Turned down with a top credit score!

As said it is down to companies and credit files don't mean a lot.
If it has went to an underwriter being in a highly volatile industry with bonus based salary may not be in your favour along with another outstanding large loan.

Electoral roll is but one element in scoring.

Time and again I see these threads so I thought I input this;

As a broker since 1991 I saw the development of scoring and this is basically a quick overview of how scoring works.

When scoring was developed they examined the profiles of people that had been in financial difficulty.
During those studies they found people that got into difficulty exhibited certain traites as follows;

They tended to smoke - dont shout at me - these were cold hard statistics and thats one of the things they found.

They tended not to be interested in voting / not on voters roll.

They tended to have quite often moved address at least once in the last 3 years. Those at particular risk of developing bad credit often had a very 'jumpy' lifestyle - changing address / living above pubs / bedding down at a mates etc.

They often tended to less stable interms of thier habits and lifestyle - for example they were much more likely to have had at least 2 jobs in 3 years.

They tended to live in rougher areas.

They were more likely to be van drivers or scaffolders rather than teachers of local government workers.

They tended not to have a pension.

They had a high inscidence of being weekly paid.

They Often did not have a landline at home at tended also not to give a work landline phone - again these are cold hard factual stATS.

They tended to lose things like mobile phones and have had to change number at least once.

They were more likely to buy a pay as you go mobile.

They Tended to be more likely to live in a non standard property (for example a flat over a shop, or a concrete council flat).

Divorce and separation were more likely to feature in thier recent past.


In a nut shell lender essentially seek nerdy librarian types when it comes to lending - the sort that always vote, dont tend to change much, tend to stick at a job / address a long time - just boring stable types really.


If you want a good score - act like a nerdy librarian

inmypocketnottheirs wrote: »

Very simply the Experian/Equifax credit score means nothing at all. All companies have their own criteria.

If you are not on the electoral roll then I am 90% certain that will be the problem.

Sorry but i do not agree.
I am not on the Electoral Role (don't care if i get fined) and i have:

1 x Loan from my Bank (£10K over 1 year)
1 x AMEX Platinum (Credit Limit: £18K)
1 x Barclaycard Platinum (Credit Limit: £15K)
Full current accounts

I think this has alot to do with (as stated above by someone), the circumstances of your life rather than an electoral role score.

Also, a mid-twenties salary when you already have a £15K loan is pretty low income.