Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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i applied for a credit card today, only for hsbc to tell me they are not accepting my application. (was a card for people over 18 and earning over 20k a year). I did some research and found moneysupermarket.co.uk which does a search to see what your credit rating is like.
it says ''needs improvement''.
what can this be due to? i've never missed payments or anything? and i've never gone into overdraft as i've never had one!
could it be because i've never had a credit card before? only ever had a switch card which my wages get paid into.
i don't really understand it to be honest. the card was 0% on purchases for 12 months, but if i apply for another card and pay up everything thats on it at the end of each month, do i still get that 0%?
few details about me:
19 - 3 months until i'm 20
live with parents
full time job earning £29.5k pa
car on finance - never missed payments
if anyone could explain that would be brilliant, thanks 
[Edited on 12-01-2008 by Ben G]
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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No idea on why you were refused, but if you have a card, put spending on it and pay off the full amount within the time limit specified on your statment, you get charged nothing.
Going over the specified dates means you are charged interest.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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good info there mate
say i get a credit card with 0% on purchases for 56 days - does this mean for the first 56 days of account opening, i can buy whatever i want up to my limit and then as long as i pay it off after 56 days, i won't be charged a penny extra interest?
then i suppose after those 56 days are up, you just have to pay off any bills incurred every month?
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drax
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Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
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What the hell do you do to earn 29k a year while your 19?
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by drax
What the hell do you do to earn 29k a year while your 19?
I build engines for ford
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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My girlfriend is in the same situation as you, albeit she only earns 11k a year  Capital One do a credit card that accepts pretty much anyone, in 2 minutes online. Its got shit high APR (30+%) but if you are paying it off at the end of every month who gives a shit. She puts everything on it and pays it all off, doesnt cost her anything and shes building up her credit rating. You get a poor limit to start with, but if you use it well in the first few months they soon start upping it.
Hope that helps
http://www.capitalone.co.uk/creditcards/capital-one-classic-card.jsf
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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BTW your very lucky / done well to be earning 29k at your age, most of us can only dream of that, i will be coming out of university on maybe half that, so I really hope your saving well for when you move out
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Craig W
Member
Registered: 31st Oct 00
User status: Offline
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Ive got that card, HSBC 0% on purchases for 12 months.
I applied on the phone and finalised the details in-branch. Ive also never had a credit card before.
Companies reject you over such minor things, Lloyds TSB rejected me because i didn't give them my works phone number (couldn't remember it off hand) 
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by Ben G
good info there mate
say i get a credit card with 0% on purchases for 56 days - does this mean for the first 56 days of account opening, i can buy whatever i want up to my limit and then as long as i pay it off after 56 days, i won't be charged a penny extra interest?
then i suppose after those 56 days are up, you just have to pay off any bills incurred every month?
Not quite. Anything you spend in the first 56 days is interest free - you will have 14 days or whatever afterwards to pay it off where you will incurr no charges. You don't have to pay it off within the 56 days.
After that you just set up the card to pay it off in full and it still costs you nothing, regardless of interest rates.
[Edited on 13-01-2008 by aPk]
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