Rejected for Tesco Credit Card

PeteWoodward

Woman at Tesco Bank on the phone put me through to an underwriter who said nothing but that I didn't meet their minimum credit score. She did say however that the electoral roll probably wouldnt have had enough impact to do that itself.

She wouldn't tell me however what elements of my application led to the rejection, and wouldn't explain the appeal procedure to me, just referred me to the letter I would receive and their "handy tips" for improving my credit and asked me to apply again in six months. Totally useless.

The_Boss

PeteWoodward wrote: »

Woman at Tesco Bank on the phone put me through to an underwriter who said nothing but that I didn't meet their minimum credit score. She did say however that the electoral roll probably wouldnt have had enough impact to do that itself.

She wouldn't tell me however what elements of my application led to the rejection, and wouldn't explain the appeal procedure to me, just referred me to the letter I would receive and their "handy tips" for improving my credit and asked me to apply again in six months. Totally useless.

Surely you can appreciate why they cannot tell you which specific factors influenced their score?

CherlokHomes

PeteWoodward wrote: »

Woman at Tesco Bank on the phone put me through to an underwriter who said nothing but that I didn't meet their minimum credit score. She did say however that the electoral roll probably wouldnt have had enough impact to do that itself.

She wouldn't tell me however what elements of my application led to the rejection, and wouldn't explain the appeal procedure to me, just referred me to the letter I would receive and their "handy tips" for improving my credit and asked me to apply again in six months. Totally useless.

Move on you failed their credit scoring due to your unhealthy credit report.

PeteWoodward

I just dont see the harm in them telling me 'we think you owing any more than £5k isn't wise' or 'you use up too much of your overdraft for us to supply any more credit'.

Anything like that would be really useful.

nat21luv

Just received correspondence from Tesco, no apology or reasoning for the rejection, just an application form for me to sign and a letter saying my new credit card will arrive in the next 10 days!

If there really is no genuine reason why you should be rejected, send them a copy of your credit report with a covering letter requesting an amount.

The_Boss

nat21luv wrote: »

Just received correspondence from Tesco, no apology or reasoning for the rejection, just an application form for me to sign and a letter saying my new credit card will arrive in the next 10 days!

If there really is no genuine reason why you should be rejected, send them a copy of your credit report with a covering letter requesting an amount.

Good stuff. Do you have any defaults on your accounts though?

nat21luv

Nope, none at all. The only thing I could think of is that 3 months ago I had my ex removed from my financial connections. Tesco use Experisn and Call Credit when making a decision so I sent my Noddle report highlighting the section of disassociation.

Thrugelmir

PeteWoodward wrote: »

It's not 10k though. It's only 5k.

Apologies my mistake.

My comments still stand though. Applying for more credit when already using overdraft regularly is one step from disaster. Any financial distress such as job loss, sickness, incapacity would tip you over the edge. That's the lenders view.

In fact your telephone call would convinced the underwriter that you are financially stretched and desperate for the money. Underwriters have a sixth sense for peoples financial positions as they've seen it and heard it many times before.

System

When you are turned down for credit the bank never tell you why,just a brief explanation. The reason why have have been turned down could be several things.

If you have had too many credit checks in a short time,if you have more than one credit card or if you have a loan,low earnings. All could be some of the reason. Also many banks won't give loans or credit cards to people on welfare benefits.

Why not apply for a Current Account with a debit card. This is better as you won't go into debt. I myself would rather have a debit card than a credit card. As with a debit card you can only spend if the money is in the account.but with a credit card you have to pay it all back and you could go into debt. Though it's up to you.

sfax

PeteWoodward wrote: »

but they don't have me on electoral roll at the address I am at.

Get this sorted before applying for anything else. You're telling them you live at one address and Experian report you live somewhere else. This is a big negative factor and puts you in a higher risk category