Cant get a new credit card

chiefcrust1983

Brie said:

How much credit do you have available? 

Do you have an overdraft - even if you're not using it?  Do you have motor or house insurance paid monthly?  Phone contract(s)?  Broadband deals?  These are all credit agreements that when balanced against your income might mean that it's too risky to extend you any more credit.  

Reduce the overdraft. Have a phone contract that is sim only.  Pay for your insurances up front, not monthly.

And are you registered to vote?  That helps too.

I don't have an overdraft, insurances are paid yearly, I have a mobile contract and car finance. I am registered to vote.

I think from another reply Ive been paying off my credit card too early so will wait for statements from now on

Isthisforreal99

chiefcrust1983 said:

Brie said:

How much credit do you have available? 

Do you have an overdraft - even if you're not using it?  Do you have motor or house insurance paid monthly?  Phone contract(s)?  Broadband deals?  These are all credit agreements that when balanced against your income might mean that it's too risky to extend you any more credit.  

Reduce the overdraft. Have a phone contract that is sim only.  Pay for your insurances up front, not monthly.

And are you registered to vote?  That helps too.

I don't have an overdraft, insurances are paid yearly, I have a mobile contract and car finance. I am registered to vote.

I think from another reply Ive been paying off my credit card too early so will wait for statements from now on

That in itself shouldn't be the root cause of rejections if you have other lines of credit.

You have been asked a couple of times your income and the amount of existing debt. Now you may not be comfortable sharing which is fair enough but may be a bigger factor in your rejection than the credit card repayment thing.

chiefcrust1983

Isthisforreal99 said:

chiefcrust1983 said:

Brie said:

How much credit do you have available? 

Do you have an overdraft - even if you're not using it?  Do you have motor or house insurance paid monthly?  Phone contract(s)?  Broadband deals?  These are all credit agreements that when balanced against your income might mean that it's too risky to extend you any more credit.  

Reduce the overdraft. Have a phone contract that is sim only.  Pay for your insurances up front, not monthly.

And are you registered to vote?  That helps too.

I don't have an overdraft, insurances are paid yearly, I have a mobile contract and car finance. I am registered to vote.

I think from another reply Ive been paying off my credit card too early so will wait for statements from now on

That in itself shouldn't be the root cause of rejections if you have other lines of credit.

You have been asked a couple of times your income and the amount of existing debt. Now you may not be comfortable sharing which is fair enough but may be a bigger factor in your rejection than the credit card repayment thing.

Sorry, income 35k, debt (car) 17k

Brie

And is the car on hire purchase or some other credit agreement?  That with the £4k credit available on your CC means you have £21k debt plus your mobile contract.  More than half your annual salary. 

Hopefully I'm wrong and waiting for the CC statements might help.  If you want to clear it in full why not just set the direct debit to pay the whole balance each month.  Then it's less work for you!! 

chiefcrust1983

Brie said:

And is the car on hire purchase or some other credit agreement?  That with the £4k credit available on your CC means you have £21k debt plus your mobile contract.  More than half your annual salary. 

Hopefully I'm wrong and waiting for the CC statements might help.  If you want to clear it in full why not just set the direct debit to pay the whole balance each month.  Then it's less work for you!! 

Car finance is PCP, I’ve set up the direct debit to pay off the credit card in full each month from now on, thanks for the advice 

martinbainbridge1975

when you have done eligibility checkers have they been done on the actual card provider sites or through experian / clearscore?

I wanted a balance transfer recently and clearscore put me as 80% chance of approval with tesco, when I went to tesco site i was pre approved

chiefcrust1983

martinbainbridge1975 said:

when you have done eligibility checkers have they been done on the actual card provider sites or through experian / clearscore?

I wanted a balance transfer recently and clearscore put me as 80% chance of approval with tesco, when I went to tesco site i was pre approved

I’ve done them through ClearScore and the actual provider. ClearScore/experian said I’d be accepted for Lloyds ultra credit card and when it took me to Lloyds there eligibility said no

martinbainbridge1975

something doesn't add up, maybe worth looking into the details on credit reports and look for any errors/issues

have you looked at mse credit club and credit karma which are linked to transunion

chiefcrust1983

TransUnion score is good 610/710, MSE affordability score is excellent 77/100.

All credit cards say 90% chance eligibility and loans to 15k are also 90% eligibility 

Kim_13

With a £4,000 limit, I would be putting all of your food shopping/insurances/general spending on them. Using £100 only and waiting for the statement could look like you don’t trust yourself to borrow a bigger figure and repay it, so if you don’t, why should a card issuer? Use £100 and pay it back is standard subprime credit behaviour, as they only have small limits and doing otherwise would put them over, as if the card is repaid with a Direct Debit only, there will be close to two months spending on it at times - the month that has been statemented, plus spending in the next month before the DD goes out to pay for the month before. If you check the credit agreement, it will say up to 56 days interest free credit and that is why - it’s 56 days before you have to pay for something if you buy it just after a statement has been produced. You only pay interest if you don’t repay the amount in full before the due date on the statement it appears on.