refused cahoot credit card

johngf_uk

hi i recently applied for a cahoot credit card online and was turned down even though my credit rating with experian is 996/1000 and payments never late. will the fact that my wife has a scottish trust deed effect the decision of the lender. i just wanted to transfer morgan stanley balance to 0% apr card. any advice would be appreciated

lisyloo

I don't know what a scottish trust deed is so perhaps you can explain, but if you are financialy linked to her (which is likely) then certainly her credit can affect yours.

You can get your credit reports for free if you sign up to the free trials (and don't forget to cancel) otherwise it's £2 each to experian and equifax to see if there are any mistakes on it.

It's possible that there is nothing wrong with your credit rating but cahoot want to give cards to people who fit a certain "profile".

I have a very good rating and I was turned down for a GE Money card as were many other people with good ratings.
My guess (and it's only that) is that they want to make more money from people who are more "cash constrained" and are more likely to get into debt and pay interest (of course that's speculation on my part and not a statement of their policy).

johngf_uk

hi have just checked my wifes credit rating with experian - (which is shot to hell of course beacause of the trust deed) and yes cahoot has ran a search on her as well has anyone else been in this situation as i have been trying to sort out our finances for over a year and have got all back on track to achieve excellent credit rating for myself - only cos i pay all the bills

has anyone any idea how long my wifes credit rating will be bad for she started her trust deed on november 2004 due to finish november 2007 so not long to go now any info would be great

thanks

Jamboray_2

Hi John, the trust deed will be on her rating for 6 years up to 2010

BONJOEY

johngf_uk wrote:

hi i recently applied for a cahoot credit card online and was turned down even though my credit rating with experian is 996/1000 and payments never late. will the fact that my wife has a scottish trust deed effect the decision of the lender. i just wanted to transfer morgan stanley balance to 0% apr card. any advice would be appreciated

hi did you get provisionally accepted, or a straight , decision saying no?

johngf_uk

applied online received decision in minutes application declined - emailed them and got told to check my credit file,all exemplary ie experian,equifax and callcredit. they also credit searched my wifes file at same time so i guess that the final decision was based purely on her rather "dodgy" report

BONJOEY

thanks for your reply john, have you had any luck on other cards?

and has your wife put a notice of correction on her file? this might help