Loan rejections despite excellent credit rating

WellKnownSid

serverking wrote: »

We know it's shizzle - I have an average credit score, no IVA's bankruptcy etc, even run my own business, clearing £3k per month, and still Barclays turned me down for a loan. I'm not trying to push OP into signing up with any credit scoring site - it's just a guide to see what has gone on your record, i.e late or missing payments that can make banks wary.

It's even harder for us without a credit score. We managed to get a mortgage earlier this year, and at an OK rate (3.99% fixed for 5 years) - but it took months. At one point I thought they were going to ask me for old school reports!

Lenders are too dependent on putting everyone into computer-generated boxes these days. I think it's supposed to help them manage risk... well clearly that didn't work, did it! :rotfl:

james.maperson

The Experian credit score is generated through a raft of different factors - it is a good guideline. You can say 'the lender will use their own scoring system', which is of course right, but as a general broadbrush of lending criteria, the score is well calculated. If you get a score of 999 and still can't get credit, call CreditExpert and speak to an adviser about your report. Credit checking is not as simple as 'I've never missed any payments'. In my experience people don't fully understand their report to recognise weaknesses on it. Either that or they are part of the the baby-boomer generation that is obsessed with chasing credit card offers and balance transfers. These people make their own mind up about the system, and can't be educated otherwise!!

BugsyBrowne

james.maperson wrote: »

The Experian credit score is generated through a raft of different factors - it is a good guideline. You can say 'the lender will use their own scoring system', which is of course right, but as a general broadbrush of lending criteria, the score is well calculated. If you get a score of 999 and still can't get credit, call CreditExpert and speak to an adviser about your report. Credit checking is not as simple as 'I've never missed any payments'. In my experience people don't fully understand their report to recognise weaknesses on it. Either that or they are part of the the baby-boomer generation that is obsessed with chasing credit card offers and balance transfers. These people make their own mind up about the system, and can't be educated otherwise!!

:rotfl::rotfl::rotfl:

drbesty

The Experian credit score is a waste of money judging by the amount of 'I've got a perfect 999 credit score yet I can't get a loan/credit card' posts we see on this forum

BugsyBrowne

drbesty wrote: »

The Experian credit score is a waste of money judging by the amount of 'I've got a perfect 999 credit score yet I can't get a loan/credit card' posts we see on this forum

Mate there would have to something seriously wrong if you didn't have a 999 credit score from them muppets.