Application for loan refused - WHY???

ILW

Experian_company_representative wrote: »

No, not at all. If you want to know what state your credit report is in then the score is the best way to find out. It boils all your data down into a single number, essentially raking you against other customers.

I fail to see what practical use the score can have as it takes no account of such basic items as whether one has a job or not. Do you honestly believe it is worth £7.00?

geoffky

Experian_company_representative wrote: »

No, not at all. If you want to know what state your credit report is in then the score is the best way to find out. It boils all your data down into a single number, essentially raking you against other customers.

What the score can't do, however, is tell you whether you're going to definitely get credit because lenders look at more than just your credit report and they also each have the own customer wish-list and express this in their selection processes.

Anyway... 'Business sensitivity' was not the reason given for refusing credit; it was not meeting their criteria. IMO lenders should be more forthcoming than this. They don't have to give you credit but they have to treat you fairly.

James Jones

my score would be terrible as i have no debt and do not have things like car insurance on monthly payments also i have no mortgage and a lot of money in the bank.. i do not work as well , wonder what my score would be..