Denied A Sainsburys Credit Card with an Experian Credit Score of 902!

elliottlock

Hi,

I recently applied for the new Sainsburys credit card with 12 months purchases at 0%.

I was rejected.

They said it could be for a few reasons, Poor credit score for example.

They also said they used Experian to find out this information before accepting a customer.

So I joined Experian and got a credit score. My score was 902! Which is very good from what I understand.

So why was I rejected. How can I find out what exactly stopped me from getting the card.

Experian says it might be the following:

• You have made three or more applications for credit in the past six months
• You have several credit agreements (excluding mortgages), and the outstanding balance is high.

If it is for these reasons how long do I have to wait till I reapply. If pay off these balances now and re apply straight away would it go through?

Cheers,

EL

onlypaddy

elliottlock wrote: »

.....So I joined Experian and got a credit score. My score was 902! Which is very good from what I understand.

Waste of money - each company uses information in your report to generate their own score for you that has no relation to the experian score. It's nothing but an elaborate scam, don't pay for it again.

elliottlock wrote: »

So why was I rejected. How can I find out what exactly stopped me from getting the card.

You can't. Only Sainsbury's know and they will never tell you - you can only speculate.

elliottlock wrote: »

Experian says it might be the following:

• You have made three or more applications for credit in the past six months
• You have several credit agreements (excluding mortgages), and the outstanding balance is high.

If it is for these reasons how long do I have to wait till I reapply. If pay off these balances now and re apply straight away would it go through?

Cheers,

EL

It will have been one of these then...probably wait around 6 months at least, but if nothing's changed by then then don't bother as lots of applications has a detrimental effect on your report.

If you can pay off the balances, pay them off and close the accounts, but these wont update on your credit report for around 3 months at least

JohalaReewi

That's a bit different. Usually it is i got turned down for credit and my score is 999.

Do what paddy suggests and also read Martin's article.
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

onlypaddy

Specifically from that article "Even a good risk customer can be rejected if they don't represent a good profit to the bank"

foued

I've just had the same problem. I was declined a Tesco credit card on the basis of 'poor credit score' but when I checked my credit expert report everything is in order and scored 'satisfactory'.

I've just been accepted for a mortgage (with blue chip credit!) and apparently this may be the reason. Most annoying!

Will this rejection sit on my credit report? Can I apply to another lender now or should I wait? I want to take advantage of the 0% interest on new purchases deals that are around at the moment to buy furniture for my new house.

foued

Ah ha, just spoken to a helpful gent at Credit Expert and it's likely I was rejected for a credit card by not being on the Electoral roll in my borough. Dunno if that helps anyone else?

izools

foued wrote: »

Ah ha, just spoken to a helpful gent at Credit Expert and it's likely I was rejected for a credit card by not being on the Electoral roll in my borough. Dunno if that helps anyone else?

This is very common and being on the electoral role can have a severe impact on your credit worthiness, depending on the creditor.

Note though that given the time of year, registering now takes until mid-January to appear on your credit files as the local councils are doing their admin and auditing.

I wouldn't recommend applying for anything else until your credit file reflects your presence on the ER.

Good luck!

(FYI - My Experian score showed me as "Satisfactory / Fair" and I'm a discharged bankrupt - I know this isn't a true reflection of my credit standing - so I've stopped paying for them. I'd suggest you do the same)