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  • FIRST POST
    • local hero
    • By local hero 13th Jan 19, 12:35 PM
    • 11Posts
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    local hero
    Should I wait before next application?
    • #1
    • 13th Jan 19, 12:35 PM
    Should I wait before next application? 13th Jan 19 at 12:35 PM
    Hello all, I've got approx 8k on a Barclaycard which I want to do a 0% balance transfer on. My limit has recently been upped to 13.9k. I applied to Santander (my main current account bank) after speaking to a man in a branch who was very positive about it, but I was turned down. I spoke to them again in branch and we thought it might have been an issue with some incorrectly inputted data (my address is a ground floor flat in a converted house with a shared entrance, but often websites will autocomplete just the house number). We noted this down and appealed the application. I have an experian credit score of 923, earn 49k and have low rent for London. I never miss payments on my card, although for a long time I was mainly paying off the minimum (I know, I've changed my ways now). Basically, there was no reason we could think of that I wouldn't be accepted, other than some error in application. But I was rejected again. Credit Club has me down as 90% likely to be accepted for Santander credit card. I'm now looking at the Virgin money credit card which offers 0% transfer with a small fee, which Credit Club has me down as 100% likelihood of being accepted. I'm concerned that if I apply now, the fact that I've had two rejected applications in the last week will cause me to be rejected again and I'll be entering into a downward spiral of rejection...


    So, should I check anything else before applying (I'm double checking electoral register), or wait x amount of weeks? Any advice would be greatly appreciated. Thank you.


    EDIT: I realised I haven't explicitly stated that I want to transfer the debt in order to pay it off sooner, not just to move it around. I'm trying to take control of, and clear, my debt in the fastest, most responsible way I can.
    Last edited by local hero; 13-01-2019 at 7:47 PM.
Page 1
    • Willing2Learn
    • By Willing2Learn 13th Jan 19, 12:49 PM
    • 2,527 Posts
    • 2,074 Thanks
    Willing2Learn
    • #2
    • 13th Jan 19, 12:49 PM
    • #2
    • 13th Jan 19, 12:49 PM
    ...should I check anything else before applying (I'm double checking electoral register), or wait x amount of weeks?...
    Originally posted by local hero
    Check for data accuracy in your credit reports (from all three CRAs).

    Ignore your credit scores as lenders do not use it and do not see it.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • YorkshireBoy
    • By YorkshireBoy 13th Jan 19, 12:57 PM
    • 30,523 Posts
    • 18,457 Thanks
    YorkshireBoy
    • #3
    • 13th Jan 19, 12:57 PM
    • #3
    • 13th Jan 19, 12:57 PM
    Santander may have only carried out one search. The second decline could simply have been a 'policy rule', especially so close after the first.

    As to having two "rejections" (or even one "rejection") on your credit files, you haven't. You've simply had two credit "searches" recorded recently.

    Do you have any other debts elsewhere? Cards, loans, etc? Any dodgy financial associates?

    If you're in the 'Credit Club' then surely you already know from your credit report whether Experian has you down on the ER at your current address? So all you really need to do is check the other two agencies (for free).
    • Emily Joy
    • By Emily Joy 13th Jan 19, 2:09 PM
    • 241 Posts
    • 105 Thanks
    Emily Joy
    • #4
    • 13th Jan 19, 2:09 PM
    • #4
    • 13th Jan 19, 2:09 PM
    So, should I check anything else before applying (I'm double checking electoral register), or wait x amount of weeks? Any advice would be greatly appreciated. Thank you.
    Originally posted by local hero

    I suggest you apply for Sainsbury's bank balance transfer credit card. Interest-free for up to 22 months, no fee. No need to wait. Don't worry about rejection from Santander, I believe you are in a good company here.
    • local hero
    • By local hero 13th Jan 19, 2:57 PM
    • 11 Posts
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    local hero
    • #5
    • 13th Jan 19, 2:57 PM
    • #5
    • 13th Jan 19, 2:57 PM
    Santander may have only carried out one search. The second decline could simply have been a 'policy rule', especially so close after the first.

    As to having two "rejections" (or even one "rejection") on your credit files, you haven't. You've simply had two credit "searches" recorded recently.

    Do you have any other debts elsewhere? Cards, loans, etc? Any dodgy financial associates?

    If you're in the 'Credit Club' then surely you already know from your credit report whether Experian has you down on the ER at your current address? So all you really need to do is check the other two agencies (for free).
    Originally posted by YorkshireBoy

    I have approx 2k overdraft in a Natwest account which I plan to tackle after I've transferred my CC debt. Again, I never miss payments on this and it has been going down considerably in recent months. I don't have any loans or dodgy associates.

    Experian does have me down as my current address on the ER. Looking through the credit report it looks like my Natwest account isn't on there, is that something I should aim to fix?

