help please-keep getting refused ccs!

vicky_kidder

Hi.

I was just wondering if any can help me with any advice on what to do in my situation.

I'm 22 on a decent salary of £24,500. I'm hoping to buy a house next year and someone said geting some credit cards and paying them off in full each month will increase my chances of getting a mortgage.

I've never had any credit cards before, have no debt (apart from student loans) and as I've mentioned, have a steady income. I don't have any loans or regular monthly repayments (I own my car outrgiht). I also have a few thousand pound in savings already.

However, my bank (HSBC) have turned me down for 4 credit cards applications in past 6 months! I don't know why they keep refusing me and then emailing me saying 'why not try our HSBC credit card?' It's so frustrating!

Can anybody offer any advice as to a) why i keep getting refused and b) what i should do about it?

Thank you guys!:beer:

louloupot

hi
my bank is hsbc also and they have said to me that you should not apply within 3 months of each other otherwise you are very likely to get automatically declined.
have you ever had any sefaults? or recently moved? not on the electoroll roll all of this could make you have bad credit. it may be best to check experian for your credit report.
you could also try to get a catalogue eg littlewoods kays you can apply online and they will tell you straight away this will give you a nice row of greens on your report when you apply for a mortgage also there are some higher rate cards which except poor credit. you are best to check out the sub prime thread on here as it is very helpful for this sort of thing
hope this helps :rotfl:

vicky_kidder

Thanks louloupot!

don't know what a default is?? but know i'm definitely on elctoral roll as i voted in may. will definitely check experian though.

Thanks for ur help!

Tori_Bellatrix

vicky_kidder wrote: »

Thanks louloupot!

don't know what a default is?? but know i'm definitely on elctoral roll as i voted in may. will definitely check experian though.

Thanks for ur help!

Hi Vicky,

If you don't have any credit argreements, it's highly unlikely you'll have a default. That occurs after a string of missed payments on a credit agreement.

It's likely you are being turned down due to a lack of credit history (This can go against you in the same way as bad credit). If this is the case, you need to build up your history by taking up easier to get credit accounts such as a mobile phone contract, catalogue or one of the sub prime credit cards. They have a slightly higher interest rate but as long as you pay it off in full monthly, you won't have to worry about that. It might also be worth appealing the refusal from HSBC if you have a good banking history with them.

speedbird1973

Try one of the high APR "starter" credit cards - there's a mahoosive thread on "Sub Prime" credit cards. If you get one and settle up every month then the huge interest rate is a non issue - with £5000 savings I can't believe you wouldn't get a £250 limit!

With HSBC hopefully they've automatically declined you after your first application - in which case it may not have reached the credit search stage. If they have all recorded searches then you may have to hang fire for a few months as lots of searches will have a detrimental effect on your file. if you're going to check with experian (*spits* lol) then you'll find out yourself soon enough.

vicky_kidder

Thanks Tori, i think from what you said it is most probably a lack of credit history!

Guess I'm going to have to work hard to be able to qualify for a mortgage next year, lol.