Refused credit

[Liquid_Entity]

The link won't work for me ?

edit: probably the useless IE7 limited web access at work

 

[Goodie]

I know this might not help, but did you apply for the CC online with Natwest?

I did do it online, went through the sections detailing my personal information and my finances and employment, clicked next and was met with what looked to be a terms and conditions page, started reading and that's where it said you have been refused. Surprised me really by the quickness of it, it was pretty instant after clicking next afte entering my details, I didn't expect the credit checks to be so instant.

 

[Goodie]

One question for the OP: are you financially linked to any other person i.e. you have a joint bank account?

You may have a point there, we do operate out of a joint account as it is much much easier to manage money that way. She hasn't had anthing that would be detrimental to her credit score (in the form of missed payment's and the like) however she probably hasn't had as much credit as I have. We have a joint account now which we share and then I also have my graduate account which is in my name only which has my graduate overdraft and some direct debits leaving it. I'm thinking that when I made the application it was done using the account details of the joint account.

 

[Greebo]

That's super. That list is what's desirable in an applicant - or was the last time I looked at the secret sauce.

Some of it is vital, and some just helps. For example if you're paid weekly then some lenders will score that so badly it's virtually impossible to get accepted.

This.

And every credit card company is different. I used to work at one of the agencies processing credit card applications.

Each application would come back with a score based on your credit rating plus the answers to your questions.

Above a certain score would be an instant yes, between two scores would get a referral where a real person would look at the application and below a certain score would be an instant refusal.

We processed lots of different bank credit card applications and some would score totally different to each other.

eg One bank gave you extra points if you didn;t have any other credit cards whereas another gave you points for every other card you had. So in theory you might score high enough with one but be turned down by the other.

Things that used to alter your score were:

Time at address
Time at bank
Time in job
Type of job, eg full time, part time, permenent, contract etc
Paid monthly/weekly
Profession
AMount of limit required

I played around one day on the system, and bear in mind this was 25 years ago, and selecting student got you an instant pass score for a credit card (albeit with a lowish credit limit) as it got you 200 points or something stupid. Same if your selected armed forces as your profession.

You got to the stage that you could almost predict what the score would be before inputting the data.

 

[Yeggstry]

Hmmm ok. I wouldn't expect no credit to be an issue, only if she had a CCJ or similar. My gf had a CCJ on her file for a missed train ticket, however she paid it back and I made sure it was removed from her file before we got a joint account.

When we applied for a mortgage her credit wasn't that great but since we applied with HSBC and I've had a credit card and loans with them for 10 years they were more than happy to accept us.

 

[mithrandir]

@ OP

If it's not mentioned already, I would recommend taking out the £2 statutory credit report from Experian or Equifax.

I believe this will show the status of credit, etc.

 

[Russinating]

If it helps...

Employed full time
Paid monthly
Married
2 or less children
Same job for 5+ years
Same address for 5+ years
Mortgage
Salary over 30K
Over 30, under 60
Good post code

Those are key things on the profiling, last time I looked, your credit history is also looked at, but there's lots of refusals possible if you don't hit most of those.

Credit scoring is a grey area for this exact reason - I have a good credit score but I don't meet any of those criteria apart from a good post code, literally.

I am:

Self employed
Paid spontaneously
Single
No children
Only graduated 4 years ago and 2 jobs in that time
3 different registered addresses in 5 years, 5 actual addresses
No mortgage, rented furnished
Salary not far over 30k
Under 30

My advice would be to just build it up. I had trouble 1-2 years ago (http://forums.overclockers.co.uk/showthread.php?t=18198762) getting even a mobile phone contract.

First I got a CC with my bank as that's the easiest because they know you. Then I just built slowly up from there and now I don't get refused anything that I've tried applying for. The crazy thing is I've now got a total of £14,000 available on credit cards which is just ridiculous.

As for checking your rating (which is a bit pointless imo because mine have always been vague and generally quite empty) then use Noddle because it's free for life.

 

[krooton]

It was stupidly easy to get credit in the mid-2000s.

I manged to rack up £18k on loans and credit cards between 2005 and 2007, and have been on an IVA since 2008 clearing it (1 year and a bit to go, woohoo!).

At the time of getting all that credit, I had been renting a room for less than a year, earned £16k full time paid monthly but only worked there for a year, and was 22.

Now I have to call in favours with old colleagues to get a phone contract

 

[Goodie]

@ OP

If it's not mentioned already, I would recommend taking out the £2 statutory credit report from Experian or Equifax.

I believe this will show the status of credit, etc.

