Pre approved for a Virgin credit card - then declined

[Deleted User]

callum9999 said:

2021BJ said:

MuswellHillean said:

 do I need to wait another 3 years to apply for any kind of decent credit? Or is there no hard or fast rule on this? 
Thanks

If by decent you mean prime lending then yes.  Prime lenders won't touch you with a default on your file.

I was accepted for a Virgin Atlantic credit card 2 years after a default, and an Amex and MBNA only a year after...

Depends on the lending environment, in the last year it would be much less likely that most people would get that offer.

adamp87

MuswellHillean said:

About 3 years ago, I went through some financial difficulties, and ended up with 2 defaults on my credit file from British Gas. Since then, my situation is much improved, and I haven't missed a payment of any sort in 3 years, paid off all my loans, and pay my one credit card ever month in full. My credit score on both experian and equifax has gone up to an 'excellent' score. 
On ClearScore I was recently given a 100% chance of getting a Virgin credit card - this had a decent 12 month interest free purchase offer on it - I applied, and after 2 days was told I was declined. Now I have a hard search on my file. Assuming that it was the defaults that did it (which would not have shown on ClearScores 'soft search' - do I need to wait another 3 years to apply for any kind of decent credit? Or is there no hard or fast rule on this? 
Thanks

I’m fairly certain defaults show up on a soft search. Especially Clearscore as they already have access to that data.

But as stated go direct to the creditor and use their checker for a much better idea of success 

TahmidurMiah

MuswellHillean said:

Thanks all - useful to know re mainstream lending/defaults as I will avoid those applications until they drop off my file. Would they still affect me if the defaults were 5 years old?

The defaults would affect you for applying for credit cards except credit building cards till the default is removed from your credit file so you’ll have to wait 6 years till it’s gone

MuswellHillean

TahmidurMiah said:

MuswellHillean said:

Thanks all - useful to know re mainstream lending/defaults as I will avoid those applications until they drop off my file. Would they still affect me if the defaults were 5 years old?

The defaults would affect you for applying for credit cards except credit building cards till the default is removed from your credit file so you’ll have to wait 6 years till it’s gone

As I feared. Really stupid to get those defaults, as down to burying head in sand. A very expensive lesson 

[Deleted User]

MuswellHillean said:

TahmidurMiah said:

MuswellHillean said:

Thanks all - useful to know re mainstream lending/defaults as I will avoid those applications until they drop off my file. Would they still affect me if the defaults were 5 years old?

The defaults would affect you for applying for credit cards except credit building cards till the default is removed from your credit file so you’ll have to wait 6 years till it’s gone

As I feared. Really stupid to get those defaults, as down to burying head in sand. A very expensive lesson 

A default will not mean you won't get a better "class" of card for 6 years, though the type of card is purely vanity as no-one but you sees who the card issuer is - it might take 2-3 years of solid good credit history but you'll probably get something better then credit builder a lot sooner than 6 years

WillPS

I had a default from Vodafone in 2010. It didn't stop me getting some 'prime' products, but it certainly made it harder for a couple of years, by the third year I had a pseudo-cashback Barclaycard and by the fifth year I had an Amex - so it's not the be all and end all.

callum9999

Deleted_User said:

callum9999 said:

2021BJ said:

MuswellHillean said:

 do I need to wait another 3 years to apply for any kind of decent credit? Or is there no hard or fast rule on this? 
Thanks

If by decent you mean prime lending then yes.  Prime lenders won't touch you with a default on your file.

I was accepted for a Virgin Atlantic credit card 2 years after a default, and an Amex and MBNA only a year after...

Depends on the lending environment, in the last year it would be much less likely that most people would get that offer.

Very true. I've had new Amazon and MBNA cards in the last year as well though (but 4 years away from the default, it's impact will be slowly lessening).

I was just correcting their incredibly ignorant claim that you can't get prime cards after having one. Granted my credit record was very strong otherwise (the default was just a mistake when I didn't know my student overdraft had been withdrawn), but it's still a default none the less.

[Deleted User]

callum9999 said:

Deleted_User said:

callum9999 said:

2021BJ said:

MuswellHillean said:

 do I need to wait another 3 years to apply for any kind of decent credit? Or is there no hard or fast rule on this? 
Thanks

If by decent you mean prime lending then yes.  Prime lenders won't touch you with a default on your file.

I was accepted for a Virgin Atlantic credit card 2 years after a default, and an Amex and MBNA only a year after...

Depends on the lending environment, in the last year it would be much less likely that most people would get that offer.

Very true. I've had new Amazon and MBNA cards in the last year as well though (but 4 years away from the default, it's impact will be slowly lessening).

I was just correcting their incredibly ignorant claim that you can't get prime cards after having one. Granted my credit record was very strong otherwise (the default was just a mistake when I didn't know my student overdraft had been withdrawn), but it's still a default none the less.

It was a more general, balanced, reply than the one essentially accusing you of making it up
Plus individual circumstances always vary, what you got, I might not get or vice vers

callum9999

Deleted_User said:

callum9999 said:

Deleted_User said:

callum9999 said:

2021BJ said:

MuswellHillean said:

 do I need to wait another 3 years to apply for any kind of decent credit? Or is there no hard or fast rule on this? 
Thanks

If by decent you mean prime lending then yes.  Prime lenders won't touch you with a default on your file.

I was accepted for a Virgin Atlantic credit card 2 years after a default, and an Amex and MBNA only a year after...

Depends on the lending environment, in the last year it would be much less likely that most people would get that offer.

Very true. I've had new Amazon and MBNA cards in the last year as well though (but 4 years away from the default, it's impact will be slowly lessening).

I was just correcting their incredibly ignorant claim that you can't get prime cards after having one. Granted my credit record was very strong otherwise (the default was just a mistake when I didn't know my student overdraft had been withdrawn), but it's still a default none the less.

It was a more general, balanced, reply than the one essentially accusing you of making it up
Plus individual circumstances always vary, what you got, I might not get or vice vers

Very true again. In my case it was a one-off "glitch", I can imagine the credit reports of many people with defaults are a bit of a mess.

MovingForwards

My own bank gave me a CC when I had defaults, an AP marker and a CCJ, all satisfied.