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credit card applications and credit checks(2 Posts)
My credit card balance has crept up lately due to mat leave and a couple of other things. I just did a search on Money Supermarket for a 0% balance transfer with the aim to pay it off by direct debit. Money Supermarket said I had a 9/10 chance of being accepted. Well I wasn't and I'm concerned this will affect my credit rating which has been very good up until now. It was with MBNA who did offer me an alternative very expensive product. Seems like a bit fat con to me.
So can I find out why I was turned down?
Can I see how this affects my credit rating?
How can I apply for another card without it affecting my rating more?
Best thing to do is order a copy of your credit report and check the info on it, either equifax or experian. Check everything is up to date on there, and there are no late/missed payments on the account. If there are any mistakes you can get them corrected.
If the info on there is all correct, it could have been declined on affordability, basically your money coming in against your money going out. Obviously if you have only been getting maternity pay your income will be lower, so thus may have been the problem. As another example, I have perfect credit rating but my dh doesn't so everything is held in my name, I would probably be turned down for a credit card now even though I know we pay half of everything each it's all about what is on paper.
Any applications you make will affect your credit rating, so leave it a few months before applying for another one, try and resolve whatever the reason was before making another application. The offer of a more expensive credit card is standard if they have turned you down for a 'normal' credit card, a few companies do this.
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