For those who have read my posts in the past, I have been hoping to break into the mainstream market after turning 18 twelve months ago, building a credit record ever since.
I completed a quotation for Nationwide, as I have been a faithful member to them for over two years, despite having a much better banking experience with NatWest. The only benefit I receive from Nationwide is totally free card usage abroad, which I’ve only used once in France since opening the account.
After I filled in the inital questions, they checked them with the CRA and came back with a credit limit offer of £1100, an APR of 19.9% (which is a massive difference to subprime hitting 59.9%) and 12 months interest-free on balance transfers and purchases. It asked me to continue to file a “full application” on my record, which I was more than delighted to do given the various benefits the card can bring to me.
Unfortunately after it performed the final credit check, the offer was revoked and I was taken to the declined page. It was a real gutting feeling, especially after thinking I’d bagged it with the quotation offer which is essentially like a pre-approval given they even decided a credit limit for me as well.
This isn’t a complaint post, as I know it is my file to blame, due to high utilization at the moment and that a quotation result is never guaranteed, as this is an example of.
It’s a real shame, as this would have been my first mainstream card with a lengthy 0% and fairly good credit limit, given I could consolidate two other cards with it interest-free for a year.
I’m going to be focusing on reducing my credit utilization in general over the next few months, so it won’t do harm to try again in 3 months or so, once things have improved more. I don’t know how long after reducing your utilization it has an effect for, as your balance history will show maxed out cards still in the past, however it will be better than now for sure. Aside from that, I don’t have any defaults, missed or late payments to drag me down.
Just thought I’d share my experience!
Hasta la vista for now Nationwide Credit Card
Last edited by T-G-C; Today at 4:43 PM.
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