Failed credit check!!!

moneysavingme_2

Just failed a credit check for the HSBC card.

I am currently 18.5 years old, part time job earning £6500/year living with parents.

I had a credit check in December with Halifax for my overdraft which i passed.

Then the idiot in Natwest in February said i needed to upgrade my account i use occasionally, i told her i didn't want any overdraft just a simple cash card but she said i still needed a check so she did one and then found out she didn't even need to do one :mad:

I only have £20/month outgoings for the gym, mother pays for phone bill and stuff.

Why did i fail, is it simply age?

I need a 0% card i can pay my insurance on for about 4 months (its due end of may), is it worth applying for the halifax one now ive failed a check, is it better to go instore?

skyrider007

How about borrow your parents to pay the insurance and apply for credit 2-3 month later? Chances that you will be accepted on a 0% card is low as you've just recently been rejected. You may be accepted by higher rate credit builder cards such as Capital One or Vanquis/Aqua etc. You may want to get one of these cards to improve your credit score.

scottp_2

I passed a credit check for a 0% card about a week after my 18th birthday. I did this because I went to the bank I have my wages going into. As long as you have a decent amount of money going through it and manage it properly, you should be okay with your current bank.

However, I would leave it a while if you have had a decline, as it is just a downward spiral.

Is it possible for one of your parents to take out a 0% card and pay for it for you? You could transfer the balance from their card to yours once you get accepted.

Hope that helps!

moneysavingme_2

I feel so stupid, i should of just gone into my bank (halifax) and gone for one of their cards.

Thing is it didn't really seem like a proper check with HSBC, it was very quick as if they just cross checked my age and wage and said no. I cant remember what it said exactly either.

ATEOTD i can borrow from savings but i find it hard to pay back as i know i dont have to, obviously with a CC i would always pay it back.

EDIT: If i go into halifax, can they do 1 check to see if i am eligible for the 0% and if i arent be able to give me a credit builder without a second check?

the_blue_angel

it is the amount you earn in a year, i was turned down as well because i did not fit the minium amount wages per year and i was not banking with them

moneysavingme_2

the_blue_angel wrote: »

it is the amount you earn in a year, i was turned down as well because i did not fit the minium amount wages per year and i was not banking with them

So they might not have done a check then, it seemed too quick, i used to do credit checks week in week out at a phone shop and it took a couple of minutes to confirm.

I am going to book in for an appointment at my bank tomorrow afternoon and have a chat with them, really sound people since its just a small estate agency branch.

moneysavingme_2

Back from a chat with my bank manager, success, got the 0% for 10 months CC, but only got £500 limit, he said if i hadn't done the check yesterday i would have probably got more but also said i did well to pass as he usually passes 15 a month but this month they have got tighter and i am his 6th accepted so far and applications have been the same.

He said that both my savings and current accounts had really good credit scored associated with them but my old redundant cashcard account that is still open had a low score which could have put HSBC off.

ATEOTD i have a perfectly manageable and more than enough credit limit for my needs.