Card application rejected - advice

Maelzoid

Hi all.


Yesterday I was rejected for a Post Office credit card for 0% spending.


I have an excellent credit history with no missed payments in years and none of the other red flags. I last got a credit card in December (an AA card for balance transfer) which was successful and currently owe 80% of the credit limit on that.


When I was rejected I had another card with £7000 credit, but no borrowing. I've since cancelled this card.


So the first question is, why was I refused?
1. 2 applications in 2 months...?
2. Too much unspent credit available to me?
3. Both AA and Post Office cards are backed by Bank of Ireland, is this an issue?


And how long should I wait before applying for a different card? How quickly do card applications, and also cancelled cards show up on my file?


I know that nobody here will know for sure these answers, but any advice will be appreciated.

grumbler

Maelzoid wrote: »

So the first question is, why was I refused?
1. 2 applications in 2 months...?

Unlikely

2. Too much unspent credit available to me?

Define 'too much'. It makes sense only compared to the income that you keep secret. It's believed that for a an average income available/income ratio is worth keeping below 50%

3. Both AA and Post Office cards are backed by Bank of Ireland, is this an issue?

Possibly.

And how long should I wait before applying for a different card? How quickly do card applications, and also cancelled cards show up on my file?

I think most lenders ignore credit searches more than 3 months old and that 2-3 searches in 3 months are fine. So you can try one more application.

Maelzoid

Thanks for your input Grumbler.


I tried one more application, this time with MBNA and was approved with a credit limit far in excess of what I need.