Aqua Credit Card

Steve1988T

Hi All,

I applied for an AQUA credit card to build my credit score over the next few years prior to buying a flat. I was 100% likely to be accepted for this so - despite not hearing back from Aqua for over a week - you can imagine my surprise when I reviewed my updated credit score to see it had moved from "good" to "fair" and the eligibility for the same credit card had moved from 100% to 0%

Really appreciate some feedback on why this is likely to have happened and how to challenge AQUA, despite not receiving any formal communication from them.

Regards,
Steve

Guerillatoker

Your credit score is likely to have lowered due to the search done by Aqua whilst processing the application. No way to challenge it, though, if you mean the effect on your credit score.

However, as all the regulars here will tell you, remember that any "credit score" shown by the credit reference agencies is not a real metric by way your suitability for credit is assessed. Lenders look at the whole of your credit report and every lender has its own criteria it is looking to fulfil / avoid.

If you haven't had a response from Aqua yet in regards to whether you have been successful just hold fire, you may be lucky. A few years ago no credit provider was touching me with a bargepole, couldn't even get a phone contract, but I was successful with Aqua. My rate is extortionate, but that shouldn't matter if you pay it off every month, which you should do to improve your credit history.

redux

If it's MSE Credit Club giving you those predictions, don't be downhearted.

They predicted 0% and 100% chance simultaneously on Aqua for me a year or two ago, and divergent predictions on other cards too, depending on which card category heading I was looking under.

You could phone Aqua and enquire.

A4445

Newday can be super slow with their decisions. I waited 3 weeks for a decision. I only knew I was accepted when the card came in the post.

Guerillatoker

A4445 wrote: »

Newday can be super slow with their decisions. I waited 3 weeks for a decision. I only knew I was accepted when the card came in the post.

I have a vague memory that it was the same for me.

Steve1988T

Appreciated all, I'll sit on my hands a little longer

Out of interest does anyone know the "formula" so to speak that your credit scores sees an increase/decrease through using a credit card. ie, repay X amount consistently per month and your credit score will see X amount of points improvement...

jay1804

Did you not get a confirmation email. I applied for the AQUA Reward two days ago and I received an e-mail with the reference number.

"the eligibility for the same credit card had moved from 100% to 0%" - This will happen because before you were eligible for the card, but now they have done a search and you have one, you are not eligible, because the terms and conditions say that you cant have a card thats by NewDay (Aqua, Amazon, Fluid).

Steve1988T

Unfortunately not, which i find unusual.

[Deleted User]

Steve1988T wrote: »

Appreciated all, I'll sit on my hands a little longer

Out of interest does anyone know the "formula" so to speak that your credit scores sees an increase/decrease through using a credit card. ie, repay X amount consistently per month and your credit score will see X amount of points improvement...

Your fictional credit score will drop with each change. It's not a reflection of your credit worthiness so be sure to ignore it completely.

Willing2Learn

jay1804 wrote: »

... the terms and conditions say that you cant have a card thats by NewDay (Aqua, Amazon, Fluid).

I've got an Aqua card and an Amazon card too!

Dobbibill

Steve1988T wrote: »

Unfortunately not, which i find unusual.

Check your junk/spam folder too - you never know it might have been diverted by your email provider otherwise sit tight and wait for confirmation of their decision.