Refused credit card because of direct debit bounce-back

xoxyx

Hey all

I applied for a credit card with a €1,500 limit (the minimum) with my bank, PTSB, last week. I just got told today that it was refused because I had a direct debit that bounced back sometime within the last six months due to lack of funds.

I hold my hands up - I spend it as I earn it. I'm on a decent enough wage, but I'm not saving, and I'm generally close to broke by the end of the month before payday. Not particularly sensible, but life is for living! The only reason I'm applying for a credit card is that I'm going on holidays next month for a few weeks and everybody's telling me that I need a CC just as a back up. I don't have any loans or dependents or anything like that.

I'm wondering now if there's any point in applying for other CCs, or if they'll all refuse me on the same grounds. I applied for a Tesco CC today, but I believe their criteria are fairly strict.

I would appreciate if anybody has any advice as to any place I could get a card from. I don't need a €1,500 limit - €500 would be plenty - am really just trying to ensure I have some "in case of emergency" funds.

I know - I should have savings, shouldn't have had a bounce-back, etc., but I can't change that now, so there's no point in being retrospective.

Thanks in advance!!

MagicMarker

If you're usually broke by the end of the month then you're not the kind of person who should get a credit card.

You don't need a CC as "back up", you have a month to save a few hundred quid to keep away as backup.

dorkacle

MagicMarker wrote: »

If you're usually broke by the end of the month then you're not the kind of person who should get a credit card.

You don't need a CC as "back up", you have a month to save a few hundred quid to keep away as backup.

I agree with your first line although I also don't like carrying a lot of cash on me (be it in a safe when your away or not) as if that goes 'walkies' as sadly has with me before.... :mad: ...then your screwed. (Room/Safe was robbed.)So unless you don't mind paying reasonably expensive bank charges I'd more than likely swing for a CC now.

I have heard there is some sort of CC you can now put 'credit' on, and then use abroad, that would be ideal.

xoxyx

MagicMarker wrote: »

If you're usually broke by the end of the month then you're not the kind of person who should get a credit card.

You don't need a CC as "back up", you have a month to save a few hundred quid to keep away as backup.

Cheers.

Look - I'm well aware that I am not the ideal candidate for a credit card. I'm just looking for advice as to where would be the best place to apply for a credit card after being rejected due to a bounce-back.

(Not trying to be sarky! I do understand and appreciate your advice. )

Raladic

Banks share credit rating via the ICB, so chances are that other banks would also know about your non payment and may reject you as well.
You could go and get a copy of your ICB record to see your rating, which will give you a rough guideline.

Also rejection of credit card application may be reported to the ICB, so the more cards you apply for and get rejected, the more you may hurt yourself.

chris85

Raladic wrote: »

Banks share credit rating via the ICB, so chances are that other banks would also know about your non payment and may reject you as well.
You could go and get a copy of your ICB record to see your rating, which will give you a rough guideline.

Also rejection of credit card application may be reported to the ICB, so the more cards you apply for and get rejected, the more you may hurt yourself.

Missed DD's arent recorded. However if the DD was for a loan payment then it may be, or for some other credit facility. Activity on current accounts does not get recorded on ICB. You are correct that the application for the CC will be on ICB.

xoxyx

chris85 wrote: »

Missed DD's arent recorded. However if the DD was for a loan payment then it may be, or for some other credit facility. Activity on current accounts does not get recorded on ICB. You are correct that the application for the CC will be on ICB.

Thanks. Yep, I only realised today that rejected CC applications are available to see for other credit card applications. Otherwise, I would have applied for a few different ones today. Do they take other CC applications heavily into consideration - rejected or not?

Thanks!

Jhcx

Why dont you just buy a pre paid one. does me the job and you can load upto 2,500. You can tell your bank they can go keep there money. Top it up as you like to spend as you earn. and then when you come home from this holiday you can withdraw the money. they take 3€ out every 3 months for failing to use the card and its 2.99 to top it up. but sure least its a credit card and can be used at ATM's online. Although they charge i think 1,70€ everytime you use an ATM SwirlCard Check it out. its the next best alternative to Credit card. least you wont have to pay interest

Richard Dower

xoxyx wrote: »

Hey all

I applied for a credit card with a €1,500 limit (the minimum) with my bank, PTSB, last week. I just got told today that it was refused because I had a direct debit that bounced back sometime within the last six months due to lack of funds.

I hold my hands up - I spend it as I earn it. I'm on a decent enough wage, but I'm not saving, and I'm generally close to broke by the end of the month before payday. Not particularly sensible, but life is for living! The only reason I'm applying for a credit card is that I'm going on holidays next month for a few weeks and everybody's telling me that I need a CC just as a back up. I don't have any loans or dependents or anything like that.

