Lloyds TSB CREDIT POLICY DECLINE!!!!!!!!!!

MoneySaverLog

thatsthewayitisin2012 wrote: »

I was looking on money manager today, £26313 went thru account last year, £21438 has gone thru so far this year and there still think im a risk!!!!

Money manager is a funny old thing, I have had around £40K go through my accounts this year, but quite a bit of this is where I'm cycling £1,000 across 3 vantage accounts and a Halifax reward account.

It's a good tool, but has it's limitations.

Dunree

I wonder if this was the reason I was knocked back for a CC with my bank.

£35k a year going in via salary, around £7k in savings, which is on the increase, and ever decreasing cc debt, no rent, no mortgage.

The 'advisor' at the bank told me not to worry, that the card would be approved, but it was declined on the same day according to the letter I received.

BugsyBrowne

Dunree wrote: »

I wonder if this was the reason I was knocked back for a CC with my bank.

£35k a year going in via salary, around £7k in savings, which is on the increase, and ever decreasing cc debt, no rent, no mortgage.

The 'advisor' at the bank told me not to worry, that the card would be approved, but it was declined on the same day according to the letter I received.

You could have 50k savings but they would still turned you down.

Dunree

BugsyBrowne wrote: »

You could have 50k savings but they would still turned you down.

Why though?

It annoys me that they hide behind the CRA's when letting you know of their decisons....

thatsthewayitisin2012

They are not looking at your credit profile when they make the decision, check if there are any credit search, the times I have applied for loan or cc it just declines it. I wish they did then it would probably come up approved!!!

MoneySaverLog

They do some manual searches sometimes, when increasing a OD for example they did a search.

They have data from the CRA sent them for all customers every month, so no searches appear as a matter of cause, but it does show up on the internal profile as "Adverse" if anything bad is found however they don't actually know any more than that and don't know what the adverse is.

It will also put a block on any good internal score you may have.

Fiddlestick

They DO perform searches with CRAs but if you have the CPD marker on your account then it's their policy that they will not lend to you under any circumstances, no matter what.

Why would they bother searching with the CRA (and likely incurring a fee in the process) when they already know that they are not going to lend to you?

Dunree

thatsthewayitisin2012 wrote: »

They are not looking at your credit profile when they make the decision, check if there are any credit search, the times I have applied for loan or cc it just declines it. I wish they did then it would probably come up approved!!!

CRA's were checked in my case

thatsthewayitisin2012

Using a credit scoring system helps Lloyds Banking Group companies to lend responsibly by making the best possible decision when you apply for credit, and it also helps to make sure that you will be able to repay what you have borrowed. If you submit an application and it is declined, you can ask to have the decision reconsidered. You also have the right to ask that the decision is not made based solely using a credit scoring system.

Could try asking them not to use the credit scoring system?

Dunree

thatsthewayitisin2012 wrote: »

Using a credit scoring system helps Lloyds Banking Group companies to lend responsibly by making the best possible decision when you apply for credit, and it also helps to make sure that you will be able to repay what you have borrowed. If you submit an application and it is declined, you can ask to have the decision reconsidered. You also have the right to ask that the decision is not made based solely using a credit scoring system.

Could try asking them not to use the credit scoring system?

I wasn't made aware of that by the advisor.

If I had've, I would have asked for it to be done that way