milan_1981:

Jalexa:

Credit is not guaranteed, cards are (supposed) to make money for the bank. You have admitted to the forum (but not to Natwest) that you wanted to balance transfer, I assume at 0%. Thanks (or no thanks) to enhanced credit reporting lenders think they can spot these applications and decline them because they won't make any money.

Actually, there is no such thing as 0% APR balance transfer and it should be made illeagal to advertise as such!!!

For example:

Say you transfer a balance of £1000 and pay it off in 12 months, while on 0% APR. To do this you will no doubt have to pay a fee of roughly 3%. Total amount you would pay to the bank is £1000 + £30 (fee) = £1030. The amount is the same as if you took out a loan at 5.5% APR for 12 months.

If the fee was say 4% (e.g. MBNA), your APR over 12 months would go up to 7.3%. If your "free" period is less than 12 months, your APR will go even higher!

As you can see there is no such thing as free lunch and the house (bank) always wins :)

Well there was the Zero card from Abbey which used to have no handling fee at all, but they changed that so pretty much every card has a nominal fee of some sort. With some cards, like the MBNA Platinum plus card, (not sure if its offered anymore), the fee is sub 2% which is the lowest i have seen with a 0% offer. I have never used a BT for that reason alone, but that being said, i still would say that sucking up a BT fee is better than rolling and accumiliating/compound interest on purchases with a (possibly) high existing APR. Just my opinion. (Also some lenders have 0% offers for as much as 15 months, which in theory knocks down the rate below 5% APR given your scenario above with a 3% fee).

summer1987:

Thank you for your responses everyone!

The most annoying thing about this natwest card that it was them that pushed me to try and get the card! I only phoned up to change my address details!!

Having let an account balance of £1500 seems pretty reasonable as well, considering I earn around £21K a year and I'm paying off at least £100 every month.

It just seems I can't win, i dont want to keep applying for cards and keep getting turned down. I'm in a vicious circle and I don't even remember doing anything wrong.

I have signed up for both experian and equifax reports just to see. My next worry comes in cancelling these before the 30 day trials are up!!

Just a guess here, (i'm sort of thinking outside of the box due to the fact i'm sure everyone here has said what the first thing that comes to mind is on the BT being a proportionate rate of overall credit etc), but the part that i emboldened might be the issue.

Like i said its just a guess, but the bank may look at the fact that you have only been living at your new address for a short period of time, and to them the notification shows them that in fact you have only been there a matter of hours! (Unless they asked from what date you moved in?)

Also, assuming it is the case that it is not to do with the BT% or overall debt/available credit you have, have you registered your name on the electoral roll at your new place?

If it was offering you the card, and given the fact they egged you on to get it by promoting it, it might be that all they needed to do was the credit search, (and if that was okay then you would get the card), and when they did the search, the problem came up that you were either not on the register and or you weren't at that place long enough, or this is not the first time you have moved in the last few years. (Just speculating on that part).

The reason i thnk its more likely than the refusal per your debt and or credit score is that i had a friend who applied for a card and was declined, it was over the phone. The idiot on the other end informed my friend (the only time i have ever known this to happen) that the score required for the Natwest credit card (basic one, for folks over 18, not 21 or 25) was 679 and the score they got when they searched was 669. (I'm not even sure how accurate this is as i have heard conflicting stories on this, some experts say that banks and lenders don't see your score and others say they do when they search your profile). But if your score is above that and if it is a pre-approved offer before the search is executed i think the address is more of the issue than anything else.

Jalexa:

Credit is not guaranteed, cards are (supposed) to make money for the bank. You have admitted to the forum (but not to Natwest) that you wanted to balance transfer, I assume at 0%. Thanks (or no thanks) to enhanced credit reporting lenders think they can spot these applications and decline them because they won't make any money.

Actually, there is no such thing as 0% APR balance transfer and it should be made illeagal to advertise as such!!!

For example:

Say you transfer a balance of £1000 and pay it off in 12 months, while on 0% APR. To do this you will no doubt have to pay a fee of roughly 3%. Total amount you would pay to the bank is £1000 + £30 (fee) = £1030. The amount is the same as if you took out a loan at 5.5% APR for 12 months.

If the fee was say 4% (e.g. MBNA), your APR over 12 months would go up to 7.3%. If your "free" period is less than 12 months, your APR will go even higher!

As you can see there is no such thing as free lunch and the house (bank) always wins :)

summer1987:

The most annoying thing about this natwest card that it was them that pushed me to try and get the card! I only phoned up to change my address details!!

Ah. Which address did you use for your application?

Regarding cancelling the free trials, my recent experience is very positive. Equifax just by posting a question, Experian by a quickly answered free phonecall.

I personally use the Experian reports as they are pretty useful and pay a few quid per month - only getting credit scores if and when I need them. Try not to apply for anything for 6 months (TV Credit, store cards etc) and you will be pretty much ok to apply. In 6 months paying £100 you will have 900 to transfer - this will be a batter %/ratio. Do not reapply to those you have though.

Thank you for your responses everyone!

The most annoying thing about this natwest card that it was them that pushed me to try and get the card! I only phoned up to change my address details!!

Having let an account balance of £1500 seems pretty reasonable as well, considering I earn around £21K a year and I'm paying off at least £100 every month.

It just seems I can't win, i dont want to keep applying for cards and keep getting turned down. I'm in a vicious circle and I don't even remember doing anything wrong.

I have signed up for both experian and equifax reports just to see. My next worry comes in cancelling these before the 30 day trials are up!!

Thanks for all your responses everyone.

summer1987:

I only want to get a card to transfer other balances (totalling around £1500).

This might not be the only answer but it's a possible answer.

Credit is not guaranteed, cards are (supposed) to make money for the bank. You have admitted to the forum (but not to Natwest) that you wanted to balance transfer, I assume at 0%. Thanks (or no thanks) to enhanced credit reporting lenders think they can spot these applications and decline them because they won't make any money.

Another suggestion, and I'm trying to be helpful, you say you are earning a good amount but you have let a balance build up. It's possible that Natwest have declined you on (their) affordability grounds having seen your repayment history.

It's up to you, you probably can afford to try one or two more applications before adversely affecting your rating. Think about another issuer, in particular think about a low rate long term balance transfer card where the issuer will at least make a little money out of.

summer1987:

Suggest you repay some (atleast half) of the credit card balance over the next 6 months and then apply for another card.

Huckster

Firstly look at www.creditexpert.co.uk and get a 30 day trial to see your report. This will provide you with the info you need. Secondly, I have been in your situation before - earn a good amount and never missed a payment. When I was turned down, I found that I was trying to transfer an amount that was too close to the maximum limit (ie 999 quid with a max of 1000). Lenders ask this when applying and then use it as a reason not to lend or or give you credit. Also if you have applied to credit too frequently - this also counts against you.

The other thing is, be care that you are not trying to transfer cards from the same lender. Many store cards are actuall just rebranded larger banks credit.

Good luck

Hi,

I have a question that I would like help on please.
I was declined for a credit card this morning because I was unsure of why I decided to look at my equifax report (Natwest suggested I do this) and there isn't anything wrong with it. No defaults, no late payments, nothing, It is essentially a perfect report (i think)

Does anyone have any idea why I would've been declined? I'm earning a good amount and It getting frustrating for me because I only want to get a card to transfer other balances (totalling around £1500).

Any help you may have would be really appreciated.

Kind regards