Rejected for Tesco Credit Card

PeteWoodward

Hi All,

I was rejected right away for a Tesco credit card. Seemed like a pretty instant decision.

They say they use Experian and my credit score through them via credit expert was 897 with the only negatives cited being that

a) You have recently opened 1 or more new credit accounts. [It was 02 Broadband for which I pay monthly and owe nothing]

and

b) Your borrowing on regular instalment credit has not reduced significantly over the last 12 months. [It has reduced from 5000 to 4000 which works out at a reduction of 20% and in line with the agreement when I took out loan]

Obviously I have to wait for the letter but I really don't understand why? Is there something my credit score isn't telling me?

Tixy

The info on experian is only 1 part of their decision.
Perhaps they rejected you for other reasons nothing to do with what is on your credit file?

E.g. perhaps they are concerned about affordability of a new credit line when looking at your existing level of debt, credit and level of income.

The_Boss

Experian cause more confusion than is necessary through the pointless score snd ridiculously generalised flags that a lender may not weight in the same importance that they do.

meercatsunited

I had a simialr problem, a default notice from orange that was the fault of orange not processing the DD. I phoned the CC company they then looked at my details and gave me the card saying the rejection was an automated thing. so give them a ring and talk to them

PeteWoodward

Will their letter be explicit in why they rejected me? And do people ever successfully appeal these things? Even if not for credit, for the removal of the search?

I've waited months for everything to be sorted to do this and now i'm back to square one

Tixy

Their letter will likely be vague. Its just possible they may say because of something on your credit file, or down to affordability or something, but often lenders give no clue.

Some people do appeal a decision and find a lender will change their mind when its looked at by a person in the underwriting team.
No chance of getting the search removed from your file - it did happen.

Why are you back to square 1?
Did you particularly want this card? you could try applying elsewhere (although ideally best to try to work out why you were declined first before making more applications).

PeteWoodward

I had a credit card default, which was the fault of Lloyds, one my report for so long. Finally got it removed. By this time i'd moved house however and my good credit rating went quickly to poor as electoral roll and bills/bank/etc were all at old address.

Updated them all, bills didnt take too long but just missed the deadline for electoral roll so had to wait six weeks for them to update that.

It isn't flagged on my experian as an issue but they don't have me on electoral roll at the address I am at. Confirmed with Council that I am on and they have given me my elector number and everything...so I rang experian and they have just told me there is a backlog and it should be updated within two months.

Could this be it? And could I appeal with the evidence from the council?

rbrtmcrthr

I got rejected for same card just last week. Got a letter out saying that I did not pass their internal application score, due to information of the CRAs. I do have 2 defaults from 3 years ago, but I have written to them to appeal, so hopefully by someone reading a letter of explanation rather than an online score will overturn their decision.

The_Boss

rbrtmcrthr wrote: »

I got rejected for same card just last week. Got a letter out saying that I did not pass their internal application score, due to information of the CRAs. I do have 2 defaults from 3 years ago, but I have written to them to appeal, so hopefully by someone reading a letter of explanation rather than an online score will overturn their decision.

Your two defaults make you a huge risk and that is why you didn't pass their internal application score. The online score you refer to is totally different and means very little.

PeteWoodward

I figure my £5k of credit on a salary of £25k with no dependants, etc. isn't a huge issue on paper so i'm really confused.

rbrtmcrthr

The_Boss wrote: »

Your two defaults make you a huge risk and that is why you didn't pass their internal application score. The online score you refer to is totally different and means very little.

Yes I do realise this but I gave it a shot, so instead of being "online scored" my explanation would be read by someone. I always say if you dont ask you dont get