First credit card

Bakesbrooklyn

I am currently banking with Natwest but upon advice from a friend decided to try and get my first credit card from Metro Bank. Unfortunately I was offered no credit limit. I am living with my parents and have no direct debits etc which could be a reason why but my credit score itself is very good. My income was again fine but they had qualms with my spending for the last 3 months (I have been on 3x 1 week holidays in Europe in the last 3 months) but I have a savings account etc. Is it usual to look in detail at your spending? Also any advice on my next step? Since this will now have affected my credit rating. I wonder if I should have originally just tried with Natwest.

Thanks for your help!

Anthorn

Why not a card from Natwest?

I never saw a credit card without a credit limit. But sometimes the details of the limit come with the card when it is received.

Prospective lenders cannot see the details of what you are buying. Depending on the lender and the method of credit, they could consider your balance and payment and whether it's only a minimum payment, cash advances, whether you are clearing the whole balance as well as late payments, missing payments, etc., length of loan, etc.

However your own bank can obviously see the details of your spending.

SLZ

Bakesbrooklyn wrote: »

Unfortunately I was offered no credit limit.

Do you mean that you were accepted however they didn't state your limit? This is becoming the new normal, it's rather annoying but it is as it is now and you'll get the limit when the card arrives.

Why did you go for Metro Bank rather than NatWest, surely for a first credit card your bank is the best option?

Bakesbrooklyn

Anthorn wrote: »

Why not a card from Natwest?

I never saw a credit card without a credit limit. But sometimes the details of the limit come with the card when it is received.

Prospective lenders cannot see the details of what you are buying. Depending on the lender and the method of credit, they could consider your balance and payment and whether it's only a minimum payment, cash advances, whether you are clearing the whole balance as well as late payments, missing payments, etc., length of loan, etc.

However your own bank can obviously see the details of your spending.

Thanks! They actually asked to see my last 3 months statements with Natwest and was literally going through every transaction which I found quite odd / intrusive. I admit that I have spent quite a bit in the last 3 months but only due to holidays and as I said I'd taken it from my savings and my savings account still has a healthy balance in it. Is that normal?

Also would Natwest reconsider after this?

Anthorn

Bakesbrooklyn wrote: »

Thanks! They actually asked to see my last 3 months statements with Natwest and was literally going through every transaction which I found quite odd / intrusive. I admit that I have spent quite a bit in the last 3 months but only due to holidays and as I said I'd taken it from my savings and my savings account still has a healthy balance in it. Is that normal?

Also would Natwest reconsider after this?

You will already have a hard search on your credit history but it's not at all unusual to dump an application and you should have the right to cancel the agreement if indeed an agreement has been signed.

I think you should apply to your own bank which will already know your spending pattern. You could volunteer the information that you decided to not proceed with your Metro application.