Declined for credit card

Hannah_M

Hi,

I've had a really good track record with my bank, never been in overdraft, always had money going in (was living with parents so no big expenses). Paid a couple of bills from it on time always. I've never had any debt.

I recently applied for a credit card from this bank and was declined, which I find very strange. Any idea why I was declined, and what I should do now?

ashp_2

Probably lack of credit history. You should get a credit building card.

PixelPound

Check your Credit records with the CRAs and look at eligibility calculators as it could be that the one you applied with you have a lower chance with.

Credit builder cards are just credit cards that have lower thresholds, and often higher APR's to compensate.

What type of CC did you apply for? One with a very low APR or maybe very good introductory offer?

Hannah_M

Hi - thanks for the replies!

I just applied for the standard bank one, I don't really know too much about the different nuances of the different cards.

Credit builder cards sound like a good idea - I really only wanted the CC to improve my credit record.

Is it worth it to also check my credit record, just to make sure there are no mistakes or anything? Or should I just assume it's the lack of credit history and apply for a credit builder card?

ashp_2

Most definatly check your credit report. It's free. As nic_c mentioned above when you look at your credit report there will be eligibility calculators which will tell you which cards you are likely to be accepted for.

I would imagine you were declined due to lack of history but don't assume this is the case. It's important to check you are on the electoral role and everything within your report is accurate. Not all lenders report to the same agency so I would suggest you register with MSE credit club, Clearscore & Noddle. May seem a lot of hassle but it's worth it in the long term especially if you want to get a mortgage in future etc.

Hannah_M

Ok, I'll do that. Thanks!