Credit Card Rejection but I have an Excellent Credit Rating - Why?

Moggles_2

creditscorehelp wrote: »

I played around with the Credit Checker Tool, which helped me to work out what my problem was. I had just moved address and I found that this single bit of info was having a huge affect on my credit score. I then decided to do something a little cheeky - I reapplied on-line for a Virgin card using my old address and keeping all the other details the same. Having only very recently moved I have a postal re-direct in place, so I receive all the mail in my name at my new address and will do for months to come. This time I got the card! I later plan to notify Virgin of my change of address.

Congratulations & thanks for your feedback
:beer:

I pulled off something similar myself a while back, but things change over time, so it's good to know it still works - not least because I've suggested it a few times on the *credit rating: how it works .. etc.* thread :cool:

BASFORDLAD

creditscorehelp wrote: »

Thank you for all the replies. Firstly sorry I gave the wrong info - it was in fact Equifax and not Experian.

All the information has been very helpful, I also played around with the Credit Checker Tool, which helped me to work out what my problem was.

I had just moved address and I found that this single bit of info was having a huge affect on my credit score.

I then decided to do something a little cheeky - I reapplied on-line for a Virgin card using my old address and keeping all the other details the same. Having only very recently moved I have a postal re-direct in place, so I receive all the mail in my name at my new address and will do for months to come. This time I got the card! I later plan to notify Virgin of my change of address.

In general what has really annoyed me is the really poor information banks give out. I hate the way they sell you something telling you 'yeah you'll be fine', go through an application with you and you get rejected! Then are unable to provide a reason why.

Why not be more honest, perhaps go through a checklist with the customer first, for instance have you moved recently?! At least tell them there's no guarantee of getting the card and the consequences of a failed application.

Regarding my situation I hope Virgin don't realise that I applied twice, maybe they will and my cheeky plan won't work! Still I feel the system is pretty stupid, my address change in no way affects my financial ability to manage a credit card.

Hmmm i think you have set yourself up for a fall. it will come back to them soon enough that you have an address (called a forward address ) that you havent declared, and you will end up with a nice :


CIFAS MARKER.
WHAT A COMPLETE FOOL.

noah271007

I would think it will be extremely harsh for the fella to get a CIFAS marker but it is possible if you get found out!! Just let hope it won't cause any problems in future. I'm surprised National Hunter did not spot this while application was in process unless they are not included in the process as some lenders do not subscribe NH. This will change in future i think.

BASFORDLAD

noah271007 wrote: »

I would think it will be extremely harsh for the fella to get a CIFAS marker but it is possible if you get found out!! Just let hope it won't cause any problems in future. I'm surprised National Hunter did not spot this while application was in process unless they are not included in the process as some lenders do not subscribe NH. This will change in future i think.

It would not be harsh at all, hes lied about his address, so its right he should get a cifas marker!

which i hope he does!,hes basically blatantly lied to get credit

speedbird1973

It's all done and dusted now.. no marker!!

Less of the handwringing Basfordlad

izools

BASFORDLAD wrote: »

Hmmm i think you have set yourself up for a fall. it will come back to them soon enough that you have an address (called a forward address ) that you havent declared, and you will end up with a nice :


CIFAS MARKER.
WHAT A COMPLETE FOOL.

Only Equifax differentiate between "Address Linked Forward" and "Address linked from current". Experian dont, and MBNA search Experian.

This may cause problems on the N Hunter database later on however, as it is probable that it will cause a discrepancy in information provided on future applications at the new address. For now, it should be OK -

But you can never be certain! Although I doubt a Credit Card company would give someone an instant online "YES!" and send a card out if they suspected false information was provided during the application process, really.

In any case, this is an honest customer trying to get the best deal for an existing debt they want to clear honestly and in a timely manner, not a dodgy geezer trying to get away with new credit at an old address they don't intend paying

creditscorehelp

thank you all for the continued feedback, I wondered what response I would get!

It's interesting and I will report in the coming weeks what actually happens.

I don't consider that I have lied because the address I gave is still a valid address for contacting me. Essentially the mistake I feel I've made is applying using my new address in the first place, because it hadn't updated on my credit scoring files. I've heard it takes a month or so for Equifax and Experian to update their system?

So in a month or so, what should I be checking to make sure I haven't created problems for myself in the future? (or can take steps to correct fix them) National Hunter, Equifax, Experian?

thanks

izools

Essentially once you give your credit card / bank / phone companies your new address, it takes about 30 to 90 days for your accounts to actually reflect as being registered at your new addres on your credit files.

Some companies updated monthly, others quaterly. Until their next update after you give your new address, that account will as far as another creditor is concerned, be at your old address.

If you have a mish-mash of some at new address and some at old address this can look suspicious and this is a bad time to apply. Applying before any accounts move to the new address is no problem because there is, according to the credit reference agencies, yet to be any record of your having moved.

Essentially, make sure everyone that you hold an account with has your new address, and ensure that your local council has recieved your request to be registered on the electoral role.

Then wait 90 days and it will be safe to assume that all of your financial accounts are reflecting at your new address and your electoral role registration is also reflecting on your credit file.

You can keep upto date with how this is progressing through Equifax Credit Watch or Experian Credit Expert, just make sure they are aware of your current / old address.

Essentially National Hunter will have on file application information suggesting that you were still resident at your old address in October 2009, so when you apply in future at your new address, when they ask how long you have been living there, date it from this month.

It is only what about 30 days out? If that? I don't know if even N Hunter would raise an eyebrow over a 30 day discrepancy in application information, but you can never be too careful, I suppose!