I currently bank with Natwest and have done for years. A couple of months ago I took out a small loan which I am repaying in time and in full as per direct debit. Other than this, I have no existing loans, cards or debts and have done for some time.
With a busy July coming up, I decided to apply for CC with them online. It was declined. Then I decided to extend my loan online. Again declined. So I rang them and discussed setting up a CC. After chatting to the very helpful customer service it was again… declined. The poor guy on the phone genuinely didn’t know what to say as he couldn’t explain why and nor could I.
The only I can think of is that the two applications the couple of days before have seriously damaged my credit rating. I’m not going to get into how angry years of work building it is undone in the space of two days but… I need advice on what to do next.
I have 2 options as I need the money for July!
1) Appeal. This could take some time I fear as the letter on how to appeal will take up to 5 days to arrive and even then, it might not happen. It might be well into July by the time the card actually arrives.
2) I have checked Experian now (which with hindsight I should have done first ) and the only card I’m 100% eligible for is an Aqua CC. The online reviews, especially of customer service seem bad, but the card is designed for exactly the position I’m in.
But I’m nervous. Will it damage my credit rating like a payday loan would (as it feels like the payday loan of the CC world)? Will lenders frown on me in the future for having it? I can pay it on time so will having it end up improving my score? How long will the card take to arrive?
Help me. I’m leaning towards Aqua but I’m worried it will do more harm than good.