I do do that with equifax last night, can't really see any issues on there at all. I think I'll go into Barcleys on Saturday to talk to someone there. I read that the barcleycard card with a good interest free period for purchases requires 20k income. At present I earn £18k and when factoring in overtime I would get upto about 19k. With the lecturing work that I have in beginning in september I would imagine that would bring in a couple of grand, on that premise should I just say that my income is about £21-22k or should I be sticking to what my current salary gives me?

Just to expand on my current thoughts on the situation, of it is that infant get one then it's not really life changing, I'll get by without the laptop, although its not ideal. This has however opened my eyes as to the credit system, important as I am going to be looking into a mortgage in the next few years. Really appreciate people's input

 

[estebanrey]

Like all thing banking related, the people who need the money the least get it the easiest and on the most favourable terms whilst those that need it the most get turned away or made to pay exorbitant fees.

 

[iv-tecman]

It was stupidly easy to get credit in the mid-2000s.

I manged to rack up £18k on loans and credit cards between 2005 and 2007, and have been on an IVA since 2008 clearing it (1 year and a bit to go, woohoo!).

At the time of getting all that credit, I had been renting a room for less than a year, earned £16k full time paid monthly but only worked there for a year, and was 22.

Now I have to call in favours with old colleagues to get a phone contract

Was a member on here yesterday who posted a scathing tirade at me and how I did my own DMP to clear down all my debts in a thread I posted about mortgages…

It was stupidly easy to get credit back in the mid 2000’s. I now say to anyone who wants credit – ask yourself. Why?

Is having the must have gadget, or top of the line computer, or newer then you can afford car worth having? Those payments each month start out well enough, but when you lose your job, or have a reduction in pay or you have a nasty split with your partner etc, those monthly payments soon become a burden..

I’ve been debt free for three years, saved a heck of a lot of money since. I tripled my disposable income and saved 100% more then I did whilst I was in debt..

My advice to anyone looking for credit is simply – nope unless its for a home, and you want a mortgage…

Well done for sorting out the mess you got yourself into, provided you learn and never get credit again other then to try and rebuild your credit history to maybe get a mortgage then you’ve learnt a valuable life lesson..

 

[estebanrey]

My advice to anyone looking for credit is simply – nope unless its for a home, and you want a mortgage…

Well done for sorting out the mess you got yourself into, provided you learn and never get credit again other then to try and rebuild your credit history to maybe get a mortgage then you’ve learnt a valuable life lesson..

Whilst that's good advice I'd extend it to cars too, if no one ever took out credit then very few people would be able to buy new cars, meaning there'd be no second hand ones and thousands of people out of jobs in the only manufacturing industry we have left.

 

[iv-tecman]

Whilst that's good advice I'd extend it to cars too, if no one ever took out credit then very few people would be able to buy new cars, meaning there'd be no second hand ones and thousands of people out of jobs in the only manufacturing industry we have left.

They do say a car and a home are the two biggest purchases you ever make, and not many can afford to buy either for cash so I can and do agree with your points.

But when you apply for a mortgage you are vetted correctly (or are now before the sub prime market collapsed) to ensure you can afford the monthly repayments, car loans however you aren’t. And many buy second hand cars with finance or car loans etc… Affordability for cars isn’t as well regulated as mortgages.

I know I’ll never buy another car on finance for as long as I live. However I desperately want to get a mortgage.

 

[lookitsjonno]

I had this with Tesco 2 years ago, rang them up and it turned out there was a problem and they offered it me.

 

[rojones]

https://www.noddle.co.uk/

Good site, well so far it seems to be. Cheers.

 

[Goodie]

Has anyone signed up with noddle over the last day or two? I've tried three times now over two email addresses, however I never seem to receive the confirmation email with the pin in?

I'll try and view my status on noddle first, if there doesn’t seem to be any issues there then I am going to have one last try with Barclaycard. Would it make a difference if I were to apply online or might it stand me in better stead if I were to go in to my local Barclays and do it face to face? Also I notice that its a prerequisite that you earn £20k to get this card, my salary is just below this, however with overtime and my second lecturing job I should go over this by a couple of k. Would it be okay to put in that my income is £22k (as this is what I expect it to be over the next year) or should I enter my salary earned for the previous 12 months?

 

[The Halk]

Put 22K, they're not especially precise about it, and it's not dishonest.

 

[dpbadger]

What about being on the Electoral role? Doesn't that have a bearing on the decision.

 

[yer_averagejoe]

got rejected for a halifax clarity card last week.

I'm probably not the best to lend to as I'm too perfect with money.. I have one credit card already but always pay it back in full each month, full time employment with a salary well above average for my age, never been in debt, live in a good area though don't have a mortgage.

Bit of a slap in the face tbh, I'm great with my money and I just wanted a card to go abroad with and not incur charges on spending. meh