    And it does say under search history that Santander has only searched once, so it looks like you're right about them not searching again (or maybe it hasn't updated yet, I guess).
    • zx81
    • By zx81 13th Jan 19, 3:09 PM
    • 21,137 Posts
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    zx81
    • #6
    • 13th Jan 19, 3:09 PM
    • #6
    • 13th Jan 19, 3:09 PM


    Experian does have me down as my current address on the ER. Looking through the credit report it looks like my Natwest account isn't on there, is that something I should aim to fix?
    Originally posted by local hero
    Only if it needs fixing. Do you believe Natwest should be reporting to Experian?

    Or just one or more of the others?
    • local hero
    • By local hero 13th Jan 19, 3:58 PM
    • 11 Posts
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    local hero
    • #7
    • 13th Jan 19, 3:58 PM
    • #7
    • 13th Jan 19, 3:58 PM
    Only if it needs fixing. Do you believe Natwest should be reporting to Experian?

    Or just one or more of the others?
    Originally posted by zx81

    Oh I don't know. I just presumed all three agencies would/should have all my accounts in their records.
    • Willing2Learn
    • By Willing2Learn 13th Jan 19, 4:00 PM
    • 2,527 Posts
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    Willing2Learn
    • #8
    • 13th Jan 19, 4:00 PM
    • #8
    • 13th Jan 19, 4:00 PM
    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.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Fireflyaway
    • By Fireflyaway 13th Jan 19, 4:51 PM
    • 2,173 Posts
    • 2,552 Thanks
    Fireflyaway
    • #9
    • 13th Jan 19, 4:51 PM
    • #9
    • 13th Jan 19, 4:51 PM
    Instead of moving the debt about and possibly go in into more debt if you secure a higher credit limit, why not just see this as a good opportunity to pay off the debt? Work out how much free money you have and pay it off.
    • enthusiasticsaver
    • By enthusiasticsaver 13th Jan 19, 5:21 PM
    • 8,207 Posts
    • 18,558 Thanks
    enthusiasticsaver
    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.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • local hero
    • By local hero 13th Jan 19, 7:40 PM
    • 11 Posts
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    local hero
    Instead of moving the debt about and possibly go in into more debt if you secure a higher credit limit, why not just see this as a good opportunity to pay off the debt? Work out how much free money you have and pay it off.
    Originally posted by Fireflyaway

    Not sure how your idea works. I already have a higher credit limit. The reason to move the debt is to pay it off sooner. Currently I'm paying 300 a month into my Barclaycard but around 180 of that is just paying interest. By transferring the balance to a 0% interest card I'd actually be paying off 300 a month and could clear the debt in around 27 months (which incidentally is the 0% period offered by Santander)
    • local hero
    • By local hero 13th Jan 19, 7:42 PM
    • 11 Posts
    • 0 Thanks
    local hero
    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.
    Originally posted by enthusiasticsaver

    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
    • By local hero 13th Jan 19, 7:44 PM
    • 11 Posts
    • 0 Thanks
    local hero
    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.
    Originally posted by Willing2Learn

    Right, so if Experia doesn't have my Natwest account on their records should I try to correct that information?
    • YorkshireBoy
    • By YorkshireBoy 13th Jan 19, 8:20 PM
    • 30,523 Posts
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    YorkshireBoy
    Right, so if Experia doesn't have my Natwest account on their records should I try to correct that information?
    Originally posted by local hero
    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
    • By local hero 13th Jan 19, 9:36 PM
    • 11 Posts
    • 0 Thanks
    local hero
    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?
    Originally posted by YorkshireBoy

    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
    • By Willing2Learn 13th Jan 19, 9:45 PM
    • 2,527 Posts
    • 2,074 Thanks
    Willing2Learn
    Right, so if Experia doesn't have my Natwest account on their records should I try to correct that information?
    Originally posted by local hero
    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

    • YorkshireBoy
    • By YorkshireBoy 13th Jan 19, 9:45 PM
    • 30,523 Posts
    • 18,457 Thanks
    YorkshireBoy
    Please don't take a patronising tone.
    Originally posted by local hero
    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
    • By local hero 13th Jan 19, 10:27 PM
    • 11 Posts
    • 0 Thanks
    local hero
    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.
    Originally posted by YorkshireBoy

    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
    • By YorkshireBoy 13th Jan 19, 10:45 PM
    • 30,523 Posts
    • 18,457 Thanks
    YorkshireBoy
    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.
    Originally posted by local hero
    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".
    Last edited by YorkshireBoy; 13-01-2019 at 10:47 PM.
    • maxximus75
    • By maxximus75 14th Jan 19, 1:31 AM
    • 207 Posts
    • 75 Thanks
    maxximus75
    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.
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