Declined for ASDA card :(

Pandilex

So bummed about this, is there anything I can do? I have a perfect credit rating, a decent job, own my own home and have a Tesco credit card that I always pay off in full.

I shop exclusively at ASDA and fill my car up there so it'd be great to get that cashback, Tesco's cashback is absolutely rubbish and their clubcard exchange is ending so no reason to stay!

[Deleted User]

You won't ever know what your credit rating is with Asda - but it's obviously not as perfect as you may think.

What's your credit file like - any missed payments, financial associates, electoral roll etc? What's your income to available credit ratio? If the reason isn't something obvious, then you're probably just not in their target market.

Pandilex

I got my score from equifax + some other site asda offered, it was very good. I don't have any loans, never missed a payment, been on the electoral roll at all my past addresses + current address...

I suspect perhaps I am just too good

[Deleted User]

Your score from Equifax or any of the CRAs is irrelevant. No one sees it but you and it doesn't reflect how lenders will score you.

You can be bankrupt and still get a 999 score.

Wet_Weekend

Pandilex wrote: »

I got my score from equifax + some other site asda offered, it was very good. I don't have any loans, never missed a payment, been on the electoral roll at all my past addresses + current address...

I suspect perhaps I am just too good

You're probably right.

But plenty more fish in the sea. Go fishing for another card

MABLE

Pandilex wrote: »

I got my score from equifax + some other site asda offered, it was very good. I don't have any loans, never missed a payment, been on the electoral roll at all my past addresses + current address...

I suspect perhaps I am just too good

FWIW My score is only fair with Equifax but did not stop me in getting a great deal from MBNA and Nationwide.

cromarty

Also got rejected, nothing negative on my Equifax report. Apart from 0% promotional balances, I pay all my cards off in full each month.

ASDA credit card is run by Creation. They are offering 0.5% cashback on all spending (1% at ASDA).

Credit card fees have now been capped at 0.2% therefore Creation would be making a loss on every transaction, if you paid off in full each month.

Therefore they would only be interested in attracting customers who have a record of paying interest on credit card balances. My current card provider, Capital One, stopped providing cashback as of 30th June.

Anthorn

Credit card companies may reject you for always repaying cards in full.

You might feel like a dream punter, but for credit card companies you're a nightmare. If they spot this trend, you could be rejected. The most profitable customers are those perpetually in debt, never defaulting, but always meeting the minimum repayment.

Pay off in full every month, don't use your cards enough, or always shift debt to 0% cards, and if they can spot you (it isn't always that easy), a few may reject you.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score?_ga=1.107936257.2012153621.1466011266

The big problem on MSE forums is the insistence that always paying off the full balance is the best way to use a credit card and make a credit history that is attractive to lenders. It isn't. It's the best way to avoid paying interest and become a lenders' "nightmare".

But I'm of the same opinion as a foregoing poster, there are plenty more fish in the sea but watch out for those full credit searches and go for a credit card eligibility check.

bigadaj

Anthorn wrote: »

http://www.moneysavingexpert.com/loans/credit-rating-credit-score?_ga=1.107936257.2012153621.1466011266

The big problem on MSE forums is the insistence that always paying off the full balance is the best way to use a credit card and make a credit history that is attractive to lenders. It isn't. It's the best way to avoid paying interest and become a lenders' "nightmare".

But I'm of the same opinion as a foregoing poster, there are plenty more fish in the sea but watch out for those full credit searches and go for a credit card eligibility check.

We're going over old ground again, but there are many more people stating that full payment is better than voluntarily paying interest.

The problem is we don't know the full situation with many people, either because they hide or don't realise the impact of their financial history.

We're back into things like outrage that I've got a 999 credit rating but can't get a card, the next post then states, well yeah, I've got a dozen defaults, I got made bankrupt three years ago, a couple of ccjs, etc etc

I'm happy for you and others to pay interest, but don't state this as fact to others who might not be aware. I and many others have never paid interest and nev been refused credit.

shortcrust

Don't they know who I am?!

bigadaj

shortcrust wrote: »

Don't they know who I am?!

Unfortunately for some people they often do!