Applying for credit cards!!
Discussion
Hey all,
I have just been trying to apply for a credit card all morning because I want to start building up a credit history and I have been having no luck whatsoever.
I have applied to the post office, Bank of Scotland and MBNA with all rejecting me outright online.
I just don't get it; I have no loans, no mortgage, no store/credit cards and am not in debt to anyone at all. I have a good salary and manage to save a fair chunk of it every month.
I thought it was my credit rating, but I signed up for experian and I have a "credit rating" of 941 which I understand is good. The only blip on it was a default from Barclaycard in 2007 for £94 after an unauthorised use of my card (I have since cancelled it) and it was marked as being "settled."
The only thing I can think of is the address I'm using. My address history is as follows:
Address 1 - 18 years
Address 2 - 5 years (for university)
Address 1 - 2 years (yes moved back in with the folks)
Address 3 - 4 months (new place)
So address 1 is my parents address which I have been using to make the applications as it's the most permanent address and most of my letters still go there. I tried to use my new address (3) for the mbna application but it was still declined!
Any ideas people; I am really starting to panic as I want to raise a bit of money for a car I'm looking at.
Thanks
I have just been trying to apply for a credit card all morning because I want to start building up a credit history and I have been having no luck whatsoever.
I have applied to the post office, Bank of Scotland and MBNA with all rejecting me outright online.
I just don't get it; I have no loans, no mortgage, no store/credit cards and am not in debt to anyone at all. I have a good salary and manage to save a fair chunk of it every month.
I thought it was my credit rating, but I signed up for experian and I have a "credit rating" of 941 which I understand is good. The only blip on it was a default from Barclaycard in 2007 for £94 after an unauthorised use of my card (I have since cancelled it) and it was marked as being "settled."
The only thing I can think of is the address I'm using. My address history is as follows:
Address 1 - 18 years
Address 2 - 5 years (for university)
Address 1 - 2 years (yes moved back in with the folks)
Address 3 - 4 months (new place)
So address 1 is my parents address which I have been using to make the applications as it's the most permanent address and most of my letters still go there. I tried to use my new address (3) for the mbna application but it was still declined!
Any ideas people; I am really starting to panic as I want to raise a bit of money for a car I'm looking at.
Thanks
zuby84 said:
I have no loans, no mortgage, no store/credit cards and am not in debt to anyone at all.
Unfortunately, all of this counts against you when it comes to credit applications. A history of successfully managing credit and making timely repayments is an important factor is most lenders ratings. Assuming you have a current account, perhaps you could approach them for a credit card, as they may look on your application more favourably due to your existing relationship with them. Once you have a history of spending and making repayments on that card, you should be in a better position to make applications to other lenders.
One thing you shouldn't do is keep applying willy nilly. All those rejections show up on your file, so the more failed applications you make, the less likely you become to be accepted next time.
ETA: Are you on the electoral role at your current address? If not, make sure you get yourself on it before you make any more applications, as that can make a big difference.
Edited by TheGreatSoprendo on Tuesday 22 December 15:43
Keep in mind that if you're applying with the intention of paying off the bill each month, they many not actually want your custom - don't take this the wrong way but many people think that if they can't get a credit card it's because they've done something "wrong" when it's really quite the opposite.
experiean are pretty rubbish at showing all data online- you need to phone them and ask them for a full paper copy. Because they don't show all data online then their "scoring" system can be very wrong.
Trust me if you have an account marked "default" then you won't get credit anywhere (apart from 50% APR and above) for 6 years from the date of default (the date it drops off the credit reports)
Trust me if you have an account marked "default" then you won't get credit anywhere (apart from 50% APR and above) for 6 years from the date of default (the date it drops off the credit reports)
My sister was in exactly the same position when applying for a mortgage, no debt, no loans, no credit card. She applied to her bank for a credit card, got one because she had a current account and she used it and therefore got the correct scores required, its all about playing the game.
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