Why would my credit card application be turned down?

Hot Topics

How can I keep my credit card secure?: Like anything, a credit card can be stolen or used without your knowledge, so follow these simple rules to keep your credit card secure:
How can I pay off my balance?: There are number of ways you can choose to pay off your credit card balance - either by Direct Debit, by Debit Card over the phone, by bank transfer from your bank or by cheque.
Will I get charged Late payment/Overlimit fees?: All credit cards charge you if your payment is overdue.
Can I request a specific credit limit?: Your credit card issuer will normally set a credit limit for you based on your application details, credit scoring and credit rating.
My Credit Card is lost or stolen. What should I do?: If you cannot find your credit cards you need to report them as lost or stolen using the emergency number provided by your credit card issuer, this will be a 24 hour/365 days a year number. If you have more than one credit card you will need to ring all the separate companies.

There are many reasons why your credit card application could be turned down, and these reasons vary between all credit card issuers.

The general rule is, if they think you are a bad risk for repaying your credit, your application will be rejected. A poor credit rating is the usual reason, caused by County Court Judgements, previously declined applications for credit, defaults on payments, mortgage arrears, repossession of property or if a credit card company has ever cancelled your credit card. Other potential reasons could be that you moved house a few times in the past few years, or someone else in your house had a problem with debt. You may also find it harder to get a credit card if you are self-employed or are on a short-term employment contract – as a regular, guaranteed income is an essential requirement for most credit card companies.

If your credit card application is rejected you will not normally be given a reason why – however if you want to make another application with another credit card company, it’s best to find out the exact reason why as you will be turned down again and again. This will further affect your credit rating. You can do this by contacting the credit reference agency in question to see a copy of your credit report.

-- Please Note --
This web site is owned by Andromeda Webs Ltd. Andromeda Webs Ltd, is an Appointed Representative of Web Publishing House Ltd. Web Publishing House Ltd is authorised and regulated by the Financial Services Authority for insurance mediation.