No Credit history, new job, 90% application turned down, worth applying again yet?

alric

I have an excellent credit rating on experian, but havent had any credit for 10 years+, and started a new job this year after months unemployed.
So I applied for the MSE 90% certain HSBC card but got turned down.
I dont need a card immediately, but is it worth applying for another one yet?
Does applying again lessen my chances, or should i wait a few weeks?

daivid

The experian score is irrelevant. Having a hard search and having been rejected may work against you. You may appear desperate for credit and therefore risky if you put in another application right away. Do you have any other form of credit history e.g. mobile phone contract, utility bills in your name? If not getting one in your name may help. If you have a bank you have a long and positive history with that may be a good place to try to get a first credit card. Finally make sure you always use the providers own eligibility checker (if they have one) before committing to the full application. MSE (and all the other comparison sites) eligibility can be wildly inaccurate - I've been successful on a card they gave me 0% chance on, and when compared to the card provider’s eligibility check they have been out by 80% or more on several occasions.

Mark_d

Not sure what the experian credit score really means.  Lenders want to see a track record of you managing credit well.  This means that that you owe money at times and that you repay it in time.

With no track record and having just started a new job, a lender doesn't know how like you are to still have a job in a month's time.  If they gave you credit, they don't know if they'll get repaid.

If you apply for another credit card soon, the new lender will see that on top of the items I already mentioned, HSBC has turned you down.  This does not look good on you.

I would leave it for 6 months and then apply for something like:

https://www.tescobank.com/credit-cards/foundation-card/

You'll get a fairly small credit limit to start with but by using this credit responsibly you'll be able to demonstrate that you're worthy of bigger credit limits.

MorningcoffeeIV

Mark_d said:

Not sure what the experian credit score really means. 

Nothing at all.

born_again

alric said:

I have an excellent credit rating on experian, but havent had any credit for 10 years+, and started a new job this year after months unemployed.
So I applied for the MSE 90% certain HSBC card but got turned down.
I dont need a card immediately, but is it worth applying for another one yet?
Does applying again lessen my chances, or should i wait a few weeks?

So you have not had any mobile contract, paid any bills by DD, not on electoral roll etc?

Try applying to your bank 1st as they have the most data on you.

MrFrugalFever

You say 'you're not in any hurry', so personally i'd wait until your employment is confirmed (i.e. past your probationary period) for one. Most lenders require a minimum of 3 years employment history, if an applicant can't provide this then some lenders will request copies of employment contracts, payslips and proof of income whilst out of employment.

Your thin credit history is what is holding you back, your score - as you've now found now - is entirely meaningless.

You have tried to apply to a mainstream bank (who has a reputation of being a bit pickier than others), you need to be looking at a sub-prime lender to start such as Aqua, Marbles, Ocean, Vanquis, Capital One, 118Money to name a few. Using their own website eligibility checkers to see likelihood of acceptance. You may get a very small limit (£250-500) to start but once you've got a good few months of using and paying back in full under your belt it'll show lenders you can manage your credit.

Good luck,