I've got an excellent credit rating. So why do I get declined?

mrfracas

Well, I called Tesco (because they were taking their time) and unfortunately, I've been declined.

What a massive blow!

Rising from the Ashes, I've taken your advice and checked out my report. I am rated good, and the only thing that is counting against me is that I don't appear to be on the electoral roll; which has wound me up a bit, because I have registered to vote at this property. So it gave me reason to get in touch with the council and try to rectify that issue.

Obviously this might mean that I'm a low risk; but obviously not profitable for Tesco or M&S.

So what is the point in having a good credit rating if it's counterproductive for those creditors?

I'm very disappointed.

But thank you all for your advice. It's been very useful.

Best Wishes

Matt

rising_from_the_ashes

Sorry to hear that - for a lot of lenders not being on the electoral roll will mean they are likely to not offer credit (without even taking anything else into account).

Again, this highlights why it's really important to check your report before applying for credit - if you'd done this and seen you weren't on the roll you could've sorted this out before applying ......

Put it down to experience (however frustrating), get yourself on the roll, wait a few months and try again.

mrfracas

rising_from_the_ashes wrote: »

Put it down to experience (however frustrating), get yourself on the roll, wait a few months and try again.

But I should be on the roll. I completed the letter to confirm the changes to tenants several weeks ago. I've expressed my disappointment to the council. Why have I come off the electoral roll when I've been registered at this address since 2009? It doesn't make sense.

rising_from_the_ashes

Yes, but you still need to check that you are on it!

You are required to re-sign up to it every so often - usually by post - and unfortunately mail does sometimes go missing, mistakes do happen in offices etc so it's ultimately your responsibility to make sure your on it if you want to obtain credit from anywhere.

mrfracas

You're right.

I guess I'm just a victim of circumstance.

At least I have a good score. I just have to wait a while for my registration to be rectified.

I did return the letter to update the circumstances of the household, but you may be right in assuming it could've got lost.

Credit Expert did also advise that it takes several weeks to update their electoral information.

Many thanks again for your help.

Matt

jen245

At this time of year, the electoral roll is not updated until December as LA's are doing their annual canvass at the moment, so if you have applied in the last few weeks, it will be a while before it actually shows you being on there, and perhaps longer still before the CRA info is updated.

thegoodman

Also when trying to get a card the credit report is not everything, other points are also looked into such as
Your income
Time with your employment
How long at your current address. If you change your address every 2 to 3 years it will be high risk for card company.
Home owner or not. Home owners are less likely not to pay or run away.
Any other debt
Any other cards and loans. The limit on your other cards v your income
If you have one your partners information
Your age
Electoral roll
The good credit history is ver important but not everything. Most card company will not decline the card because you pay on time hoping one day you will need the money and use their card so don't think that.

BoGoF

mrfracas wrote: »

At least I have a good score. I just have to wait a while for my registration to be rectified.

Since no one else has said it I will, your credit reference agency 'good' score means nothing to any potential lender.