rejected credit card - new car PCP coming up soon

manub

Hi all,

I've applied for a Santander 0% BT credit card to consolidate my 2 long running credit cards to a new 0% interest card. Despite given "likely" accepted on the eligibility tool, my application has then been declined. I have never had a single late payment (actually my credit score on Experian - the agency Santander uses - is 962 out of 999!), but the fact I have 5 credit cards currently opened may have had an impact on this decision. After this, I've decided to take some money out of my savings to clear the balance of the card which 0% rate is expiring soon (I'm in the lucky position to have more in savings than I have in debt, but I stooze to take advantage of the interest rates).

My new car however is due arrival at the dealer (I'm currently on a PCP but next car will have lower monthly payment - same financial company), and this is likely to happen before the card gets successfully closed down. Would this rejection in your opinion affect the chances of getting the PCP through? My understanding is that PCP has lower requirements in terms of credit because it's a loan secured to the car.

[Deleted User]

Although Santander use Experian data, they don't use their scores. Affordability may be the key here, but it depends on the level of debt and income.

Have you checked all the data on your files, rather than the scores? You need to see if everything is correct.

[Deleted User]

Actually, Santander do not use your "credit score" at all - they use the data on your files along with your income etc. that you enter on the application.

Lenders don't see rejections - they will see the search but not the result/outcome.

PCP is easier to get since it's tied to a physical asset (the car).

manub

Yes I've checked - everything looks fine. Maybe I have too much credit for them - I'm not overly worried about rejection per se, but I didn't want this to be a decisive factor on the PCP - which seems it may not be. Thanks!