2 credit card pllications one day - have I bodged my credit score

Lartyconshayo

Lartyconshayo

Lartyconshayo

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Joined
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Well. Really frustrated right now.

Basically I have been banking with HBOS for over 4 years since I came to Scotland.

In that time I have never had an unplanned overdraft or any loans with them. I pay my wage in every months and it's a reasonbale wedge. So have been doing sharesave in work as return much better than any ISA rubbish.

However recently have been going into the planned overdraft very month for last 6 months or so. Not too much - couple of hundred. Every bill is always paid and have one small finance loan with Hitachi ( for my OCuk rig ) which is almost clear ( again - never missed or paid late )

So rather than pay £1 a day for O/D fees I reckon I'll get a CC and pay 0% if I go over and then pay off CC at end of month. HBOS offer a card that's not on money supermarket that's up to 17 months 0% - this is a good term for me as Sharesave pays out in 14 months so I can manage it every month and then clear.

So apply and the *swear-word*'s only offer me 12 months 0%. So I don't confirm I want the card and head over to tesco and try for their 16 months. As missus just got one with tesco and she's part time I reckon I should be fine.

But application denied.

So I'm wondering is it denied because she already has a tesco card registered to this address ? Or is it becaue I've done two card applications in same day and if so how long now must I wait and keep paying the o/d fees every month ?

Fuming TBH.
 
I'm not sure what your problem is. Extended periods of 0% on balance transfers for CC's are only useful if you have a long term substantial debt to put on them to pay off over the 12-24 months.

If you are just wanting to use it for current spends, so as to not use your ODraft, and plan to clear the CC every month, then the 0% is irrelevant, as you won't pay any interest doing that on any CC

So rather than pay £1 a day for O/D fees I reckon I'll get a CC and pay 0% if I go over and then pay off CC at end of month. HBOS offer a card that's not on money supermarket that's up to 17 months 0% - this is a good term for me as Sharesave pays out in 14 months so I can manage it every month and then clear.
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This bit isn't so clear. Are you planning to pay the cc off every month or build up the overspend on the card for 14months until your pay out?
 
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I would not worry about it. They may have denied you simply due to your lack of credit history. You have to remember that Tesco does not have a financial relationship with you where as your bank does. This is on the assumption you bank with HBOS?

If not, go to your bank. The term is largely irrelevant if you are planning on paying it off each month anyway. If you use internet banking it will usually tell you what you can have straight away.
 
djferrick said:
I see - I wasn't aware of that. Newbie to CC's to be honest. Bit of a minefield
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You can spend all month on a CC and as long as you clear the balance in full every month when the statement comes you won't pay any interest.

Its only when you part pay the total and leave a balance on the card, then you will pay interest on the whole amount you spent in that month, not just the remaining amount.
 
i might want to put some medium term spending on there as well. so 17 would be handier as get a lump next june. oh well. will wait 30 days and try again.
 
If you still want the hbos card, you might be able to resurrect your application if you go into a branch and blame your lack of confirmation on computer trouble.
 
They can decline you for any reason and are never clear why. I had one declined from Tesco years ago but then a month later got one else where. If everything is okay your end just assume they don't want to give you a card. It is a business at the end of the day and they can pick and choose who they want to give one to. If you pay it off all the time and they stand little chance of making much back from you I would hazard a guess as you are not really a very viable customer to them. Your Mrs who works part time so will probably use it more often and may have more trouble paying it off they stand to make more money from.

I have had several over the years all 0% so I can buy things and pay them off over a period of time that saves me moving money from savings and had no issues apart from the Tesco application.

Have you looked through money saving expert? I got my current one through Natwest who I already bank with but the card was listed on there, online only deal was over 12 months 0% and collect points.
 
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I don't understand why it's so difficult for people with regular incomes and no bad history struggle to get credit cards. When I went uni at 18 HSBC just through one at me when I opened up a student account and then proceeded to up the limit over the next few years to around £7k.

MW
 
Mr-White said:
I don't understand why it's so difficult for people with regular incomes and no bad history struggle to get credit cards. When I went uni at 18 HSBC just through one at me when I opened up a student account and then proceeded to up the limit over the next few years to around £7k.

MW
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Because banks have become tighter than a duck's arse since 2008, hence why the likes of Wonga have become so successful.
 
weringo said:
Because banks have become tighter than a duck's arse since 2008, hence why the likes of Wonga have become so successful.
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The banks are getting money loaned at stupid rates from the Bank of England, you would have thought they would be abusing this and not turning down potential customers.

I've only ever banked with HSBC and I use them for everything from savings to loans purely because they know me. I do wonder why people apply to other banks for services which they don't bank with, as a bank i'd be weary of them too.

MW
 
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