I have been declined for a credit card although I have a good credit history - I recently bought a laptop on hire purchase and I have a contract mobile phone - why would this be?
2007-02-19 23:57:39 · 13 answers · asked by jennymac 2 in Business & Finance ➔ Credit
You should not have more than 3 applications for credit within 6 months on your credit report as it starts to have adverse effects.
Even if you do not accept the loan/card etc, it is still noted on your account as a credit application and goes against you. If you leave it 6 + months you should be OK.
I just wish that someone had informed me of this before I took out my new mortgage and bank accounts.
Once I had moved my mortgage the provider insisted I move my credit card and bank account to them as well for extra benefits. Each service they moved used a new credit application so when I later applied for a loan to buy the previous owners electrical items (again I did this with several companies thinking that I was doing myself a favour shopping around for the cheapest deal) I got turned down by nearly 75% of companies as my credit rating which was once above average was now very poor.
Apparently you can contest this but I have had no such luck. The ironic part is that I paid the loan back within 2 months and my accounts are always in credit!
2007-02-20 00:10:21 · answer #1 · answered by Chrissy 2 · 0⤊ 0⤋
Unfortunately having a immaculately clean credit history is as bad as having a diabolical one because if you haven't bought much on credit to build your score up then when you do come to do so companies wonder why you suddenly have decided to do so when you haven't in the past.
It could be that someone has committed credit fraud using your name or that you may have missed a payment on your phone or laptop or made a late payment.
I suggest you contact another credit card company for a start, secondly I suggest you check your credit history to make sure no one is illegally purchasing things in your name.
Log onto www.Equifax.co UK, they will provide you with a copy of your credit record for a couple of pounds.
All the best,
Andrew D
2007-02-20 00:11:37 · answer #2 · answered by BEANS 2 · 0⤊ 0⤋
Some companies want to see a thicker file, more credit experience. You have a good start, it some times takes 1-2 years to build
2007-02-20 03:12:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Some companies will use different agencies in order to receive information about you. It may well be that you would be approved for a different credit card but you have to be careful because the more you apply for credit the worse it looks on your record.
2007-02-20 00:01:47 · answer #4 · answered by Smarty 6 · 0⤊ 0⤋
You can only really get to the bottom of this by seeing a copy of your credit profile from the company the card company uses...
2007-02-20 00:26:11 · answer #5 · answered by SunnyDays 5 · 0⤊ 0⤋
Also check that you are on the electoral register - usually a pre-requisite for getting most foms of credit (but not necessarily a mobile phone contract).
2007-02-20 00:34:42 · answer #6 · answered by finch 5 · 0⤊ 0⤋
Probably a combination of 'too many credit searches' and 'not meeting one credit card's criteria'.
Solution - try one more application with a different lender, with a few month's gap if you can.
2007-02-20 00:08:56 · answer #7 · answered by barryboys 3 · 0⤊ 0⤋
some credit card companies have different ways of scoring try sainsburys they gave me one when others would not, but dont forget every time you apply it is on your credit file, and that goes against you
2007-02-20 00:08:21 · answer #8 · answered by FRANK W 2 · 0⤊ 0⤋
one reason might be is if there too many credit checks on you, it shows on your trw, and it's enough that creditors wonder why...prompting them to follow policy not to approve
EVERY TIME YOU APPLY FOR CREDIT, A TRW IS RUN ON YOU. AND EACH TRW RUN IS RECORDED ON YOUR TRW.
GET IT?
2007-02-20 00:01:08 · answer #9 · answered by Anonymous · 1⤊ 0⤋
It could be that they feel that you have too much revolving credit.
2007-02-20 00:02:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