Credit refused - got the statutory reports - what next?

vsman

I have never had any problems getting credit, am a savvy credit card surfer etc etc. But recently I had a credit card application rejected, I thought it was a mistake, applied for another but same thing again.
I got my credit reports from both Equifax and Experian and I have no records showing defaulted/late/missed payments, all in all my credit record is (as I expected it) in perfect order.

When asking for a reason for the rejection, I am never able to get an answer. How on earth can I find out why I have been rejected? I am petrified applying for another card/loan until I have sussed out what is happening.

Can I demand the reason for the rejection under the data protection act? Am I fighting a losing battle? anyone......?

grumbler

Do you close old credit accounts?
What is your total credit availabe (besides mortgage) as compared to your annual income?
...

See http://www.stoozing.com/credscore.htm and Your Credit Rating: How they decide and how you find out for free.

Unfortunately, you cannot demand the reason for the rejection, although you can ask.

vsman

Yes I always close credit cards when I no longer use them.

lindabea

Although you close credit card accounts, I understand that they remain open - for how long I just don't know.

jonesMUFCforever

You admit to being a card surfer - this might be the reason why you have been declined. If they think that they will not make any money out of you there is no point in them issuing you with a card.

vsman

that is exactly the information I wish I could get.
How can the companies keep this info a secret?

grumbler

vsman wrote:

...How can the companies keep this info a secret?

1. Because they have no obligations to give credit. They can refuse without any reasons.
2. Because they are afraid that if they give this information a lot of people will start playing their system.