Pay4Now Decline ??

fevlo

CherlokHomes wrote: »

Now I get it. I take it then anyone who gets offered a 0% credit card only offers this to a person they believe is not going to pay back their card within the 0% period then?

The key phrase in my post is...

The OP was declined simply becase he/she didnt fit the profile the lender is looking for.

Every lender is different and they will all have a profile of customer they want.
Ofcourse 0% cards are not just offerd to those that may go over the 0% period and this also should not technically be a basis for lending.
Alibobsy was saying that profitability could have been a factor for the "decline" with THIS lender.

Roustabout

Following on from this I am quite perplexed how this firm can appraise an applicant's financial standing properly.

As suggested by their "decline" message I have now checked my credit files.

Experian has shown no footprint search and every other aspect is in good order with no late payment on any live or settled accounts. The only live accounts are my credit card cleared monthly but that is showing a balance of £630 which was last month's bill which has been paid so clearly not updated. My current account which is in perfect order and my mobile phone again in perfect order.

However, on checking my Equifax file and they have given me a free trial - the same credit accounts are showing and everything is green across the table.

Pay4Now or Moneywise have performed a search under Secure Trust Bank. The search has been undertaken on the lower table - the non credit application as as far as I am aware STB does not get to see my credit account history. Only "opt in" searches do that. So I assume they did this to verify my address. My decline must then have been based on what I wrote on the form - a good job, decent income and a home owner for ages.

STB have performed no form of search with Experian. Unsure of Call Credit - but I assume they hold a similar set of data on me.

So clearly STB do not want a home owner, £35k income and employment longevity.

For what is is worth my Credit Score was 457 - National Average 430 so I am not in the "Excellent" bracket - possibly due to no mortgage now?

CherlokHomes

For what is is worth my Credit Score was 457 - National Average 430 so I am not in the "Excellent" bracket - possibly due to no mortgage now?

That's it though 457 score on a company that doesn't lend money is quite worthless, you might as well get a score from your local barbershop.

Are you sure there wasn't a small print on pay4later's criteria saying "all homeowners on a good wage will automatically get turned down"

Roustabout

CherlokHomes wrote: »

That's it though 457 score on a company that doesn't lend money is quite worthless, you might as well get a score from your local barbershop.

Are you sure there wasn't a small print on pay4later's criteria saying "all homeowners on a good wage will automatically get turned down"

Hence why I said for what it is worth. I know the scores are worthless but it was free. I am just puzzled at Pay4Now's internal score because clearly they have not undertaken a full opt in search to appraise my fuller financial picture.

You appear to enjoy making obtuse remarks. Not sure if you do it in a widespread fashion or you have just zeroed in on this thread.

Perhaps if you put as much effort into being constructive as you do being a bit of tool you might not come across as one.

CherlokHomes

Roustabout wrote: »

Hence why I said for what it is worth. I know the scores are worthless but it was free. I am just puzzled at Pay4Now's internal score because clearly they have not undertaken a full opt in search to appraise my fuller financial picture.

You appear to enjoy making obtuse remarks. Not sure if you do it in a widespread fashion or you have just zeroed in on this thread.

Perhaps if you put as much effort into being constructive as you do being a bit of tool you might not come across as one.

It's not just you' I'm not meaning to sound rude but so many people think that if they are a homeowner on a good wage they think getting accepted is their right when it's not.

I understand you're peed off as I would be in your position but I also know you'll end up pulling your hair out if you let it get to you.

People can have the best credit histories going and get turned down, at this point you just move on and try another company.

CherlokHomes

Roustabout wrote: »

Hence why I said for what it is worth. I know the scores are worthless but it was free. I am just puzzled at Pay4Now's internal score because clearly they have not undertaken a full opt in search to appraise my fuller financial picture.

You appear to enjoy making obtuse remarks. Not sure if you do it in a widespread fashion or you have just zeroed in on this thread.

Perhaps if you put as much effort into being constructive as you do being a bit of tool you might not come across as one.

It's not just you' I'm not meaning to sound rude but so many people think that if they are a homeowner on a good wage they think getting accepted is their right when it's not.

I understand you're peed off as I would be in your position but I also know you'll end up pulling your hair out if you let it get to you.

People can have the best credit histories going and get turned down, at this point you just move on and try another company✅

Roustabout

CherlokHomes wrote: »

It's not just you' I'm not meaning to sound rude but so many people think that if they are a homeowner on a good wage they think getting accepted is their right when it's not.

I understand you're peed off as I would be in your position but I also know you'll end up pulling your hair out if you let it get to you.

People can have the best credit histories going and get turned down, at this point you just move on and try another company✅

Perhaps because not being those things means you possibly but not always living beyond your means. If you were loaning money to someone would you loan to a person on Jobseekers who can't afford the next slice of bread or someone who has paid their mortgage off, has savings in the bank and a stable lifestyle.

I know who I would rather loan to.

Back in 2007/08 the country, no in fact most of the world was brought to its knees through the irresponsible lending to people who unlike me and other prudent others decided to borrow beyond their means and then not bother to pay it back because they could just file for bankruptcy and start over again without any shame. Lending institutions vowed not to do that again but it is creeping back slowly.

I am not sure what Pay4Now want. But baring in mind my student nephew is a customer there is one customer profile they do lend to!

CherlokHomes

I am aware on here of people similar to me who have been declined a Vanquis card. Who is their card aimed at? Strange how those who would pay back get declined!

Trouble is every individual is different.

I've never missed a payment in my life earn 10k less then you and private rent and have over 20k in credit limits with 0% offers on a decent amount of that and Pay4later accepted me, but you'd think they'd of declined me if I'm such an excellent payer wouldn't you but they didn't.


Like I've said every applicant as an individual is different.