Help on why my card application was declined

pepsimiddleton

I'm really confused. I applied online for a Santander card so I can transfer a balance and use cost free on my holiday. My application has been declined.
I have my credit report, it has a 555 score (Equifax)
I have my mortgage with Santander.
There is no phone number to call as I applied online the call centre can't help, I can only appeal in writing.
What other reasons do card companies have for refusal? Hate not being able to speak to an actual person who can give me a definitive answer.
Any help appreciated.

Placitasgirl

A lender won't give you a definitive answer as to why your application was declined. The will normally just point you in the direction of your credit file/files. Have you also checked your credit records on Noddle or Martins MSE equivalent to ensure there's nothing untoward there?

MrsTinks

You need to check your credit file with all three credit agencies - and forget about your score...

If you want to see what cards you're likely to be accepted for then it's worth using the MSE tool that does a soft check to see if you're likely to be accepted for a particular card.

What might be of particular interest to you is that Santander use Experian for their checks. So definitely check that all the information there is correct.
A lot will be to do with your credit history, but also your debt to income ratio and if you are on the electoral register and if there are any question marks against your file with that agency.

Ebe_Scrooge

As per the above replies ...

1. Your credit "score" is meaningless, ignore it.
2. Your credit history is what matters. Lenders will want to see a history of responsible borrowing, and paying back what you owe on time without fail.
3. Balance transfer cards are usually only offered to those with a very good credit history, and a decent income / debt ratio.
4. No lender will reveal their acceptance criteria - it differs between lenders, and is confidential.
5. But broadly speaking, the main things are : (a) have you got a history of showing you manage your finances well, and (b) is the amount you wish to borrow less than about 50% of your income ?

pepsimiddleton

It's just so odd. I've never had a default or a CCJ. I have a barclaycard with £8,500 limit I've only got £2,400 on it. Another card with a £2,500 limit and £800 on it. A lloyds card with nothing on it I've forgotten about. A 4k overdraft which I'm not using. 5k in savings as an emergency fund for when I need my roof replacing. The only high amount of borrowing I have is my car finance which is never a problem obtaining. I also have my mortgage with Santander and it's cheap. It's so bizarre.
There is nothing on my credit file I've checked. Surely I am within my rights to know on what grounds I have been refused? What if there is something untoward I don't know about?

[Deleted User]

I'd suggest it's the reasonable amount of credit you have, plus the card and car debts.

Car finance is always reasonably easy to get, so it's secured.

You have no right to know the specific reasons. If there is anything untoward on your files, you will see it.

pepsimiddleton

The only thing could be the card finance? But that is never ever a problem, how can I get over 20k in car finance but get refused a 3k credit card?

pepsimiddleton

But I want to transfer the debt I have not gain more?

[Deleted User]

Right - we got there in the end. You have 23k of debt, plus significant other available credit.

I've already explained why car finance is easier to get.

And a new lender cannot force you to BT. You can spend that additional credit on Justin Bieber CDs if you feel like it. It's additional borrowing until you consolidate.

pepsimiddleton

Ok, so what is the best way to sort this out do you think?
I could cancel the lloyds card as I don't even have it, I cut it up years ago and paid it off, I Hadn't realised it was still an open account until I got my credit report.
If I cancel my overdraft will that help?

pepsimiddleton

I've never had a problem doing a BT before.