I'm wondering now if there's any point in applying for other CCs, or if they'll all refuse me on the same grounds. I applied for a Tesco CC today, but I believe their criteria are fairly strict.

I would appreciate if anybody has any advice as to any place I could get a card from. I don't need a €1,500 limit - €500 would be plenty - am really just trying to ensure I have some "in case of emergency" funds.

I know - I should have savings, shouldn't have had a bounce-back, etc., but I can't change that now, so there's no point in being retrospective.

Thanks in advance!!

Your one of the reasons this country is in such a state! :mad:
Borrowing money on credit when they don't have the income to pay it back, you even admit you don't save and are broke after every payday :mad:

That is the type of person who landed the country into an 85 billion black hole.

a5y

Richard Dower wrote: »

Your one of the reasons this country is in such a state! :mad:
Borrowing money on credit when they don't have the income to pay it back, you even admit you don't save and are broke after every payday :mad:

That is the type of person who landed the country into an 85 billion black hole.

Please don't drag this thread off topic by attacking the poster instead of the post. If you hadn't been so obnoxious about how you said what you said I'd have been in complete agreement with you.

Masala

Hey guys... don't do so hard on the OP!! We all benefitted in the Celtic Tiger era and you can't blame the OP for teh state of the country.!! €1500 credit limut was peanuts in those years.

Anyway... I got a O2 Money Card and does everything I want a CC to do. When I want to buy online - I top up and use the card etc. When going away - I top up and flash it around!! Loads of top-up locations and safe as houses as I keep very little on it when not actively using it so if Scammed / Stolen...sweet fa thay can do with it !!!

Also... neat App on iphone showing my balance and recent history.

So.. go to O2.ie and follow the O2 Money tab. You can picked them up for €4.99 in local O2 store!

Happy spending... and send you local Bank Manager a 'nice' letter advising that you got sorted elsewhere and that you'll be sure to take whatever business you can elsewhere as well!!!

BuffyBot

Keep it on topic folks, and lose the personal commentary

The_Morrigan

OP is the reason you want a credit card just for emergencies or is it so you don't have to carry large amounts of cash with you?

I got a pre-paid credit card from money bookers when I went to the States last year on holidays. I loaded up my own money onto it via laser (no charges on that) and used it as a credit card at points of sale and I was also able to withdraw cash from atms.

The other option is to get a visa debit card,however, I'm not sure if PTSB offer that, but I got one via BOI.

Chazz Michael Michaels

xoxyx wrote: »

Hey all

I applied for a credit card with a €1,500 limit (the minimum) with my bank, PTSB, last week. I just got told today that it was refused because I had a direct debit that bounced back sometime within the last six months due to lack of funds.

I hold my hands up - I spend it as I earn it. I'm on a decent enough wage, but I'm not saving, and I'm generally close to broke by the end of the month before payday. Not particularly sensible, but life is for living! The only reason I'm applying for a credit card is that I'm going on holidays next month for a few weeks and everybody's telling me that I need a CC just as a back up. I don't have any loans or dependents or anything like that.

I'm wondering now if there's any point in applying for other CCs, or if they'll all refuse me on the same grounds. I applied for a Tesco CC today, but I believe their criteria are fairly strict.

I would appreciate if anybody has any advice as to any place I could get a card from. I don't need a €1,500 limit - €500 would be plenty - am really just trying to ensure I have some "in case of emergency" funds.

I know - I should have savings, shouldn't have had a bounce-back, etc., but I can't change that now, so there's no point in being retrospective.

Thanks in advance!!

Hi, I work as a credit risk analyst. When you apply for any type of loan, you will receive an 'application score' based on what information you give and an ICB (Irish Credit Bureau) check. It might work something like this:

Salary: 30,000 - 14pts
Region: Dublin - 9pts
Job: Public Service - 20pts
Homeowner: Yes - -5pts
Other loans: Yes - -15pts
Arrears Last 6 Months (from ICB) - Yes - -500pts

Application Score : -477
Application Score without arrears : 23pts

These scores give an IRB Rating based on Probability of Default:






So the further to the right you go on that IRB graph, the less likely the bank is to give you the loan. Try get a clean arrears record.

dorkacle

The_Morrigan wrote: »

The other option is to get a visa debit card,however, I'm not sure if PTSB offer that, but I got one via BOI.

PTSB do offer Visa Debit, as far as I know you still incur charges for using it abroad though?

The_Morrigan

dorkacle wrote: »

PTSB do offer Visa Debit, as far as I know you still incur charges for using it abroad though?

Cross border handling is the same on the visa debit and the credit cards (afaik)
The usual transaction charges apply within the EU on the visa debit

At this point I don't think you can get away with not incurring charges :-(