Good credit rating - Card application rejected?

pikefire

I recently made my first application for a credit card with Natwest and was rejected. Having signed up to Experian my credit rating reads 898 our of 999. This falls into the 'Good' category. I have never applied for a credit card before. I am looking to get a credit card or over-draft to help improve my credit rating but having been rejected I am stuck on how to move forward.

Should I apply with another bank for another credit card and if I'm rejected again with them how much will this affect my credit rating further?

Any help would be much appreciate.

Thanks!

Luke.

vettecarl

I would try the credit cards that allow you to do a 'soft search' before you officially apply.
A soft search leaves no trace on your credit file, but allows you to see the indication of whether you are likely to be excepted or not.
There is an eligibility checker on this site.

pikefire

vettecarl - thanks for this advice. Do you know where I could find to this link please?

Thanks.

AndyBSG

Credit scores are made up numbers invented by the CRA's to get you to subscribe to their product.

No banks or credit card companies use your Experian rating, they have their own credit rating system which is unlikely to be the same as the made up number Experian give you

Malmo

pikefire wrote: »

vettecarl - thanks for this advice. Do you know where I could find to this link please?

Thanks.

No one in the UK has a single or central "score". The scores sold by Credit Reference Agencies are marketing features for consumers - they are not seen or used by commercial (e.g. lenders) or public organisations (e.g. councils). Do not focus on ratings & scores. Lenders evaluate & score applicants using their own internal criteria.

Best to have a read of this MSE article for general tips & information about how credit profiling works and how to boost your general credit worthiness.

Perhaps review your chances of being successful in your application for a credit card by using a MSE Credit Card Eligibility tool, such as these ones. The tools only perform a type of "soft" search on your credit file, so the search won't be visible to anyone other than you.

rockm87

It just means you didnt match their criteria, try another provider in a few months time.

pikefire

thanks for all your information :-)

20aday

pikefire wrote: »

I recently made my first application for a credit card with Natwest and was rejected. Having signed up to Experian my credit rating reads 898 our of 999. This falls into the 'Good' category. I have never applied for a credit card before. I am looking to get a credit card or over-draft to help improve my credit rating but having been rejected I am stuck on how to move forward.

Should I apply with another bank for another credit card and if I'm rejected again with them how much will this affect my credit rating further?

Any help would be much appreciate.

Thanks!

Luke.

It sounds like you were declined because NatWest searched your credit files and found a lack of history in how you conducted your accounts?

Did you use the 'soft search' facility on their website first or did you go ahead and conduct a 'hard search'?

Lenders like Capital One, Aqua etc are the ones to look at. Yes, the Interest Rates are eye wateringly high but by paying your statement in full each month that's not an issue.

Give it six-twelve months before trying with them again.

pikefire

Hi thanks for replying.

how do you mean conducted my accounts accounts? to my knowledge I used the soft search on applying for a credit card but may have tried to apply for an overdraft on a hard search a couple of times.

I will look into Capital One & Aqua. Do you think I'll have more luck with these?

Thanks, Luke.

20aday

pikefire wrote: »

Hi thanks for replying.

how do you mean conducted my accounts accounts? to my knowledge I used the soft search on applying for a credit card but may have tried to apply for an overdraft on a hard search a couple of times.

I will look into Capital One & Aqua. Do you think I'll have more luck with these?

Thanks, Luke.

Sorry, I should've made myself clearer Luke: have you any other form of credit?

Too many 'hard' searches in a short period of time shows potential lenders that you may be desperate for credit increasing the risk of being declined.

Yes, you should have more luck with the likes of Capital One etc. Barclaycard also run the Initial Visa Credit Card for those with a poor/limited history too (and also have a 'soft search' tool.)

NICHOLAS_2

pikefire wrote: »

Hi thanks for replying.

how do you mean conducted my accounts accounts? to my knowledge I used the soft search on applying for a credit card but may have tried to apply for an overdraft on a hard search a couple of times.

I will look into Capital One & Aqua. Do you think I'll have more luck with these?

Thanks, Luke.

Well, i have bad credit history. Just applied for a credit card, a few days ago, and was accepted

I wouldn't put too much into the mse eligibility check on CC's.

If you have lack of credit history, too much existing credit, or your pay stuff late all of the time, it can sometimes affect you getting one. Also, applying at lots of places for credit in a short space of time may cause trouble.

I would put money on you being accepted by Vanquis, but you'll need to make sure you pay it off every month on time...