Should I wait before next application?

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  • local_hero
    local_hero Posts: 11 Forumite
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    enthusiasticsaver wrote: »
    Presumably there is a reason why you have been rejected by two separate agencies so I think I would check on the credit agencies to see if anything is showing. Having said that £8k of unsecured credit card debt is not insignificant so I would be looking to pay that off rather than keep moving it. So in your circumstances I would spend the next 3 to 6 months paying it off or at least reducing it then apply for a 0% deal to see if you can get one then.


    I've only been rejected by one agency. The reason to transfer it is so I can pay it off sooner. I'm not simply trying to shift debt around.
  • local_hero
    local_hero Posts: 11 Forumite
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    Willing2Learn wrote: »
    No they do not. To see all data available, you need to see data from all three CRAs. Each CRA will normally hold slightly different data.


    Right, so if Experia doesn't have my Natwest account on their records should I try to correct that information?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    local_hero wrote: »
    Right, so if Experia doesn't have my Natwest account on their records should I try to correct that information?
    If you do that, you'll be telling anyone searching your CRA file that you have an additional £2K of debt. Do you think that will help your attempt to secure further credit facilities or hinder it?
  • local_hero
    local_hero Posts: 11 Forumite
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    YorkshireBoy wrote: »
    If you do that, you'll be telling anyone searching your CRA file that you have an additional £2K of debt. Do you think that will help your attempt to secure further credit facilities or hinder it?


    Please don't take a patronising tone.


    I would think it would throw up a red flag on an application if I stated that I had the Natwest account and then it didn't match Experia's information, but I don't know, so I'm asking for advice.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    local_hero wrote: »
    Right, so if Experia doesn't have my Natwest account on their records should I try to correct that information?
    The NatWest account should be on either (or both of) Equifax and TransUnion credit files. You need to check these other two CRAs to see what is held on file.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    local_hero wrote: »
    Please don't take a patronising tone.
    Wasn't patronising. Spoon-feeding helps no-one. Post was intended to make you think.
    I would think it would throw up a red flag on an application if I stated that I had the Natwest account and then it didn't match Experia's information, but I don't know, so I'm asking for advice.
    You're no stranger to credit card applications.
    So you know you're asked who you bank with.
    You bank with Santander (you said in your OP it was your "main current account bank"), and tell them on the application.
    They don't ask who else you bank with (some of us have current accounts with over a dozen banks!).
    So the fact you also have an account with NatWest is irrelevant to the application.
    But the fact you have £2K debt there is VERY relevant to the application.
  • local_hero
    local_hero Posts: 11 Forumite
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    YorkshireBoy wrote: »
    Wasn't patronising. Spoon-feeding helps no-one. Post was intended to make you think.You're no stranger to credit card applications.
    So you know you're asked who you bank with.
    You bank with Santander (you said in your OP it was your "main current account bank"), and tell them on the application.
    They don't ask who else you bank with (some of us have current accounts with over a dozen banks!).
    So the fact you also have an account with NatWest is irrelevant to the application.
    But the fact you have £2K debt there is VERY relevant to the application.


    Ok, I suppose perhaps it wasn't obvious that I'd already thought about that. The application I did with Santander is only the second CC application I've ever done, and my first in over a decade so I don't know if they usually ask for details of other accounts or just your main current account (like Santander did). You seem to have answered that question now anyway, thanks. So what I can gather is that it doesn't matter if the credit reference agencies have incomplete information about your debt, you should just try to get any incorrect (and negative) information removed/corrected.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    edited 13 January 2019 at 11:47PM
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    local_hero wrote: »
    So what I can gather is that it doesn't matter if the credit reference agencies have incomplete information about your debt, you should just try to get any incorrect (and negative) information removed/corrected.
    Yes. Failures by banks to report available and used credit on old (pre-1998 issued) credit cards and overdraft facilities has long been exploited by credit card stoozers, as well as those such as yourself managing real debt.

    Get all 3 reports checked. Make sure all...

    Accounts
    Available credit
    Debt
    Payment history
    Searches
    Associates
    ER status
    Previous address history

    ...are a true and accurate reflection.

    Ignore numbers such as "923", and words such as "excellent".
  • maxximus75
    maxximus75 Posts: 555 Forumite
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    I can be as simple as you not being the type of customer Santander are targeting.


    It certianly doesnt mean that you will not be accepted by another credit provider.
  • local_hero
    local_hero Posts: 11 Forumite
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    YorkshireBoy wrote: »
    Yes. Failures by banks to report available and used credit on old (pre-1998 issued) credit cards and overdraft facilities has long been exploited by credit card stoozers, as well as those such as yourself managing real debt.

    Get all 3 reports checked. Make sure all...

    Accounts
    Available credit
    Debt
    Payment history
    Searches
    Associates
    ER status
    Previous address history

    ...are a true and accurate reflection.

    Ignore numbers such as "923", and words such as "excellent".


    Ok, I've checked all three. All the information is good and is a true and accurate reflection apart from not having details of my Natwest account in any of them, which I think we've established is a good thing. I'm going to go ahead and apply for the Virgin balance transfer card and hopefully make my way out of this hole I dug for myself as a young man. Thanks for your help.
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