Declined For Credit Card

RichardCUK

Hi.

I applied for a new HSBC credit card about a week ago. Mainly because my Virgin credit cards interst free period had ended.

Now I went through numerous elibability calculators and they all said 90% chance of getting it.

I've never been in depth or missed a payment. I dont owe any money other than my mortgage and car. No dependables and have a good income.

Im rather ****** off that this has happened.

My question is will this now mess up my credit score and stop me getting a credit card?

There is no reason for this to happen.

It's stressing me out.
Job wise, I havent been furloughed or anything like that.
I just cant understand why they have said no.

[Deleted User]

All that will show on your credit files is a single search.  Any change in your credit score can be ignored as it's just a gimmick for your eyes only.

There's lot of reasons for a decline, but essentially, you've just not met their criteria.  It doesn't necessarily mean there is anything fundamentally wrong, but it would be worth you checking your three files.

And don't stress out.  Many worse things could, and probably will, happen.

RichardCUK

Like I just did an eligability calculator for Saisnburys and it says im 95% likely to get one.

I purely have a credit card for an emergency like a major car repair or booking a holiday as you have better cover.

Am i best just to told off until Covid 19 does one? Could this be why banks are refusing? As they think people may be out of work and unable to meet minimum payments?

[Deleted User]

Try one more application.  If declined, leave it a few weeks before trying again.

But check your files first to make sure there is nothing particularly wrong.

RichardCUK

Sorry what do you mean by check my files? YOu mean check Experian, Equifax and Callcredit?

I just signed up to clear score and it says Ive never missed a payment. Though my score isnt as high as I would expect which confuses me

RichardCUK

Also silly question but I have been using Monzo for the last 6 months. Now what I do is put all my dispoable income into my monzo account and my Natwest account just has the rest in for some direct debits. Could it be because it looks like there is no spend on that account  even though thats where my salary is paid into?

[Deleted User]

RichardCUK said:

Sorry what do you mean by check my files? YOu mean check Experian, Equifax and Callcredit?

I just signed up to clear score and it says Ive never missed a payment. Though my score isnt as high as I would expect which confuses me

That's because your score is a made up number, Ignore all of them.

You need to check the data on the three CRAs - Experian, Equifax and Transunion.  That's what lenders will look at. 

Your files don;t show details of your current accounts, apart from overdrafts.

msallen

If you only want the card "for an emergency like a major car repair or booking a holiday as you have better cover" then the fact that your introductory 0% deal with Virgin is ending is irrelevant surely. Just keep that card for emergencies?

RichardCUK

I can but the interest is crazy on it. Yes I want one for emergencies but by interest free I am safe in the knowledge that if it takes more than a month to pay it back I dont get stung with a high interest rate

abc.xyz

Try the eligibility checkers on the lenders' own websites. Eligibility checkers on third-party sites are not as accurate, and don't even list many cards that you would actually be eligible for. In my experience, Lloyds, Halifax, and MBNA have pre-approved me and given me my credit limit upfront, so you may want to check those.

SnowTiger

RichardCUK said:

Also silly question but I have been using Monzo for the last 6 months. Now what I do is put all my dispoable income into my monzo account and my Natwest account just has the rest in for some direct debits. Could it be because it looks like there is no spend on that account  even though thats where my salary is paid into?

CRAs don't know your bank account balance or how you use your account. 

However, they may know if you have an overdraft and how deep you are in to it.