Sainsburys credit card cancelld, then low credit score

tony541

Hi all,

i took out a sainsburys credit card, a long interest free and transfer balance card and when applying I had lots of good offers from most banks. After a few weeks I aplied for a credit transfer from my nationwide credit card but on applying sainsburys wanted proof of my address and asked me to send a nationwide credit card statement. I was annoyed about this because I had banked with sainsburys a fews timesnfrom the same address and I think that sending ones statements of anyones credit card contrevenes data protection laws and I dont want anyone seeing what my ins and outgoings are.
Anyway , I poto'd my statement page and printed it and sent it to sainsburys who wrote back saying they wanted an original copy.

I then rang them up and cancelled the card and told the call handler not to put a stain on my credit file because I was cancelling and that I had not defaulted on the card.

So a few days later I find when looking for a new credit card that I only had 4 banks who would entertain me and on checking my credit score it has gone down from the 950's to 721. Surely cancelling a credit card would not derate my score by so much. But, nothing would suprise me with these people!
ps. Im nealry 70 and have never defaulted on any payment in my life.

[Deleted User]

Don't worry.

Your score meant nothing before you applied and it means nothing now. It's just a gimmick for entertainment purposes.

Lenders will see the opened and closed account and factor it into their decision making. But in itself, it's nothing to worry about.

spadoosh

I imagine the problem stems from 'a few days'. I suspect the CRA have only just recieved notice of you opening that account and due to the increased access to credit it thinks youre nearing your borrowing capacity and as such downgraded the score. WHilst not knwoing the card has been cancelled.

The score in itself isnt worth anything. What matter is the content of your credit file. This shouldnt cause you issues except for the fact that youre probably applying for a few cards in a short period of time.

jimbo26

tony541 wrote: »

I then rang them up and cancelled the card and told the call handler not to put a stain on my credit file because I was cancelling and that I had not defaulted on the card.

What 'stain' do you think they would put on your credit file?

In any case as others have said the score is meaningless. It is generated by credit agencies, and has no influence on your ability to get credit.

[Deleted User]

They have to record the searches and the fact that the account was opened and closed.

tony541

Hi, Thanks for all the replies, I'm just going to back off for a month or two, I normally rememember that the credit ratings are just scare mongering but Ilet my guard down this time.
Tony