Excellent credit rating but Morgan Stanley refused me

Niksan

Sorry to bump, but I had a recent experience much the same, however I'd been in employment with current company for over 1.5yrs, never missed payments etc etc, I applied to Platinum one to which I was also suprised when they had refused me, (I applied for the 6.9% card) I was more angry at being refused with no explanation than not having the card (I ended up getting egg money which was same rate anyway no problems) but I sent them a written letter asking what the hell was the problem exactly and even questioned if the rate was bonified it was a long letter, merely to ask why? However, a few days passed and I got a "you've been accepted" welcome pack, was shredded and went in the bin, I received two more last chances and did the same, they were unable to answer my questions I had asked so, I'd just wished I realised about the egg money before I had applied to capital one, would have saved me have a turd entry on my experian report

Kudos to Martin, he's the man :T

Astaroth

At the end of the day a credit company has the right to choose who they accept. All companies that use credit scoring/ rating have their own system of what is important and what isnt so whilst some companies may give you a guide of a score it is not a definate figure - for example one company that I worked for used to give a major plus point if you said your telephone number was ex-directory (obviously your posh) where as another company I worked for gave a minus for it (you will be difficult to get hold of).

Lenders also have a finite amount of money they can legally lend. Whilst I work for the insurance division of a bank we do also provide financial services. The first time we offered loans we agreed the total amount we would be able to lend with our parent company and the relevant government bodies and within 3 months we had lent 90% of our capacity - for the last 10% we could be exceptionally picky over as as soon as it was lent then there would be no more until we got our lending limit raised (which both internally and externally was exceptionally long winded)

EagerLearner

Hi all & thanks for the recent comments -

Niksan - I understand your frustration and don't want a card with Morgan Stanley anymore anyway. Egg are updating my details and hopefully soon I will apply for the Egg Money Card. However, Cahoot (whom I have recently opened a savings account) have a seemingly good credit card too which may even be better than Egg.

Astaroth - I understand that working within the industry you will be slightly biased, but my main gripe is that people who are in debt up to their eyeballs and can't afford repayments get ever larger credit limits and constant offers of more credit. Me? I clear my card every month and have over £8k in savings, plus rarely use overdraft and have now got my highest paying job ever. You will understand how I don't expect a financial company to reject me. Rather than rejecting me because I have no credit history with Equifax (or rather, because my chosen suppliers don't have history with Equifax) Morgan Stanley should spend slightly more money investigating me and also refer to Experian to get the full picture, where they would have seen my 999/1000 score....

By the way - anyone requesting a credit report from Equifax shouldn't expect the report to be as user friendly as the Experian one - Equifax, move with the times, it looks like a dot matrix printout and has one supplier listed for me, in 11 years!

No wonder Morgan Stanley rejected me if that's what they have access to...

EagerLearner