Credit Crunch Credit Card Declines?

kentkent

Volcane wrote: »

Sorry, are you asking if I own my own house?

yes volcane.

Volcane

kentkent wrote: »

yes volcane.

Yes I do.

Well, technically the bank does but I am working on it !

Why do you ask?

kentkent

Volcane wrote: »

Yes I do.

Well, technically the bank does but I am working on it !

Why do you ask?

Hope you don't mind i asked u that question. because i am private tenant and the highest limit in a single credit card i currently have now just 4.5K with combination all cc credit limit are 10K, and i know lots of MSE member got far more limit than mine one. just wonder owning or renting a property are one of the fact that will effect the application final score. sorry but my grammer not very good, but hope u understand what am i saying. thanks:D

pb3

kentkent wrote: »

Hope you don't mind i asked u that question. because i am private tenant and the highest limit in a single credit card i currently have now just 4.5K with combination all cc credit limit are 10K, and i know lots of MSE member got far more limit than mine one. just wonder owning or renting a property are one of the fact that will effect the application final score. sorry but my grammer not very good, but hope u understand what am i saying. thanks:D

I'm a private tenant , and my highest card limit is around 17K. Total limit of all my cards is around 85K. Having said that I've held all the cards for several years, some for over a decade.

I do believe tenant vs homeowner does play a part in your credit score. However as already pointed out each cc company evaluates applicants differently, and so it is difficult to apply a generic formula.

I've never been successful in applying for a Tesco card

clio

How do council tenants score if private tenants are not as good as owners.
does that make them 3 times likely to get small limit lol???

Volcane

I think a Council/Private tenant that has been at one address for many years will score higher than a recent home-owner.

I'm seeing a trend with Tesco cards in this thread too!

Snooze

clio wrote: »

How do council tenants score if private tenants are not as good as owners.
does that make them 3 times likely to get small limit lol???

Afaik whether you are a council tenant or private tenant makes no difference whatsoever - they just have a check box for either tenant or home-owner (along with other options).

What does affect their decision to some degree is the property ACORN rating. If you live in a good area then you are (supposedly) more likely to be accepted and given higher limits.

Also, as far as your credit score goes, I can personally testify to the fact that not being on the electoral roll makes a huge difference in their decisions and to a lesser degree so does not being on OSIS (phone book), and to a lesser degree still, not having utility bills in your name too.

Rob

clio

Heres an interesting read up on credit scoring..

http://www.scoretruth.com/basics/interpret.php




http://www.scoretruth.com/improving/

EmptyCouch

Nice to hear some other stories about Tesco!!

I'm thinking Egg might be a good shut to try next. Does anyone know if they generally have good limits? Any horror stories for new customers?

Also when applying for the card, a portion of my earnnigs are bonus based, so do I apply with my basic salary as my income or do I work-in bonuses as well as this will generate a higher figure?

NickX

EmptyCouch wrote: »

Also when applying for the card, a portion of my earnnigs are bonus based, so do I apply with my basic salary as my income or do I work-in bonuses as well as this will generate a higher figure?

This has been discussed in some detail on the stoozing board.

Generally, I would say that provided you can JUSTIFY the figure that you give then you should be ok. This is only if they query it which they have never done with me.

So, I would say add your bonuses - if they are variable then take an average over the last few years. Also add interest from savings and investments, any state benefits that you may receive, and any income that you make on the side for instance from selling stuff on eBay.

I am self-employed and do not have a fixed income, so have to provide them with a estimate based on previous years trading - never had a problem though.