Do lenders have instant refusal criteria?

coldoasis

Yes agree with above with regards insurance

I used to live in a first floor flat got contents insurance no problem

Recently moved into a ground floor flat not so many companies like to insure ground floor flats (due to easier access) and the ones that would would not accept me for being a previous bankrupt.

Company policy

Moggles_2

Redqueen wrote: »

My guess at the main reason for declining me is that I only just moved out of my parents house in August, so I was wondering if some companies may instantly decline credit if you moved recently...

The move won't have helped, certainly.

Lenders like stability, so best practice when building a credit history is to apply for credit facilities, where possible, before you move/change jobs/change banks. Being with the same employer, bank and current address for a while, all help when applying for credit.

Basically, the longer you stay put the better, as far as lending decisions are concerned

ladypinkof66

op i too applied for tesco credit card and like you was rejected instantly but have good credit card etc anyway i applied for a 0% sainsburys card and guess what i was accepted.

Redqueen

Hello again, Just a little update on the situation. I tried again just now for the Tesco credit card, since the electoral roll should be updated now, and still got instantly refused, so I guess they are still not happy about something. Would save a lot of hassle if they would just tell you instant refusal criteria before you even start, would it hurt to have a page that says if you have moved within the last 6 months you won't be accepted, would save filling in your life history for nothing! Might try the Sainsburys one later!

never-in-doubt

Redqueen wrote: »

Hello again, Just a little update on the situation. I tried again just now for the Tesco credit card, since the electoral roll should be updated now, and still got instantly refused, so I guess they are still not happy about something. Would save a lot of hassle if they would just tell you instant refusal criteria before you even start, would it hurt to have a page that says if you have moved within the last 6 months you won't be accepted, would save filling in your life history for nothing! Might try the Sainsburys one later!

Have you actually seen your credit file? I'd suggest you get a copy before applying elsewhere!

RobertoMoir

Redqueen wrote: »

Would save a lot of hassle if they would just tell you instant refusal criteria before you even start, would it hurt to have a page that says if you have moved within the last 6 months you won't be accepted, would save filling in your life history for nothing!

I guess they don't want to post their criteria because because they don't want to seem stricter than other lenders (who might be just as strict, if not stricter, but won't appear to be if they don't post pages of "reasons why you won't get a loan so don't bother trying") if you see what I mean. Also I wonder if they would worry that posting their criteria would make it easier for dishonest borrowers to "game" the system.

Moggles_2

Redqueen wrote: »

Hello again, Just a little update on the situation. I tried again just now for the Tesco credit card, since the electoral roll should be updated now and still got instantly refused, so I guess they are still not happy about something. Would save a lot of hassle if they would just tell you instant refusal criteria before you even start, would it hurt to have a page that says if you have moved within the last 6 months you won't be accepted ...

The cause(s) may not be as simple as that. There are any number of possible reasons, so best to keep an open mind until you've looked at credit files to see what's on there. For help, see page 1 of the *How to obtain credit reports* sticky

Moggles_2

P.S. Also, it's seldom a good idea to apply to the same lender twice within a short space of time. Some will not reconsider applicants that have been turned down in the previous 6 months.

Daisy_Duck

Redqueen wrote: »

the only other debt I have is my student loan (which I don't earn enough to pay back yet)

Does Tesco have a minimum income requirement? If so then you may not hit that?

never-in-doubt

Moggles wrote: »

P.S. Also, it's seldom a good idea to apply to the same lender twice within a short space of time. Some will not reconsider applicants that have been turned down in the previous 6 months.

Hi Moggles - long time no see. Happy New Year to you mate :beer::beer:

All the best for 2010