Refused an Egg Money card

indierocker85

Hi guys

I have just applied online for the 1% cashback egg money card, because firstly I haven't ever had a credit card before and want to build up my credit rating and also like the idea of the cashback. As the egg money is basically changing plastic for spending which would be great for me, as I seldom carry cash. Yet they refused me, is this because I have never had a card before or are they going by my credit history. The only thing I have ever done was miss a pyment on a Mobile phone contract, thats it!

Any ideas?

Am I best getting an everyday low rate card with my current bank (Barclays) just to build up my credit rating if anything?

jonesMUFCforever

I would agree with you that a card from your bank would be the best way forward.

indierocker85

Yeah, I thought so. Just liked the idea of the cashback thats all, I'll get a Barclaycard Initial from my branch, they have offered me one before but the rates if I go into the red are diabolical, I guess if I use this for a while (and dont borrow or overspend on it), perhpas this way I can rebuild my rating and reapply for a cashback card at a later stage.

Many Thanks

MABLE

indierocker85 wrote: »

Yeah, I thought so. Just liked the idea of the cashback thats all, I'll get a Barclaycard Initial from my branch, they have offered me one before but the rates if I go into the red are diabolical, I guess if I use this for a while (and dont borrow or overspend on it), perhpas this way I can rebuild my rating and reapply for a cashback card at a later stage.

Many Thanks

You were probably declined because some form of problems in the past. The reason I say that is because you say "rebuild my rating etc".

CLAPTON

its worth getting copies of your credit files to see what they say

get any CC (Barcalycard initial is fine), use it regularly for normal spending, set up a DD to pay in full each month so there are no missed payments and this will improved your credit rating.

Cash back cards tend to require good credit records.

indierocker85

MABLE wrote: »

You were probably declined because some form of problems in the past. The reason I say that is because you say "rebuild my rating etc".

nah the only thing I have done is miss ONE payment on a mobile phone contract, never had loans, or credit cards etc so that can be only thing really.

Zebedee69

indierocker85 wrote: »

nah the only thing I have done is miss ONE payment on a mobile phone contract, never had loans, or credit cards etc so that can be only thing really.

You just answered your own question.

Having no history of loans/cards/accounts open is almost as bad as having a rubish history.

I think you need to go back to basics. Get on the Electoral role, Get a card from your bank or if you cant Capital One or Monument etc etc. The reason is to show over the course of a year that you can take on a range of accounts such as cards, mobile phones, overdraft and organise your payments and keep on top of things.

Other types of cards which are good for showing history is Store Cards. These are great once you never borrow with them:rolleyes:

If you think you can get a Cashback deal yet your probably wrong. These deals go to people with fairly decent credit scores. I would work on the underpining of your credit report first and then use it for Cashback, Stoozing etc etc when you feel you have a good solid rating.... Its also a great feeling knowing you have a decent rating too:D