Santander eligibility and number of cards held

Rajix

Debt to income ratio is a big factor - If 28% or more if your monthly income goes out to debt payments chances are you will be declined, especially from a prime lender! 

Superhoopza

daivid said:

Having checked periodically this week the eligibity was ‘preapproved’ and I now have the 0% no fee card. No change to number of cards, but a few hard searches have dropped off my report, and my other stoozing cards have been paid down a little (fixed payment just above the min). 

So you got accepted whilst still inputting that you have 7+ cards? That's interesting to know. Is one of your 7+ another Santander card?

daivid

Superhoopza said:

daivid said:

Having checked periodically this week the eligibity was ‘preapproved’ and I now have the 0% no fee card. No change to number of cards, but a few hard searches have dropped off my report, and my other stoozing cards have been paid down a little (fixed payment just above the min). 

So you got accepted whilst still inputting that you have 7+ cards? That's interesting to know. Is one of your 7+ another Santander card?

Still more than 7 cards (10) though no other Santander cards. After the eligibility I went for the full application where the options only went up to 5+. Answered honestly both times (no point not as they would know anyway). Got an okay limit with the actual £500 less than the estimate after eligibility.

daivid

Rajix said:

Debt to income ratio is a big factor - If 28% or more if your monthly income goes out to debt payments chances are you will be declined, especially from a prime lender! 

Interesting statistic do you have a source for it? 

WillPS

Rajix said:

Debt to income ratio is a big factor - If 28% or more if your monthly income goes out to debt payments chances are you will be declined, especially from a prime lender! 

My 'debt' (which I could pay off any time I choose, not that most of my card issuers know that) is higher than that and I've not been declined for anything in a long while. Most recent applications were Tesco Bank (last month), HSBC (last Summer) and Natwest. My indicated affordability remains strong.

There's no magic % figure which all issuers subscribe to. Their credit scoring algorithms are proprietary and will be closely held trade secrets. They'll also make regular adjustments according to their strategy, considering among other things their desire to issue new credit and prevailing market conditions/risks.