Failed application

xRDK · 20 April 2018 at 11:20AM

Hello,

With a holiday coming up I decided to get a backup credit card and after looking at the posts on here, I applied for the below as it has 0% fees abroad for a certain period;

<can't post link as new user>
Barclay platinum travel credit card

I did the pre-approval check and got 8/10 but after applying I was rejected - the reasons detailed were;

A. I have applied for alot of credit recently
B. I regularly miss credit payments
C. (Something else along these lines, I forget what)

None of which is true - I've never applied for a credit card/loan, I don't have any existing debts/credit cards (I don't even have an arranged overdraft) and I can save £1000+ a month with ease so I'm not short on cash.

I did an Experian check a couple of years ago and the result was like 986 with longest account or something sitting at 5 years (phone contract) so I went to do another one and it said they couldn't verify my identity!?! Why is this?
Now I think about it; I've lived at my current address for nearly 5 years but my bank account was still registered to my Dad's address (as per when I did my previous credit check), I did recently change my bank account address to my current address - could that be the reason?

I find it odd I was outright rejected, although a friend suggests it's because I've not had any credit in the past...?

Cheers,
Ryan

PeacefulWaters · 20 April 2018 at 11:27AM

Inaccurate record of address stability.

Perhaps not registered to vote.

Lack of financial products.

Lack of a relationship with Barclays.

Being remotely interested in a credit score that implies you're wonderful when clearly you're not.

shortcrust · 20 April 2018 at 11:47AM

If you've never had credit before you'd be better off trying to get a credit building card.

Did Barclaycard really specify those were the reasons you were turned down? I've never seen that before and wonder if they were examples some of the reasons why you might have been rejected.

Candyapple · 20 April 2018 at 12:01PM

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Are you on the electoral roll (does it show on all 3 files?)

Do you have any other closed / settled accounts in your history?

Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.?

Have you made any credit applications in the last 12 months?

Do you have any other loans / overdraft / car finance etc?

Do you have any late payments / defaults / CCJs?

xRDK · 20 April 2018 at 12:11PM

@PeacefulWater;' I'm registered to vote and have voted from my current address for the past 5 years I've lived here.

"Being remotely interested in a credit score that implies you're wonderful when clearly you're not." - not sure what you're saying here exactly?

===

@Shortcrust; yes there were 3 reasons on the rejection page, I can't remember the 3rd but it was along the same lines as the first 2 - they did say they would write to me regarding their decision, maybe that'll shed some more light on it.

I just wanted the card because of its 0% rates for transactions abroad; I have a Monzo but they recently introduced cash withdrawal limits and also it's a Mastercard, which I've read can some times be an issue in Cuba, so to be on the safe side I thought I'd get a VISA card.

I am currently saving for a deposit on my first home, I'm guessing I am unlikely to get a mortgage if I can't even get a credit card...? I didn't really think of this, should probably do some research on building a credit score.

xRDK · 20 April 2018 at 12:19PM

@CandyApple;

The free versions to check your credit files are below:
<links removed, won't let me post with them>
Experian:
Experian said they couldn't verify my identity so I can't log in.

Equifax:
Call Credit:
I'll check these after work

Are you on the electoral roll (does it show on all 3 files?)
I am on the electoral roll, I fill the form in every year and I am also registered to vote.

Do you have any other closed / settled accounts in your history?
Don't exactly know what this means? Like loans I've taken out and paid off? I've had numerous phone contracts over the years that I've never missed a payment on but that's it.

Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.?
I have a 12 month phone contract open currently - never missed a payment.
I have a Natwest Platinum account that I pay each month for, have had it for a very long time and never missed a payment

Have you made any credit applications in the last 12 months?
No

Do you have any other loans / overdraft / car finance etc?
None of the above.

Do you have any late payments / defaults / CCJs?
No

PeacefulWaters · 20 April 2018 at 12:21PM

"Being remotely interested in a credit score that implies you're wonderful when clearly you're not." - not sure what you're saying here exactly?

Don't pay any attention to the number. You've already discovered why. High number yet you've been declined. It's meaningless.

Perhaps try an Aqua credit card for UK use. Make a normal purchase. Get statement. Pay bill in full (don't get charged interest). Rinse. Repeat month after month.

Candyapple · 20 April 2018 at 12:36PM

xRDK - all the info requested comes from the credit files which you will need access to first before replying.

xRDK · 20 April 2018 at 12:58PM

Oh right, my bad.

Experian won't show me a report because they can't verify my identity, I'll try the other 2 when I get home and post the results.

xRDK · 20 April 2018 at 1:08PM

Isn't applying for multiple credit cards in a short period of time bad? Would it adversely affect me if I applied for an Aqua card also? What if they too reject me?

I've heard of using a credit card to build a credit rating but I've never bothered because, to be honest, they scare me - I worry I'll end up cocking something up and then get hit with a ridiculous bill, when I could've just paid for the item on the debit card and not had any issues...

shortcrust · 20 April 2018 at 1:33PM

xRDK wrote: »

Isn't applying for multiple credit cards in a short period of time bad? Would it adversely affect me if I applied for an Aqua card also? What if they too reject me?

I've heard of using a credit card to build a credit rating but I've never bothered because, to be honest, they scare me - I worry I'll end up cocking something up and then get hit with a ridiculous bill, when I could've just paid for the item on the debit card and not had any issues...

The benefits of getting a credit account showing on your file (i.e. getting an Aqua card) far outweigh any negatives from having another application. Anyway, two credit applications in a short period of time isn't a bit deal. It might make your score drop a little but as has been discussed that doesn't mean very much.

Failed application

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