Need advice!

bertikusmaximus

Hi all,

Tried applying for TSB 0% credit card this evening. And declined! Initially, wasn't sure why as I have a £36,000 PA income, have a joint mortgage (approx £190k), no late payments, limited outstanding balance on existing card (less than £100) and PCP agreement. So I would say my risk is low as I'm not overstretched and I can afford repayments.

Took a look on Experian and it looks like I have negatives due to recent 'credit' searches. Essentially, it looks like when I moved house (in June) setting up Direct Debit payments with British Gas and nPower have left a marker on my history. In addition, I've applied for a current account with Tesco Bank (for the high interest - so it will essentially be a savings account), which seems to have also left a marker.

I'm at a bit of a loss as to what I can do now as, to a lender, it looks like I've recently gone crazy on credit accounts. But in reality none of my recent entries are credit! Any ideas what I should/can do?

Many thanks!

[Deleted User]

Apply elsewhere. The BG and NPower searches won't be visible to others, so not an issue.

What's the reason for not clearing your existing card in full? Is it a promotional rate? Or do you need to borrow?

Are you on the electoral roll? ? Any other borrowing?

bertikusmaximus

Hi zx81,

Thanks for your response. In answer:

I am on the electoral roll, but only recently registered so I guess possible this isn't showing up yet (Experian for example seems to think I am not registered).

No other borrowing. The outstanding amount on existing card is simply because it is a recent purchase and I haven't made the repayment yet.

Won't applying elsewhere - so quickly after my TSB application - cause me to get stuck in the 'loop'? (Apply > decline > apply elsewhere > decline again > and so on)?

[Deleted User]

A couple of applications isn't a big deal. But if declined a second time, give it a couple of months.

However, if none of the CRAs are showing you as being on the ER, then I would look to fix that first.

MrsTinks

It can take a couple of months for you to show up on the ER - were you on it at your previous address?

For some lenders - especially the top cards - the ER is a key thing and could automatically disqualify you...

Like ZX81 says - give it a few months and then apply, from what you have said there isn't any reason other than this that you should be declined.