Creation not giving answers as why rejected credit

Pintsizedmel · 11 September 2012 at 9:25AM

I was rejected credit after previously having credit with creation for a higher loan amount in january of this year. It ended June and i paid it off quickly and on time. My credit rating has improved significantly since taking out this credit also.

So i wrote to creation to why out why i was rejected, and all i have been told is On this occasion, the main reason for decline was due to internal lending rules that we apply.

I have researched my rights to this and apparently this is an inacceptable reason legally and very vague answers such as yours and You didn't meet our minimum standards" or "You didn't receive enough points on our credit scoring system” are illegal. Acceptable reasons include: "Your income was low" or "You haven't been employed long enough." Which under the fair credit reporting act I am entitled to know. Could you clarify this is correct and where do i go from here? thank you

Voyager2002 · 11 September 2012 at 10:05AM

I suggest you leave it. Maybe they were short of money and were just reducing the lending amount this month? Maybe the fact that you paid off a previous loan means they charged less in interest than they expected and prefer to lend to people who will prove more profitable than you?

RuthnJasper · 11 September 2012 at 10:06AM

I think the answers you received on your other thread were probably right. It's Creation's money, and they don't have to tell you why they won't lend it to you. You could try ringing them, but I don't think they're obliged to tell you more than they have. Why is it "illegal" for them not to tell you?