Turned down for credit card

[TooMuchMNTime]

hi all
well this just happened - I applied for the M&S credit card, purely to get the £30 voucher tbh, and instantly received an email saying no. Bit puzzled. Haven't applied for a credit card for years.

I don't have access to any credit record checks, but wondering if I set one up now, it probably won't tell me the reason any way, will it - I will just have to wait for the letter.

no outstanding bills or anything. I suppose one possilbility is access to too much credit - I have a Barclaycard I've never cancelled - but also I wonder if it's that M&S will be wise to the type of customer who might apply on this basis? I have only really used a card where I collected air miles, paid that off every month.

Sorry, just musing out loud as I expect a letter will take ages to arrive. Bit surprised to say the least.

Any letter generally won't tell you the specific reason to why you have been refused credit, it usually just indicates that you do not meet the lending criteria and you should check your credit file.

You can sign up for noddle credit report for free, this may be beneficial to you.

thanks Larry

do credit reports give a reason or just list any issues you might have had? I really haven't had any - I think the likeliest reason is that they could see a customer signing up from that link and unlikely to use credit!

Sadly, if you don't use credit that much, you may not have a great credit rating/fit their 'desired customer profile'. (Even if you happen to know that you're the best bet they've had all year.)

Your credit report is your credit history, it shows your payments, any settled accounts, missed payments, address history etc. Lenders use this information, forget about your credit score, it's pretty meaningless, the history is important.

If you have not had any credit in a while then this can count negatively towards you as you are not building a history of meeting credit payments. Some people spend a small amount on their credit card each month then pay it off before interest is applied, this can help build a good payment history.

I'm afraid that at least one major credit reference company doesn't know I have a CC, Wheres. Dirty great chunks of my history MIA there.

M&S was the first credit card I applied for (not sure why), and I was rejected. The woman I spoke to indicated that they had a preferred type - odd as I was earning very well, "clean" record etc. They may just be particularly picky. Haven't had a problem with any other provider.

Companies like to make money, Essential. I would imagine that someone who spent a fair amount and then dutifully paid interest on the outstanding amounts could be a much more attractive prospect.

I believe some companies only report to certain credit reference agencies, although I could be wrong, I am not an expert.

That's my understanding also. PITA if you apply to a company which uses the 'wrong' Agency, though.

Ah - when i said a had a credit card, I mean very recently - only stopped using it a couple of months ago as I had used up my air miles and don't plan on going away again. So if they wanted to see good use of credit, it's there from the last year no worries.

I think I am probably now in the bracket where they think they can't make money from me and of course you had to sign via a special link to get the offer with the £30 voucher.

my next thought was Santander's credit card because they have a little cashback I think but of course with M&S turning me down I'll have to wait a bit. I've only ever had cashback credit cards before collecting air miles so they are probably looking at that too.

As I said, I fear the one of the major reference agencies has no knowledge of my credit card - and related history. Yours may be the same? (Or your 'profile' may not be optimal for their purposes.)

thanks cozie, I best look into it after all!