Credit Card Refusal.

spider1111

I have recently been refused a Capital 1 credit card. I was shocked at this as my history should be ok. Yeah I've had a few unpaid direct debits in my time(single figures), nothing over past 8 months though. I have done a creditexpert and a equifax credit report and both are lookig fine with everything in the green. I phoned Capital 1 to ask why this happened but they told me everything was confidential. Their letter told me to do these credit reports but they dont help. How do I find out why I was refused?
I have a credit card at the moment of about £1000 and was looking to do a balance transfer. The card I have at the moment I've had for about 10years so not been switching.

I have a joint saving account with my girlfriend. Does this count?

Where do i go from here?

Hope some1 can help.

Thanks in advance.

Spider

Lavendyr

Are you on the electoral roll?

Does your girlfriend have a good credit report? I ask because sharing a joint account may mean that there is a link between your two names and her history may affect you as well - that should have shown up on your report though.

The best credit report to check is Experian, and it doesn't sound like you've checked that one yet - visit their website and request a copy just to be sure.

YorkshireBoy

Lavendyr wrote: »

Does your girlfriend have a good credit report? I ask because sharing a joint account may mean that there is a link between your two names and her history may affect you as well - that should have shown up on your report though.

Do joint savings accounts create a financial association then?

The best credit report to check is Experian, and it doesn't sound like you've checked that one yet - visit their website and request a copy just to be sure.

OP has "done a creditexpert" - it's the same company.

OP, you simply didn't meet their credit scoring criteria.

Capital One list the minimum requirements for each of their cards on their website. Have you met them all?

It could for a variety of reasons, the most important being Electoral Roll registration as mentioned by the previous poster.

You may also have too little information/history on your credit file. Is your existing card reported? I ask because many pre-1998cards are not reported by the main banks if the account is run well.

Have you moved house recently/a lot over the last 3-6 years?

How long have you been with your current employer?

spider1111

Yeah I am on the Electoral Roll. My girlfriend doesnt have a very good history but the reports say I dont have any financial links with anyone. Been with current employer for 7 years, at current address for 17 years and my current credit card is reported.
I met all their requirements.
I have plenty of history, bank loan, car finance, all either payed back or being payed back with no hassle.
This is so strange.
Does no-body have to give me a reason or explination?

sandybrag

The same thing happened to me about 6 months ago hwen i wanted a loan to pay for a new car. Apart from the mortgage, Ive never had a credit card, or history with credit so perhaps that worked against me.

All bills were paid up to date etc so it just didnt make sense. Ive since obtained a credit report from all the big three agences but again nothing on there to show why they would have declined me?.

Its really frustrating, especially when they wont tell you exactly why you were refused.

Lavendyr

YorkshireBoy wrote: »

Do joint savings accounts create a financial association then?

I don't know exactly, that's why I said "may" - I was hoping some clever soul could confirm or deny it.

YorkshireBoy wrote: »

OP has "done a creditexpert" - it's the same company.

ooops.

Karl.H_2

If the card you're applying for states 'excellent history' then you must meet the following requirements:

• You have a credit card with the limit at least £5,000
• You have had a credit card for 5 years
• You have not missed for than 2 payments on a credit card or loan
• I have a credit card balance of less than £10,000
• Plus, you don't have any defaults.

Click here

Which card did you apply for?

spider1111

ah, never saw the one with

You have a credit card with the limit at least £5,000

I meet all the other criterias, that must be the reason.

Thanks all.

Why dont the banks etc have to give you a reason they refuse you? Can you get details if you ask for everything they hold about you under the Data Protection Act and the Freedom of information act?

Thanks again for shinning some light on this matter. First time i've used this site and will be back.

twiglet333

It is very frustrating when they don't tell you why you have been refused. I think they should tell you.

YorkshireBoy

spider1111 wrote: »

ah, never saw the one with

You have a credit card with the limit at least £5,000

I meet all the other criterias, that must be the reason.

I wouldn't necessarily say that. You've failed the "excellent" criteria (setting aside the fact you didn't even read it!), but if you have a "good" rating, they should offer you the other product, ie 3% BT fee and a higher 'go-to' rate.

Why dont the banks etc have to give you a reason they refuse you?

Because their scoring systems are commercially sensitive...and you may be tempted to lie on your next application.

Can you get details if you ask for everything they hold about you under the Data Protection Act and the Freedom of information act?

No, but nice try.