Credit Card Appeals

[Nottingham2013]

I recently applied for and MBNA and Tesco credit card and was declined by both. They have told me that it was because of the defaults on my file and I have other credit cards that have been open for less than 6 months, that was 3 months ago. The defaults are due to come off next month and the credit card accounts are now older than 6 months. I am writing a letter of appeal, has anybody had any success in doing this?

[BRIGADIER2JCS]

Every lender/card provider has its own way of assessing applications Tesco Bank is particularly fussy about customer "profile" if you don't fit you don't get.

 

 

MBNA has be accused of irresponsible lending in the past and maybe more discerning now.

 

 

If you appeal and the card providers make further credit searches these will leave further footprints on your credit files.

 

 

If you have other cards that are only just over 6 months old potential lenders will most certainly take a view on the amount of credit applications made in a relatively short time, the amount of available credit and the percentage of that credit which has been used.

[Nottingham2013]

So my best shot out of the two would be with MBNA. They mentioned the number of searches but it seemed a very minor issue compared to the defaults and new cards with low limits. MBNA said they would like the cards to have been opened longer than 6 months and with higher limits. Since I applied a couple have had their limits increased and they are older than 6 months now. I was just wondering if it is worth appealing now are waiting until the defaults have gone?

[BRIGADIER2JCS]

So my best shot out of the two would be with MBNA. They mentioned the number of searches but it seemed a very minor issue compared to the defaults and new cards with low limits. MBNA said they would like the cards to have been opened longer than 6 months and with higher limits. Since I applied a couple have had their limits increased and they are older than 6 months now. I was just wondering if it is worth appealing now are waiting until the defaults have gone?

Imo Best to wait, the other points re amount of credit and number of accounts will have negative effect. Too many accounts +negative - too few accounts also negative.

[Nottingham2013]

If an underwriter is to look at my file and see the defaults will be gone in less than 2 months would that really make much difference? Surely they would see that these markings reflect financial difficulties 7 years ago and in 6 weeks when my file is clean nothing will have changed.

[BRIGADIER2JCS]

If an underwriter is to look at my file and see the defaults will be gone in less than 2 months would that really make much difference? Surely they would see that these markings reflect financial difficulties 7 years ago and in 6 weeks when my file is clean nothing will have changed.

It is the fact that default occurred in the first place as said every potential lender has unique in house procedures for applications.

[Nottingham2013]

Yes true I can see any indication of a default being a massive negative, but even if I appeal after the defaults have gone they will still know the defaults used to be there won't they from my initial application?

[BRIGADIER2JCS]

Yes which is why advise waiting at the very least 6 months before making any more credit apps.

[Nottingham2013]

Hmmm..I think short term maybe I'll just appeal now see what happens. Are there any mainstream lenders that are maybe forgiving of defaults if they are really old and nearly expired?

[BRIGADIER2JCS]

Hmmm..I think short term maybe I'll just appeal now see what happens. Are there any mainstream lenders that are maybe forgiving of defaults if they are really old and nearly expired?

If you are willing to accept low limits and very high interest rate may be but you will be putting any credit profile improvement at severe risk multiple applications will indicate that you are probably desperate to obtain credit..

[Nottingham2013]

Yeh I see your point, I suppose it would be silly to rush things when there's only another 6/7 weeks left.

[Nottingham2013]

Hi Brigadier. I am going to write to Sara De Tute to ask for the default removal, it's only 1 month early so maybe I'll get lucky. I have nothing to lose except for the price of a stamp.

 

I am going to rely on the pressing for payment after I stated it was statute barred and creating fictitious payments which caused me psychological distress and promising complaints to OFT and trading standards. Do you have any points I should include that may help?

[Nottingham2013]

Sorry Brigadier, wrong thread! Feel free to reply on http://www.consumeractiongroup.co.uk/forum/showthread.php?420202-Fredricksons-BC-old-statute-barred-cap1-debt&p=4497363#post4497363

[BRIGADIER2JCS]

You must ensure you don't acknowledge liability.