Refused Credit

Gleeson

I joined Credit Expert a couple months ago, and everything seems fine on my credit file, all my overdrafts and bank accounts are all ok and in the green with no late payments etc. I got my credit score of them too which said I was about 750, which was a fair score according to them.

Today I went to PC World to get a laptop etc, but I was declined twice by them (they had 2 different finance options) .

How can my credit report say everything is ok, but yet I am declined finance for a laptop? The lad in PC World said I should try Comet as they use a different system to them, but surely if my credit report is saying that nothing should be affecting my chance of getting credit I should of been ok?

I pay monthly for Experian reports on their website and a further £5.95 to get my score. I am coming to the conclusion that paying monthly for a credit report which says everything is ok, but then I get rejected is a waste of time?

Any help or advice on this matter please?

(First Post, Long Time Lurker)

downnotout

Many things affect credit worthyness read the following link.
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Gleeson

Thanks for the reply, although unless I am not looking in the right place on that link it takes me to an old peoples home? I'm not that old as yet

I know that different factors can affect credit, but my credit report reads pretty decent yet still refused every time?

downnotout

Opppssss haha sorry link updated (I was copy pasting a link to my mother haha!

Gleeson

Thanks for the updated link

Still confused as to why I am refused credit, however one thing I learnt from your link is to cancel the monthly payment I'm paying for Experian and definately no longer gonna pay that £5.95 to see my actual score when it doesn't actually mean anything. I'm more confused about credit scoring than ever lol

downnotout

Well if your experian file is good, doesn't mean that your equifax one is.
http://www.moneysavingexpert.com/cards/credit-reference this link tells you who uses who
And if I have saved you £5.99 a month then all well and good

DVardysShadow

Gleeson wrote: »

... I pay monthly for Experian reports on their website and a further £5.95 to get my score. I am coming to the conclusion that paying monthly for a credit report which says everything is ok, but then I get rejected is a waste of time?

Not only a waste of time, but a waste of money. Nobody is obliged to take any notice of you 'credit score' - it is only Experian's idea - every lender has its own criteria and the Experian score counts for nothing with most lenders.

Thrifty_Pixie

Another thing to consider is your credit to earnings ratio. If you earn, say, £20k p.a. and your available credit is at, say, £15k then you might be considered high risk as your annual earnings barely cover it. Also consider how much of your available credit is actually being used (i.e. £13k of a £15k limit). Whether your current debts are being serviced satisfactorily is just one factor in lenders' considerations.

HTH

dancingfairy

It also depends on whether your the type of person they're looking for - ie someone they can make money out of and maybe flog insurance, repairs etc to.
They might even have made the criteria really strict because they don't want to take on any new customers right now - who knows.
df