Help required with Credit Report / Credit Score

sugarflux

I wonder if anyone is able to help me please?

I'm trying to get to the bottom of why I have been turned down for credit several times. I've signed up with Experian, Equifax and Noodle all of which give me a credit score of 999 out of 1000 and the credit reports on each seem to be accurate.

Around ten years ago I had a few credit cards, never missed a payment and eventually paid them off. Since then, aside from a small mortgage, I have had no debt whatsoever.

I was in Debenhams two years ago purchasing clothes for my wedding and at the checkout they offered me 20% off if I signed up for a store card. 20% on what I was spending was quite a substantial amount of money so I agreed - and was subsequently turned down. For almost two years now I've been trying to find out the reason why!

6 Months after this I applied for a "credit-builder" credit card (as recommended on creditexpert.co.uk) and was turned down. I removed some erroneous "financial associations" on my credit report, ensured everything was correct, waited 6 months and tried again with another company. Again I was turned down.

My most recent application (June 2012) was recommended by Equifax as a credit building "most likely to be accepted" and again was turned down. After each time applying I've chased up the bank to try and get more information and each time they tell me who they use to score against but won't give me any more details.

I've spoken with Equifax and Experian to get some advice and both tell me that they can't see any reason for being turned down.

Anyway - enough waffling - is there anyone that is able to offer any advice please?

~S~

BugsyBrowne

Have you tried vanquis or cap1 classic and if so and they've turned you down then there's a definite bit of adverse info floating on your credit files.

Electoral roll yes?
Employed yes?
All associations gone yes?

sugarflux

Thanks for getting back to me Bugsy

The last one I tried was Barclaycard classic. I haven't tried either of the cards you mention and I guess I will probably need to wait a couple more months before applying for a new one.

I'm on the electoral roll (opted out of marketing though) and this shows up in all credit reports.

Full-Time employed and haven't had more than a two week break in employment in the last 12 years.

The erroneous association i mention (an ex-girlfriend from several years ago) has now gone (a long time before applying back in June). My wife is an association as we have a joint account for paying bills - (account has never been overdrawn and my wife has no debts/cards etc).

The only debt I have is a small mortgage (<£100k) which is on a house I rent out (I'm a private tenant in my house). This is the only irregular thing on there.

I don't need a credit card as such I just don't want to be in a position where I will be turned down for credit if I need it - for example if I get a new mortgage.

Thanks in advance

~S~

BugsyBrowne

Vanquis or Cap1 classics are the ones you should of applied for although the cards like BC classic or initial or even Aqua are credit rebuilding cards they do require some sort of credit history where as Vanquis or Cap1 classic takes anyone who has a pulse.

You won't have to wait a few months to apply for these neither.

sugarflux

Thanks Bugsy.

Maybe I will apply for a Vanquis or Cap1 card then. The thing that bugs me still is with near perfect credit why I should have been turned down anyway - I could understand if there was something amiss in my credit report but i can't find anything.

Ah well I suppose if Vanquis/Cap1 reject me then it just further proves there is a problem. The difficulty is that no one seems to want to tell you what the problem is so applying for card after card doesn't seem to be helping me!

I'm toying with the idea of finding an IFA to look over my report and try and find the answer - has anyone any experience or recommendations?

Thanks again

~S~

Experian_company_representative

Always worth pressing any lenders that says no for the main reason. They are obliged to tell you!

James Jones

sugarflux

Hi James

Thanks for that advice but after writing three letters to Barclaycard, each one month apart - and the second two letters duplicated to their complaints department, still with no response at all from anyone there's little I can do.

I phoned the financial ombudsman earlier this week asking to raise a complaint about not having any response from Barclaycard and they told me that lenders are under no obligation to even acknowledge any such letter, nor do they have to give any reason as to why they have refused credit - or even give you any hints as to their acceptance criteria. All they are required to do by law is inform you that you have been declined and tell you which credit referencing agency they use. I think even the latter is more of a suggestion than a hard and fast rule.

I, too, was under the impression that legally the lender had to indicate at least the criteria they were looking for but alas it would seem this is an urban myth - or perhaps an American law as it does seem to be repeated across the internet.

I was, funnily enough, a member of Experian (CreditExpert) for a while and discussed this very issue with a premium rate customer service advisor at length and still never got to the bottom of why credit was refused. They told me they had no idea why and I should contact Barclaycard.

Vicious circle?

~S~

BugsyBrowne

Experian_company_representative wrote: »

Always worth pressing any lenders that says no for the main reason. They are obliged to tell you!

James Jones

So they're obliged to tell you are they you sure about that? So Experian says we have a right to find out as why if indeed we get rejected,cant see banks giving that info as this would make future applications a bit of pi*s to be accepted.

You work for Experian James jones your not mervyn king.

nottoolate

think james is referring to this bit in the lending code?

56. If a lending application is declined following credit assessment, the subscriber should explain the main reason why if asked by the customer. If the decline is as a result of information obtained from a CRA search, the subscriber should provide the customer with contact details for the CRA.

BugsyBrowne

Experian_company_representative wrote: »

Always worth pressing any lenders that says no for the main reason. They are obliged to tell you!

James Jones

nottoolate wrote: »

think james is referring to this bit in the lending code?

Is this on the banks lending or Experian website?

nottoolate

in what used to be the banking code before they changed the name.

http://www.lendingstandardsboard.org.uk/thecode.html