Refused for 2 credit cards, advice needed please

lizzyshep

After reading about cashback cards on this site, I applied for the Capital One and American Express cashback cards. Unfortunately I was rejected for both.

I got a copy of my credit report from Experian a few months ago and it was fine as far as I could see, and nothing has changed since then, so I don't really know why I was rejected. I do have a personal loan (there's about £3500 left I think), plus 2 student loans (about £7000 left, maybe less). I have about £400 on a MBNA card - I got this just under a year ago to transfer a £1000 balance from another card, and am paying it off at a rate of about £300 a month, so I'm nearly there. I also have a Mint credit card which I do use, but have never missed a payment and there's nothing on it at the moment. I own my own home and earn about 34K a year.

My boyfriend thinks it may be due to my East London postcode (I live on a council estate) or because banks are generally being cautious at the moment. He also said it was probably a bad idea to apply for both at the same time.

It's a bit frustrating but I can live with it, but was wondering if anyone had had a similar experience. Is it worth me applying again in the future after I've paid off and cancelled my MBNA card, and if so, how long should I wait?

Thanks!

jinny103

My DS is in a similar situation to you. He applied for 3 cards in succession and was refused them all. His credit report also looks ok, I think the best thing to do is wait a few months before applying for more cards as applying too often leaves footprints on your report.

Zebedee69

I applied last week, same deal.... I think this credit crunch is starting to hit home!