Credit refusal...

SarahB5

Hi all,

The matter actually concerns my boyfriend and not myself but I thought i would see if i can get any answers onhis behalf! Basically he has a couple of outstanding credit cards and is looking to transfer the balance to a better (ideally 0%) rate credit card. He first tried last year, and was refused so we went onto experion and did a credit check - answer was his credit score was good and all green lights etc...

I couldn't really see how to get a full detail of any credit probs/issues on the experion credit score - there didn't seem to be any anyway as his rating was 'good'.

So we wondered then, what the problem was and why the refusal...

WEll we tried again a bit later on as we didn't want to have a string of refusals going against his credit score and still refused.

Now recently my boyfriend set about changnign his bank account to a higher interest account and the credit check has come out as 'pending' which means further investigation needs to take place - as far as I am concerned he chould be an absolute 'yes' candidate for a bank account (which comes with or without overdraft facility).

Can anyone help me (him) investigate why there may be some problem with credit applications if the experion credit score has come out as 'good'?

Are there any dedicated services which will provide a full and detailed credit score and any problems which may impede upon credit card/bank account applications - (experion was just not detailed anough and signs you up for a monthly membership which you then have to cancel out of...)

He has a mortgage, Earns 30k+ and (as far as I know!) seems eligible.

Any help MASSIVELY appreciated - we just want to get those credit cards cleared and it would be so much easier with a 0% transfer!!

Love to all!!

xx

Burlesque_Babe

the scores don't mean a thing, they are just a made up number based on basic facts. Each lender has their own pass/fail criteria (some more lenient/stringent than others), it isn't worth paying to see any kind of credit score.

Factors which will be taken into consideration:

is he on the electoral roll
any previous poor credit (defaults or CCJ) over the last 6 years
how long he has been living at the property
how long in his job
amount of debt versus income
previous applications (any more than 2 or 3 in 6 months will start alarm bells ringing)

The best thing he can do is order his credit report from experian and equifax (£2 each for paper copies or there is often a free month's trial you can sign up to and then cancel online) to see exactly what is on them, just in case there are any errors with the information.

Tixy

Hi you need to get a full credit report - you can get this from equifax or experian (or both) for £2 for the postal report (if you don't want to sign up for the free trial then cancel).

If you are ever refused credit then it always a good idea to ask why that was (they will usually give you an idea).

Is he on the electoral roll?
How much credit does he have available in total?
What percentage of that credit is he currently using?

http://experian.metafaq.com/templates/experian/main/answerPage?_mftmfenv:linkEntryCategory=$Order_Report&_mftmfenv:linkEntryClient=$experian&_mftmfenv:linkEntryName=$orderbypost

http://www.equifax.co.uk/Products/credit/statutory-report.html

SmudgeUK

First of all the credit score what the reference agencys give, is not used in the credit scoring process.

Does your partner have any defaults, late payments, is he on electoral register?