Refused by tescos for 0% card ??

GAZ$

Ok new to this place so would like to say a big hello to all and the people that run this place


Ok wondering if any 1 has had anything like this before ,I just applyed for a tesco 0% card and was refused due to credit scoring i currently have the below without any problem so was wondering what went wrong here

credit report with 3 credit card printed on it that i applyed for and got also freemans cat with good payments and a joint application ie buying house all ok no county courts nothing bad on it

my salary is 24,000 to 28,000
1 morgan stanley card 6 months 0% limit £3000 balance £550
1 virgin 9 months 0% limit £3000 balance £400
1 natwest limit £5000 balance 0 (just about to give back)
1 joint current account with first direct (500 overdraft)£2400+ in it
1 current account with bank of scotland £10,000+ in it


Many regards
GAZ

YorkshireBoy

Electoral role?
Time in current job?
Low used/available credit ratio = why the need for another card?
Untidy credit file - unused card left gathering dust!
Recent mortgage application credit search on your file = can you afford more debt?

Have to say though, that salary, debt/income ratio, and available credit/income ratio all look reasonable.

HTH
YB

PS: What are you doing with £10K+ in a current account? Not being nosey, it's just that I try to keep around £200 in mine - rest is in high interest internet account and brought back when needed!

empfun

Also, unless you're applying for a card from your current account provider, the amount in there isn't going to matter.

GAZ$

@YorkshireBoy & empfun

Many thanks for ur help ,Just seems very strange to me not accepted ,Maybe its my job have only been there for 1year and 6 months ,As for the 10,000 its been there for same amount of time it was my redundancy money from last job and never touched it yet ,Have u a link or anything for me to put it into another place ,Just im worried i may not get another place now


Once again thanks for all help
regards

pre-reg

hi,

I was also surprised to be rejected by tesco for the 0% deal recently. A week laler applied for virgin and got acceptated. Tesco seem to reject more people then anyone else maybe???? for no good reason????

udydudy

Hi Gaz$

Mate you got too much money lying around earning nothing. thats £12,400 taking both your accounts.

I think you should think of putting your money into an ISA. Abbey & A & L seem to give the best rate around. I wud suggest Abbey as A & L do tend to change their rates and from the number of articles I have read aint to ob e trusted as such they do not care for the customer.

Abbey offers 5.35% last that I read and is an internet/postal ISA if I am not wrong. Which means you cannot go to a branch and open it. you can check www.abbey.co.uk
Though you are allowed to put only £3000 per person every year, but the interest is Tax Free. I would say open two accounts one in your name an dthe other in you wife/partners name. I gather since you keep joint account,, sorry if I assumed wrong.

Rest of the money you can put in an e-savings account which would give you 5.2% taxable from first direct.
First Direct ISA gives 6.08% until october 2005. if you search you might fid some other provider who will give similar introductory stuff.

sicker

I agree with udydudy. I have an A&L premier current account which pays a reasonably acceptable 2.1% interest at the moment. However I only keep enough in this account to cover my monthly o/g requirements. All extra cash is transferred to my A&l online saver account paying 5.35% interest. To have £2400 in an ordinary account is to my mind a waste of the opportunity to make extra savings for your good self.

regards

John

YorkshireBoy

GAZ$ wrote:

Have u a link or anything for me to put it into another place ,Just im worried i may not get another place now

Best to keep savings issues off the credit card forum - it'll go way off topic.

Lets just say you will benefit from reading the savings articles on this site (accessed from the yellow box to the left of this screen).

Then, if you've any further questions, post them on the savings and investments board.

GAZ$

@pre-reg,udydudy,sicker & YorkshireBoy

Many thanks for all ur help most appreciated

Nb>>Will check savings section out cheers all

MrChips

Don't want to upset YorkshireBoy but feel I just need to correct a couple of things posted earlier in the thread!

Abbey no longer offer 5.35% for their ISA to new customers. The ISA concerned can't be operated on the internet either - it is purely a postal account (although you can pay money in through the branch).

The A&L online saver also no longer offers 5.35% either to new or existing customers - rate has dropped to 5% (which rather backs up udydudy's comment about A&L's trustworthyness!). Better accounts out there if you look hard enough. But as YB says, look in the savings forum.

roaming_rhino

Hi

Tesco knocked me back recently for failing thier credit score
so I printed my score off from experian , sent it with a covering letter and a copy of my last 3 bank statements showing what we earn and .....

they have overturned their decision , now waiting for the credit agreement to arrive .

Tesco do seem to score people strangely as my credit history is sound

I guess its because I already own a mint card within the RBS group where I just asked them to reduce the credit limit from 13.5K to 1k as it wasnt needed
interestingly enough once I stated to them I wanted to close this card they pleaded with me to stay as a customer and put my interest rate down to 6.9% per month to stay with them