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Reckless card applicants risk “fouled” credit record

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by David Masters
Reckless card applicants risk “fouled” credit record

Consumers should carefully check credit providers’ criteria before applying for a credit card or risk finding their “ credit records fouled with a litany of failed attempts to secure credit,” a price comparison site warned this week.

With a number of providers, including MBNA, Barclaycard, and RBS, now openly publishing their eligibility criteria, potential applicants have little excuse for not making the effort to investigate whether they’re eligible for a particular credit card.

“Reckless” applicants who have their credit applications rejected will find themselves “[pushed] further down the food chain in terms of the products they will be accepted for,” moneysupermaket.com said.

Criteria for a Barclaycard Platinum Credit Card is:

A good credit rating
No history of bankruptcy
No County Court Judgments (CCJs) or Individual Voluntary Arrangements (IVAs) registered against you in the past 5 years
A history of managing credit commitments well, including existing credit and at least 4 years of experience managing credit cards, loans, overdraft or mortgage
No missed payments
Not already have a Barclaycard
A permanent UK address for 3 months or more
A regular income of more than £20,000 pa
Excluding a mortgage, no more debt on credit cards or store cards than 10% of your income
Age 21 or over

Credit card providers should follow Barclaycard’s lead, moneysupermarket.com said, and give “a better idea as to how suitability for products is judged.”

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News posted: June 9, 2009

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