Barclaycard Platinum 0% int 25 months, 0% fee.

Gollygumdrops

Hi
Just a quick note to warn others about applying for this card.

My husband applied for this card, as we have another credit card due to finish its 0% interest soon and for just over £1500 debt, we thought this would be a good choice. Plus it also has 6 months 0% spending.
We only have our current credit card to give us some credit worthiness, as we have previously found that with no debt at all, some companies fail to recognise you. This current card allows us up to £15,000 credit!
We have no other debts; have paid off our mortgage and managed to save a large sum but we were advised we needed proof that we could pay back money regularly.

Anyway according to MSE Experian he has a score of 999 and would 100% be accepted for this card. We have always been on the electoral roll, never, ever been in debt and have lived in our current house for 26+ years (mortgage paid off 6 years or so ago). He is working full time, on a very good wage.

So he duly filled in the required application form, via the MSE Experian page, which claimed that they would be able to advise you of whether accepted within a minute or so of your application.

So you can imagine our surprise when it came up that they needed to look into our finances further and would reply back within 5 days!

What is the point of these so called credit scores/sites if in the end you still have to be checked out?
What a total farce and all for a £1,500 to be transferred.

[Deleted User]

There is no point to the credit scores. They are a made up number. You may have seen that mentioned a time or two on this site.

Lenders will look at your credit file and make a decision based on that.

Willing2Learn

They have application under review due to something they have seen in your credit history or in your application.

Ignore your credit score, as lenders neither see it or use it. They assess your application based on your credit history with one of the three CRAs, add it to the data you supply in your application, then score you against their independent criteria and policies.

Have you checked your credit history recorded by the other two CRAs?

Gollygumdrops

@Willing2Learn


No we haven't as, other than a mortgage, we haven't really had any other loans. Saying that we did have a flexi-loan with our bank 10 or so years ago but we paid that back in lump sums, in a few months.

I've just had a quick check on google and it states that Barclays does use Experian as its Credit Check agency, as does the main bank account we use HSBC!

Gollygumdrops

"Lenders will look at your credit file and make a decision based on that".

So what are they basing my husbands application on?

Never been in debt, other than the current £1,500 which is purely to show we can pay back (already paying far more than necessary each month).

I feel like telling Barclays they can stick it. We could easily pay this debt off tomorrow from our current account, no problem.
Only took it out following advice on here, a while ago, that these companies need to see that debt can be repaid!

[Deleted User]

Gollygumdrops wrote: »

"Lenders will look at your credit file and make a decision based on that".

So what are they basing my husbands application on?

His credit files and circumstances.

He appears to have a very thin file - lenders may be looking for something a bit more substantial.

If he isn't already, he should be using a card regularly and clearing it in full each month. It shows greater discipline and liquidity than just have a debt sitting there, even if at 0%.

There is also the question of how his current credit limit fares in relation to his income. He may be considered to have enough credit.

Willing2Learn

Having the application under review is not a bad thing. Like I said, it must something on your credit file or in your application has caused them to review.

I had an application for credit reviewed this week...It turned out I had answered one of the questions in their application form incorrectly. Once they phoned me to check the details, and I answered the same question again, this time accurately, I was accepted.

Gollygumdrops

zx81

Thanks for your reply. We do have another credit card (HSBC had for about 25 years)which we use throughout the month and pay in full each month. This does have a limit of £10,000 though we have never gotten anywhere near that amount.

The second credit card we opened was at a suggestion that there needed to be some debt shown on the account and proof of ability to pay back - obviously the credit agencies don't take into account then the first credit card being paid in full each month!

We've had this second card a year, hence the end of 0% and did reach a total of about £2,000 on it (though the limit is £15,000). We currently pay off more than is necessary each month but would now like to transfer to another 0% interest and 0% fee.

He is a higher rate tax payer!

Gollygumdrops

Willing2Learn

Thanks for your reply. However, having kept a copy of the application form, and re-read it several times, I struggle to see what could be called an incorrect answer.

Can I ask what you filled in wrong on your application form?

Willing2Learn

I included entertainment in my monthly expenses when the application only required housing costs plus bills and contractual obligations.

[Deleted User]

Gollygumdrops wrote: »

He is a higher rate tax payer!

That may not be enough. Do you know what he earns?