 checks on your report this year (at least) and it may be wise to wait a little while before trying to get a credit card again.

Karl.H_2

I am guessing (using a salary calculator) that your yearly income after tax is £8,409.03. Now, most credit cards ask for a wage over £10,000. I am unsure about Halifax's card though. I suggest you ring Halifax and ask why you were rejected – they might be able to help.

As mentioned above, I suggest you get hold of your credit history.

If you have any joint financial products with your partner they'll link your credit scores.

iceicebaby

Karl.H wrote: »

I believe ICEBABE means you have to apply for a high interest card to build a credit history, and is advising not to borrow off it.

yes exactly what I meant !