Declined by Currys/HFC, why?

jen999_2

Hi,

I have just applied for the buy now pay in 12 months for a new tv from currys. And it has been declined! Now i'm really worried and want to find out why but don't know how! The finance is through HFC.

I checked my credit score on experian in nov last year and it was 999/1000 and no late payments etc, so i do not understand why i have been declined.
Does anyone know how i can find out??

I am now worried because i want to apply for a new credit card soon to balance transfer my virgin balance on to which i have had for over 12 months. (interest free for 16 months)

I have never been declined for credit before...
I have just checked my credit expert file and it shows some searches i dont recall, 2 for royal and sun alliance which say 'unrecorded enquiry', any ideas what this can be??
Do car insurance quotes show up? Theres also one from RBS which says 'insurance quotation'. My car insurance is currently with swift cover but i did put my details into a moneysupermarket type search of the market. Can this affect credit??
I haven't applied for any loans/credit cards for the last twelve months. The only thing I have opened is a 2nd current account (Halifax) which i have yet to use, and also I got finance on an apple mac just after christmas, that went through fine, with barclays.

Any help would be greatly appreciated, shall i ring my bank (natwest) and ask? or do i need to ring/write to hfc and ask why?

Thanks!

Jen

jen999_2

i have just paid and checked my credit score on experian. it has gone down to 734
How can it have gone down from 999 to 734 in 3 months?? when i havent missed a payment or anything??

I hate money!!!!!

leanneq

Have you checked the actual report rather than score?
Any late payments. Do you use a high percentage of available credit? How many checks over the last six months?

wayne99

the score means nothing iam afraid, and some random made up score from a CRA has no connection to credit applications, i would suggest you do not pay for a score again.

If you fancy paying me i can give you a made up random score every month for less then the credit reference agency's and it will be as useless as there scores. - they mean nothing iam afraid.

All lenders have different criteria on applications, credit is granted or refused for a number of reasons, some could be:

electrol role - are you on it ?
length of time at current address ?
how much you earn
how much available credit you already have
adverse data on credit report, ie late payments, defaults and ccj's
incorrect linked address data on your application and what is on your credit report
no existing credit history - i know catch 22, if you cant get how can you have a history
fraud data from CIFAS or NHUNTER

there may be none of the above, it may just be that they are looking for a set candidate for there credit, and you may not fall into that bracket, all lenders look at applications differently.

I would do the following, make sure you are on the electrol role, this is a must.
check your credit reports, you can sign up for a 30 day free trial at equifax and experian but cancel before the 30 days or they will bill you.

If it is all clear it may be worth appealing the decline

have a look here:
http://forums.moneysavingexpert.com/showthread.html?t=1077785&highlight=credit+ladder

or here
http://forums.moneysavingexpert.com/showthread.html?t=1626277&highlight=

hope this helps you

wayne

jen999_2

Yeh checked report too, 6 checks in last 6 months, one for halifax current account, two for my o2 phone contract (no idea why 2 done, on the same day!) one for my apple mac, one for rbs insurance quotation - no idea what this is, guess somethin to do with car insurance, and the one today which has been declined! No late payments. is 6 a lot in 6 months?? Thanks

stephane_2

jen999 wrote: »

Hi,

I have just applied for the buy now pay in 12 months for a new tv from currys. And it has been declined! Now i'm really worried and want to find out why but don't know how! The finance is through HFC.

I checked my credit score on experian in nov last year and it was 999/1000 and no late payments etc, so i do not understand why i have been declined.
Does anyone know how i can find out??

I am now worried because i want to apply for a new credit card soon to balance transfer my virgin balance on to which i have had for over 12 months. (interest free for 16 months)

I have never been declined for credit before...
I have just checked my credit expert file and it shows some searches i dont recall, 2 for royal and sun alliance which say 'unrecorded enquiry', any ideas what this can be??
Do car insurance quotes show up? Theres also one from RBS which says 'insurance quotation'. My car insurance is currently with swift cover but i did put my details into a moneysupermarket type search of the market. Can this affect credit??
I haven't applied for any loans/credit cards for the last twelve months. The only thing I have opened is a 2nd current account (Halifax) which i have yet to use, and also I got finance on an apple mac just after christmas, that went through fine, with barclays.

Any help would be greatly appreciated, shall i ring my bank (natwest) and ask? or do i need to ring/write to hfc and ask why?

Thanks!

Jen

One thing is for sure is that you have wasted your money on your score, it does NOT mean anything, just a money making machine. Unrecorded enquiry for Insurance Quotation have no effect whatsoever on your credit file. Each lender will have different criteria to lend money to someone, some people with excellent credit report will get declined from time to time, this is life. 2/3 application every 6 months will have almost no impact on your credit file. It also depends on what kind of available credit you have and the balance on them

jen999_2

Thanks for all your help, I think I am going to use this as a sign.. to not get any more 'unnecessary' credit and work on paying what credit i have, off, instead of taking out more! The only issue is, I really wanted to balance transfer my virgin cc onto a new 0%, prob the natwest 16 month one. Im just going to have to hope this goes through, Im going to wait until the last possibly time to apply, probably be in June, and hope that no searches until then will have a positive affect!

jen999_2

Thanks for replies, i no i shouldn't have wasted money getting the score, i guess i just panicked and wanted to check there was nothing 'dodgy' going on with my accounts i guess!!! i wont be checking it again, only the statutory £2 one every 6-12 months maybe.
I have got £4000 on my virgin card and an £8000 graduate loan through natwest, so guess this is quite a lot of credit??? However with no mortgage I can comfortably pay them, (earning £28,000). However, i think this has opened my eyes and i'm now gona save instead of getting credit wherever possible!

VIGILANT22

jen999 wrote: »

Yeh checked report too, 6 checks in last 6 months, one for halifax current account, two for my o2 phone contract (no idea why 2 done, on the same day!) one for my apple mac, one for rbs insurance quotation - no idea what this is, guess somethin to do with car insurance, and the one today which has been declined! No late payments. is 6 a lot in 6 months?? Thanks

You're doing yourself no favours with all these credit checks, this lowers your credibility..

cos_2

Many people are very dismissive of the credit score. Experian is one that promotes this, and sells it to us. Bear in mind that both Experian and Equifax are American companies where FICO (The Fair Isaac Corporation, known as FICO, created the first credit scoring system in 1958) scores are used all the time. It's second-nature to Americans to know their score.

It will soon become the same here, I think, so don't be too dismissive in my humble opinion.

RobertoMoir

cos, I don't think it's a case of being "dismissive" as such, rather suggesting it's used for for what it is (a useful indicator of your credit record and a place to see problems with said record) rather than what it isn't - and the credit scoring companies offering the service make it sound like something it isn't - a guarantee of your credit worthiness.