Wits end

Weldted

Having watched The Martin Lewis Show, we decided to leave Barclays after 45 blemish free years. We elected to join the Santander 123 account. We own our own home outright and took out a buy to let mortgage in Sept 2014 which we have paid on time d/d. I had just prior to leaving Barclays applied for a Virgin 0% transfer c/card, which was turned down. So opened the 123 account no problems, the applied for the Santander credit card, again wanting to take advantage of the 0% transfer and no fee. Turned down for that. They said contact Experian for more information. One of the reasons given was that I had made 4 credit application within the last six months. One of these was for the mortgage, one for the failed Virgin, but the other two were for Santanders 123 account and one for Santanders credit card. So inspite of having had a Asda credit card for over 15 years never missed a beat always paid it off in full. Over four times the amount of the Santanders card limit in my new current account I was turned down. Also it would appear during the switching of accounts that a payment to TalkTalk was missed or late that has now shown on my credit file. Your comments please.:(:(

Money_spending_mummy

Hi Weldted

It looks like the missed TalkTalk payment is having a negative effect, you should get to the bottom of that. Don't apply for any more credit until you have sorted out the issues.

midnitegremlin

Why are you at your wits end? Have you got big debts you would like to shift to the 0% credit cards?

tallyhoh

I had a Santander CC but find my Asda card is much better as there is no charge. Why do you need another one?

sourcrates

Hi,

I think you have Been given good advice on your other post.

Every creditor has there own credit scoring system, on this occasion, you did not meet there preset criteria for that product.

You can appeal the decision and have a real live person look at your application instead of a computer.

National_Debtline

Hi Weldted,


Sourcrates is right, that each lender has their own scoring system so it is difficult to ever say for sure what the reason is. But from what you have described you have quite a few recent "searches" for credit, this could cause damage to your credit file especially if some of the credit was declined. Several credit applications at the same time imply that you 'need' credit, and that may be a concern to the creditor. Searches only stay on your file for 12months so hopefully when these come off your file it will start to improve again.


Is your Asda card even on your credit file? If the application for the card was over 6 years ago and you clear the balance in full each month it may not be on there and that means that this good history may not be being recorded.


And late payments can also be negative. As long as you don't need the credit for anything in particular, perhaps it would be wise to let things settle down for 6-12months, let the searches come off your file and then see what you can do.


Laura
@natdebtline

Weldted

Thank you for your replies, I don't need the money specifically, just thought it a bank wants to pay me 3% interest on my current account and offer a credit card with 0% interest on transfers and a 0% fee why not leave my money earning interest until it has to be paid. That was my thinking behind the application. I am fortunate to have never fallen behind or missed any payments to anyone ever. But I use buy to let mortgages to fund redevelopment properties to give me something to do in retirement and was worried that being turned down for a credit card may affect my ability to obtain my next mortgage. Especially as some of the information on my file was incorrect. Once again thank you for your input

midnitegremlin

Ah, cool, so basically you were looking to make a bit of money really, and we just asking for advice. That's cool, and fair play! But with this being the debt forum and you calling the post "wits end" it could have implied you were in financial difficulties.

Possibly the banks have sussed you out!! ha ha kidding, but for real, I don't know, it's possible they are being careful who they give 0% cards too- I'm sure they are aware of people making money off that.

Tyrone_Black

When the entire nation is free of unsecured debt, food banks are no longer necessary, young people can have places to live without crippling themselves and the common cold is cured, then maybe it's worth looking into helping out buy to let investors who want more money.

Ben8282

Edward Heath was Prime Minister when you opened your Barclays current account.
You have a massive unblemished 45 year credit history with them.
And you gave it all up ... for what? A switching bonus?
It would take a lot more than that to persuade me to give up a main current account that old.
It's strange that you never had a Barclaycard having banked with Barclays for so long.


Your application problems could have a number of causes. It is possible that the buy to let mortgages (plural) that you have referred to could be causing you to appear over-committed financially especially as you have taken out a new buy-to-let mortgage in the last six months. Do you say you are retired or self employed? If the former, is your other retirement income sufficient? If the latter, this could be the cause of the problem. What sort of income level do you show on your credit card applications? Another possibility could be that you appear to have only one credit card. Having reached your age and being an established homeowner, that could be seen as strange. Not wrong but not quite fitting the mould. There is a cause there; you just have to find it.


As your new current account is now with Santander, I'm sure that if the account is well maintained and they see a good account turnover, after six months or so they may start to offer you credit products but you will have to build up a history with your new bankers.


Do NOT apply for any further credit at this stage. Wait you have established a longer payment history on the mortgage. Don't forget that from now on when making credit applications and the question 'time with current bank' is asked you will have to answer 1 month, 2 months etc rather than 45 years. Then after six months or a bit longer if you can wait, apply again to your new bankers for a credit card (perhaps in-branch) or else apply for an easy to get credit builder card. You only have one credit card. Not sure your applications for long term 0% cards are realistic.

I don't think an isolated late payment on a talk talk account will have any significant effect in your situation.

redpete

Experian don't know why Santander turned you down, they are only guessing based on the financial history they have for you. Only Santander know what their lending criteria are and how they applied them to you but they don't want to tell you the details.

And I agree with others, these problems barely rate as 'slightly irritating', nowhere near 'at my wits end'.