Credit declined...
Discussion
I've just applied for a Tesco credit card last week and it was declined. I applied for a M&S one htis week and it's been declined
I earn a good amount, have no blemishes on my credit record adn have just checked this and nothing looks out of order, I have no other loans and pay off my current CC every month. I dont even have a mortgage on my home. All I can think is that I moved 2 months ago and moved again 14 months ago. Would this stop me getting a Credit Card... Both companies wont tell me why I failed and I'm stumped!
I earn a good amount, have no blemishes on my credit record adn have just checked this and nothing looks out of order, I have no other loans and pay off my current CC every month. I dont even have a mortgage on my home. All I can think is that I moved 2 months ago and moved again 14 months ago. Would this stop me getting a Credit Card... Both companies wont tell me why I failed and I'm stumped!
Have you checked your credit rating ? I think you can it online for a few quid (equifax rings a bell).
I wass refused a credit card a few years back despite having an excellent credit history. Turns out then when I had cancelled a Vodafone contract and paid the final bill they had added a £1 fee for something or other AFTER the account was closed. Appartenly £1 is below their threshold for chasing so they didnt write and ask me for it, just wrote it off and logged me as a bad credit risk.
I never knew until I requested a copy of my credit rating. Quick call to Vodafone and they removed it from my record, didnt even have to pay the £1.
I wass refused a credit card a few years back despite having an excellent credit history. Turns out then when I had cancelled a Vodafone contract and paid the final bill they had added a £1 fee for something or other AFTER the account was closed. Appartenly £1 is below their threshold for chasing so they didnt write and ask me for it, just wrote it off and logged me as a bad credit risk.
I never knew until I requested a copy of my credit rating. Quick call to Vodafone and they removed it from my record, didnt even have to pay the £1.
Sarah_W said:
I have no other loans and pay off my current CC every month.
That may be the part of the problem - they like people who get into debt (but pay it off eventually). My sister who has never had a mortgage, HP etc. is in the same situ .. so i suggested she get an interest-free sofa from DFS or something.fido said:
Sarah_W said:
I have no other loans and pay off my current CC every month.
That may be the part of the problem - they like people who get into debt (but pay it off eventually). My sister who has never had a mortgage, HP etc. is in the same situ .. so i suggested she get an interest-free sofa from DFS or something.They aren’t going to make any money from you if you always pay your balances on time and never get into debt!!
TEKNOPUG said:
fido said:
Sarah_W said:
I have no other loans and pay off my current CC every month.
That may be the part of the problem - they like people who get into debt (but pay it off eventually). My sister who has never had a mortgage, HP etc. is in the same situ .. so i suggested she get an interest-free sofa from DFS or something.They aren’t going to make any money from you if you always pay your balances on time and never get into debt!!
onomatopoeia said:
TEKNOPUG said:
fido said:
Sarah_W said:
I have no other loans and pay off my current CC every month.
That may be the part of the problem - they like people who get into debt (but pay it off eventually). My sister who has never had a mortgage, HP etc. is in the same situ .. so i suggested she get an interest-free sofa from DFS or something.They aren’t going to make any money from you if you always pay your balances on time and never get into debt!!
bazking69 said:
If your history is all OK then I'd guess that they don't view someone who pays their credit card off in full every month as worth having as a customer. Logical really if they aren't going to make a penny off of you.
They'd make a fortune out of me, yet they still don't wanna give me a 0% balance transfer card!! 
The previous occupiers of your house may have bad credit?
Also, check that you have the same address and postcode on the electoral roll as the one submitted for the credit. With some, if you are not found on the electoral roll, they won't clear your application.
Also, check that you have the same address and postcode on the electoral roll as the one submitted for the credit. With some, if you are not found on the electoral roll, they won't clear your application.
Edited by FrankCayman on Monday 7th September 20:01
TEKNOPUG said:
fido said:
Sarah_W said:
I have no other loans and pay off my current CC every month.
That may be the part of the problem - they like people who get into debt (but pay it off eventually). My sister who has never had a mortgage, HP etc. is in the same situ .. so i suggested she get an interest-free sofa from DFS or something.They aren’t going to make any money from you if you always pay your balances on time and never get into debt!!
They want people who keep paying the minimum amount each month only really.
To my knowledge credit scoring doesn't factor risk/reward so if you pay your bill off early will generally be seen as a goold thing as you are a reliable bet. They will make their money from transaction charges as already mentioned. This whilst not a massive percentage is significant with a large number of customers.
I would also bet money that you are not on the electoral role. Also lots of credit checks close together makes you look desperate, so is likely to be declined.
Give it 3months, make sure you're on the voters roll and re-apply.
HTH
I would also bet money that you are not on the electoral role. Also lots of credit checks close together makes you look desperate, so is likely to be declined.
Give it 3months, make sure you're on the voters roll and re-apply.
HTH
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