Credit card refusal

[SpokeyDokey]

Anyone ever been in this position?

Just applied for a zero % credit card to book something that we wanted the security of having paid for by credit card. But sadly, we were declined.

We own a substantial house with no mortgage. A lot of money saved - including a lot in the bank to whom we applied.

Even in our 'later' years we have a pretty high (and stable) income. We still manage to save a lot of money each year.

We do not owe a single penny to anybody or any institution.

No CCJ's ever, no bad debts ever, no history of bad payment ever.

Both score 'excellent 999' on Experian.

And yet we can't get a piddling credit card.

 

[User6179]

Maybe because they know you will pay it back on time!

 

[midlife]

Lack of recent credit history? I've been in debt since 1978 and will be so for the next six years but have never defaulted on anything yet.

 

[Tin Pot]

How come you don't already have one?

That's the odd part of your financial history, imo.

 

[Buck]

Being in your position can be just as bad when applying for credit cards and loans. They probably don't have enough history from you if you've no recent financial products and also you may not be their demographic that will enable them to balance the risk of defaulting against being a profitable customer.

 

[keithmac]

Virgin have a card at 0% for 42 months iirc?.

They like to see you in debt, but not too much and regular payments.

It's funny how it all works, apparently Experian score is all for the customer, the companies all score with different criteria.

Moneysaving expert website will give you a list of pre-approved cards.

I've been on 997 for nearly a year now and for some reason can't manage the last two!

 

[SpokeyDokey]

How come you don't already have one?

That's the odd part of your financial history, imo.

Not had a credit card or charge card for around 15 years - not had a need. We are in the fortunate position of not having to borrow money to fund the things we want or want to do.

Why's that odd?

 

[SpokeyDokey]

Virgin have a card at 0% for 42 months iirc?.

They like to see you in debt, but not too much and regular payments.

It's funny how it all works, apparently Experian score is all for the customer, the companies all score with different criteria.

Moneysaving expert website will give you a list of pre-approved cards.

I've been on 997 for nearly a year now and for some reason can't manage the last two!

Strangely I was pre-approved during the application process!

 

[Tin Pot]

Not had a credit card or charge card for around 15 years - not had a need. We are in the fortunate position of not having to borrow money to fund the things we want or want to do.

Why's that odd?

I've never needed one either, but used one for twenty years paying off the full balance every month - they can't stop offering them to me.

If you have a bank account you have held and used regularly for your income and bills for years, that bank should be able to offer you a card. Just pay it off in full at the end of the month, and you'll still get the card protection.

 

[keithmac]

If you have the funds to clear the debt within the month then you don't technically need a 0% card.

Worth using one every month and paying it off ( as said above) as this stands you in good stead and builds your credit file.

Do you have a mobile phone contract?.

 

[SpokeyDokey]

I've never needed one either, but used one for twenty years paying off the full balance every month - they can't stop offering them to me.

If you have a bank account you have held and used regularly for your income and bills for years, that bank should be able to offer you a card. Just pay it off in full at the end of the month, and you'll still get the card protection.

Maybe that's the problem - we have current accounts with three different banks but the bank that we applied to for the CC we do not have banking facilities - just a whole heap of money residing in their coffers!

Funny old world this - we have debt laden friends and family who, without wishing to sound crass, are way less well off than us but seemingly manage to get credit whenever it is needed on cards, personal loans etc.

Lord knows what would happen if I applied for a personal loan or mortgage.

 

[swansonj]

Not had a credit card or charge card for around 15 years - not had a need. We are in the fortunate position of not having to borrow money to fund the things we want or want to do.

Why's that odd?

I'm intrigued - how do you pay for things? Debit card?

 

[SpokeyDokey]

If you have the funds to clear the debt within the month then you don't technically need a 0% card.

Worth using one every month and paying it off ( as said above) as this stands you in good stead and builds your credit file.

Do you have a mobile phone contract?.

Mobile contract = yes. Does this make a difference?

Are you saying it's because I applied for a zero % card that's the issue?

 

[Levo-Lon]

Its the computer score..total bolluks..

If you was upto your eyeballs and paid a little every month you'd get loads of credit

 

[keithmac]

Thing is of you pay by cash or BACS transfer you have no comeback, the money is none recoverable.

At least with Visa or Mastercard you have some chance of getting your money back if a purchase goes sour..