Why is it easier to get a Mastercard?

mindlesstrance

Hello all,

I've been reading these forums for a few months now and finally decided to register Ever since going a bit mad with money back in my student days I've found it extremely difficult to get credit, either in the form of a loan or a credit card. Years have passed by, I was no longer the misfit I once was, and still the only people who would accept me for a credit card were Capital One. Needless to say with a £200 limit, requiring a deposit of £200 from me, very high APR, this card has served virtually no purpose.

A while ago I applied for an Aqua credit card. This was approved with an initial limit of £800. Not bad but after working for the past 5 years and earning in excess of £45k a year, not getting in to further debt, having no credit cards or loans, I felt that I deserved more.

My credit report wasn't particularly gruesome. I have moved around quite a lot which may have had a negative impact on lenders' decisions. I did have one default account from 2002 though. To my relief the default account ran past the 6 year mark and was dropped off of my report a couple of weeks ago. In the following weekend of boredom and curiosity I decided to apply for a Post Office credit card. It was approved! Having that default dissapear sure was a good thing.

Not content with one approval I figured I'd see what else was available to me. I tried a few places and got a few approvals and rejections. It would seem that it's a lot easier to obtain a Mastercard than it is to obtain a VISA? I've been approved for 5 Mastercards totalling £15,000 available credit in the past two weeks now but not a single VISA supplier would approve me. Is it just bad luck on my part or is this something of a known ordeal?

PS I have no intention of getting myself in to the state I got myself in to back when I was a student, don't worry 'bout that!

random_fat_bird

I was approved for a Visa first, but it was a Capital One Visa so I'm not sure what we can make of it *grin*

Good for you on getting yourself sorted, must feel good:)

mindlesstrance

It certainly is a good feeling. It's quite the embarassing thing to be 28 and only have a £200 limit credit card. Virtually impossible to do anything with £200 these days!

darcyvuqua

mindlesstrance wrote: »

Hello all,

I've been reading these forums for a few months now and finally decided to register Ever since going a bit mad with money back in my student days I've found it extremely difficult to get credit, either in the form of a loan or a credit card. Years have passed by, I was no longer the misfit I once was, and still the only people who would accept me for a credit card were Capital One. Needless to say with a £200 limit, requiring a deposit of £200 from me, very high APR, this card has served virtually no purpose.

A while ago I applied for an Aqua credit card. This was approved with an initial limit of £800. Not bad but after working for the past 5 years and earning in excess of £45k a year, not getting in to further debt, having no credit cards or loans, I felt that I deserved more.

My credit report wasn't particularly gruesome. I have moved around quite a lot which may have had a negative impact on lenders' decisions. I did have one default account from 2002 though. To my relief the default account ran past the 6 year mark and was dropped off of my report a couple of weeks ago. In the following weekend of boredom and curiosity I decided to apply for a Post Office credit card. It was approved! Having that default dissapear sure was a good thing.

Not content with one approval I figured I'd see what else was available to me. I tried a few places and got a few approvals and rejections. It would seem that it's a lot easier to obtain a Mastercard than it is to obtain a VISA? I've been approved for 5 Mastercards totalling £15,000 available credit in the past two weeks now but not a single VISA supplier would approve me. Is it just bad luck on my part or is this something of a known ordeal?

PS I have no intention of getting myself in to the state I got myself in to back when I was a student, don't worry 'bout that!

well done you i cant wait to be in your shoes as you can see i defaulted and received a ccj after the death of my wife i cant even get a cold never mind a credit card lol

clio

What limit did the Post Office give you was it low or high. and did you get approved online instantly matey!!

mindlesstrance

clio wrote: »

What limit did the Post Office give you was it low or high. and did you get approved online instantly matey!!

The Post Office have given me a £2000 limit to start off with. According to the website I was "APPROVED" for the card and even said "YOU WILL RECEIVE THE CARD IN THE NEXT X - X BUSINESS DAYS" (can't remember the numbers, think it was 6 to 11 days). I then received a letter requesting that I send them copies of my passport/driving license/council tax bills or anything else off of a list. Quite annoyed by that I was so I called them up. The person I spoke to insisted that the website said "PRE APPROVED". I know what I saw! Anyway, I got my passport certified as seen, mailed the documents to 'em and did eventually receive the card.

The full list goes...

Citibank Platinum Mastercard - £6000
Virgin Mastercard - £4000
Post Office Platinum Mastercard - £2000
Sainsbury's Mastercard - £2000
Aqua Card - £800

Still got the dodgy Capital One Visa with a £200 limit (£0 balance). Going to cancel it and probably the Aqua card too now that I've got much better cards.

random_fat_bird

mindlesstrance wrote: »

It certainly is a good feeling. It's quite the embarassing thing to be 28 and only have a £200 limit credit card. Virtually impossible to do anything with £200 these days!

Chin up, I'm 27 and have got the Capital One and a limit of £100 *weeps in an entirely unnecessary theatrical manner*

I was a bloody sod as a student though. Onwards and upwards:D