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As I'm a regular customer of Sainsbury's, I just applied online for one of their credit cards. I usually put my weekly shop and petrol on either my Virgin or Barclaycard and pay it off in full each month. I thought if I get a Sainsbury's card, I could put my weekly shop and petrol on that and get double Nectar points.
But my application was unsuccessful.
I realise I cannot have an excellent credit history as I don't own my own home, but I've got a well paid job, have always paid loans and cards off in time and have never, ever missed a single payment on anything.
They've given an address I can send any other supporting info to, but as I don't know why I've been knocked back, how the heck would I know what to write?!
I'm thinking 'stuff you then, I'll shop somewhere else' but there's no Waitrose in my town, and I don't like Tesco or Asda, so it would have to be Morrisons, which I'm not a massive fan of either.
I'm actually finding it quite strange.
Some years ago I applied for a Argos store card and was turned down for that as well.
I've no trouble with the banks, but the stores don't want to know!
You can be quite often turned down because you are TOO good. No outstanding balances etc.
I once applied for a Tesco Platinum card and was turned down but they did give me the standard one.
I fulfilled all the criteria re salary etc. but they refused me. A friend who knows about these things told me it was probably because I didn't have any outstanding credit elsewhere, and didn't have any balances to transfer. I also try to clear my balance every month hence they don't make any money out of me paying interest charges.
They have since upgraded me to a combined Platinum Card and Clubcard, although they did turn me down for a modest increase in Credit Limit which I wanted for a specific purpose.
Its the run of the draw as to how credit card application turn out. The same can apply to loans. Each company seem to have different ways of accepting new members, and most will not tell you what they are.
A few years ago, I applied for an on-line loan with a well known finance house. The application was rejected straight away. I followed this up, by visiting the local branch office, and offering the same details to the staff, I got the loan within 5 minutes. In this particular case, the staff informed me that the on-line application and the branch application were dealt with by two different subsidiary companies.
You could check your credit ratings by contacting the three major credit reference agencies. A small fee might be required for the information.
Could be that the government did promise a crack down on lending from credit cards may be this government coalition has had quick change in policy.
I had actually forgotten you could be too good with credit.
I've taken the free 30 day credit report from Experian, but as I've changed my address since when I last had it, I need to wait about 24 hours for it to update on my file.
Change of address can effect the application, especially if its recent, and the previous occupants may also ring alarm bells to a reference agency.
Would perhaps mention that what information Experian have, the other two will have similar, and not all companies use Experian.
It's really a sensible thing to check your credit rating etc every now and then. This will be one step you can take to protect from identity fraud besides giving you an insight.
As Rawprawn says, check your credit rating, use someone like Check My File click here who will check you against all three credit agencies Experian, Equifax and Callcredit, as errors on one may not sho on other reports.
I had a really good credit score ruined by a car credit company who put a black mark on my Experian rating after I successfully won a refund from them.
Errors don't tend to be removed for 5 years, but you add supporting notes to your report...
Thanks to all for your comments.
I moved into my current home just over 3 years ago. It's a new property so has had no previous occupiers.
I've had a look at the CheckMyFile site and am quite impressed at the service they offer. £17.99 a quarter for all 3 agencies, which includes your score, is certainly more favourable than £7.99 a month to see your report plus another £5.95 to see your score from one company alone!
"It's really a sensible thing to check your credit rating etc every now and then." Absolutely. I've been meaning to do so for some time, and will now do it. I shall speak to the wife about hers as well.
I have never had a credit card(always refused)so had to use the high interest loan companies.I was then declared bankrupt(unable to secure a small loan on top of the large loan I'd secured using my home to pay the taxman)but the Official Receiver offered to put me in touch with a loan company that would loan me sufficient extra cash to buy another house.I waited about 8 or 9 years after my bankruptcy and tried to obtain a credit card but was still being refused so got a credit reference agency to compile a report,and found two bad listings.One was from a catalogue which I'd never used and the other was from a cash loan that the doorstep collector had ceased calling for a few months and these arrears had been fixed but the company had still entered several "black marks" on my history(they'd actually entered black marks going back several months BEFORE I'd even taken out the loan)I cannot fathom how credit card companies refuse to give me a card,yet I can obtain goods(computers,cars etc)with no problem.
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