Which Credit Card? - help please

TwinklySparkly

Walked the path back from quite a sticky situation over the past six years - and have been Debt Free for about Nine Months now - Whoop Whoop


Credit rating is nice and high - and all previous debt records are off my history


Am growing in General Credit Confidence as have been pre- approved for a mortgage for a forthcoming house move -


However now finding the need to apply for a credit card - to cover work expenses whilst I'm away on business


Have nothing to transfer - so would be a brand new app - Balance would be paid IN FULL ( Martin!) every month - so no real need for borrowing - would just be spending - and then settled ( I've learned my lesson!)


Also like the idea of cashback - but that's not compulsory


Have made a couple of applications based on the Credit Matcher on MSE likelihood to be accepted (M&S & Post Office) but have been rejected for both - horrible


Can anyone offer any advice/reasoning for rejection please?


Can follow the recommendations for Cards for Poor Credit - but actually - my credit rating is pretty good now - so not sure if I should go to these limits - and take a card with such high rates


Also don't want to jeopardise the mortgage application when it "formally" gets made ( within the next month )


Please don't say wait until you have made the mortgage app - as Need to travel for work again in the next couple of weeks


Any advice gratefully accepted
Thanks

Anthorn

Mre info needed:


The first part of your post is ambiguous:

Credit rating is nice and high - and all previous debt records are off my history

Does that mean that previous accounts have dropped off and you have recent ones or your credit history is blank so effectively you don't have a credit history?

TwinklySparkly

Sorry yes thanks -


Credit History has all old ( debt ) records dropped off - and only has current credit ( mortgage, car purchase, car insurance) no other credit cards or borrowing

grumbler

TwinklySparkly wrote: »

...have been pre- approved for a mortgage for a forthcoming house move ...

You may find out that the lender doesn't allow you applying for new credit until the deal is completed, otherwise the offer can be pulled.

moohound

If it is paid in full then the rate doesn't matter as you don't pay interest anyway, I use a 'poor credit' card with 30(ish)% interest and 0.5% cash back not the best but better than nothing.

Dobbibill

Hi TwinklySparkly,

Have you asked your current bank account provider? (they may be able to tell you whether you are eligible prior to doing an application, otherwise you will be on your 3rd application with no guarantee of being accepted) They would have an existing relationship with you already.

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

This is information I pulled from the above link.

If you're rejected - STOP applying. First, check your file's correct. If it is, consider getting a special 'poor credit' card.

Freeze! Apply for too many cards and receive multiple rejection letters in a short period and you could shoot your credit rating in the foot for years. This is the dreaded rejection spiral!

Here's how it works...

You apply for a new credit card and get rejected This could be for a number of reasons: a bank error, incorrect info on your credit file, or you've applied for a card intended for those with an 'excellent' score when you only have a 'good' score. Sadly, many lenders don't publish their criteria before you apply.
You apply elsewhere, and get rejected again As well as the reason you were rejected in the first instance, you now have an extra search on your credit file, which counts further against you when banks make their decision. You'll now have TWO recent searches on your file, and NO new cards. If you were unable to get credit before, it'll now be even more difficult. It may be impossible for a while.
Multiple rejected applications can mess up your score for an age as more applications mean more searches, which compounds the problem.

Can anyone offer any advice/reasoning for rejection please?

No reason necessarily - they may just not fancy you as a customer. You may not be profitable enough.

Given that you are debt free, do you have savings/spare disposable income to use for the work expenses for a few weeks. It would be such a shame if anything spoiled the mortgage application at the last minute, after you working so hard to become debt free. Once the mortgage has gone through, you can try another card if you really want to.

HTH

gingercordial

TwinklySparkly wrote: »

Also don't want to jeopardise the mortgage application when it "formally" gets made ( within the next month )


Please don't say wait until you have made the mortgage app - as Need to travel for work again in the next couple of weeks

Sorry but this really is the advice you should be hearing. New applications may indeed cause you to fail to get the mortgage, especially if you've already tried "a couple" and been rejected. Much, much better to stop now and wait until after you have the mortgage.

grumbler

TwinklySparkly wrote: »

...
However now finding the need to apply for a credit card - to cover work expenses whilst I'm away on business
...
Please don't say wait until you have made the mortgage app - as Need to travel for work again in the next couple of weeks

Ask your employer for an advance payment if the expenses are really that big.

Candyapple

Also, generally speaking, M&S and PO cards are known for being hard to get at the best of times.

Are you on the electoral roll? Earn a good salary? All other payments made on time and lots of green zeros on your files? Have you checked all 3 of the credit reference agencies to see that they all hold correct info about you?

If you need a credit card, as others have said, best bet is to try with your bank first. However as others have already pointed out, with a mortgage app in the pipeline, perhaps best not to rock the boat until that is done and dusted.

TwinklySparkly

Excellent Advice everyone - thanks so much!


I spoke to my bank - and have been approved! - very happy girl


They are the people that have pre-approved me for my mortgage too - so apart from the "putting all my eggs in one basket" niggle - I'm feeling OK about it


SO happy to have been accepted


Your support was very much appreciated

Candyapple

Great news, hope the mortgage application goes just as smoothly