Credit Card Decilned even though excellent credit score...What gives?

PeacefulWaters

CherlokHomes wrote: »

Complete wrong information.

While you could reasonably claim that I've made a sweeping statement relating to 999, the point about looking at your credit file for the weaknesses is absolutely correct.

The questions I went on to ask included having a banking relationship with Lloyds. A rather accurate point to raise, don't you think?

Woolie32

PeacefulWaters wrote: »

The questions I went on to ask included having a banking relationship with Lloyds. A rather accurate point to raise, don't you think?

yes you do have a good and valid point, as I mentioned in another post I have no history with Lloyds (apart from a loan which was paid off years and years ago) along with the fact that they arent going to make much money from me are probably the key factors as to why it was declined initially.

Woolie32

Ironically the very same credit card (Lloyds 24) that I wanted is at the top of this page under MSE Best Buys... others be warned try someone else first...lol

PeacefulWaters

Woolie32 wrote: »

the fact that they arent going to make much money from me ... key factor ... as to why it was declined initially.

I wouldn't hold too much faith in this being a specific reason, although it is interlinked with the non-customer thing to a point. It's more likely that they view the risk profile of a non-customer as being undesirable rather than a belief that you won't pay any interest.

Lloyds sees itself as a relationship bank. Get your salary and cross-sell other products from there. They're not really focused on generating sole product relationships. Multi-product relationships spawn from a current account. Rarely from a credit card, loan or mortgage.

Barclays would be a good example of a high street bank following a very different strategy with its credit card division having fingers in many pies.

You've done well to get as far as you have with Lloyds!

Ironically the very same credit card (Lloyds 24) that I wanted is at the top of this page under MSE Best Buys... others be warned try someone else first...lol

Unless you already bank with Lloyds.

Experian_company_representative

Woolie32 - the lender referred you to us because they used your Experian credit report to help them decide. If you check your report and can't see any issues then you can go back to the lender abd tell them this, asking for more info. Industry guidelines do require them to tell you the main reason for refusing credit, but sometimes you need to ask and ask the right person. The score we've given you is intended as a guide to help you get an idea how a lender might assess your report. It also comes with pointers to help you identify things you might be able to improve.

James J

Woolie32

Experian_company_representative wrote: »

If you check your report and can't see any issues then you can go back to the lender abd tell them this, asking for more info. Industry guidelines do require them to tell you the main reason for refusing credit, but sometimes you need to ask and ask the right person.

James J

Ive checked my report and there is nothing on there to indicate any problems, I have asked at least 4 people at Lloyds for a better reason than "you do not reach our criteria" and no one is willing to put me through to someone who can. i feel like reporting them to the Financial Ombudsman but think I would be wasting my time.

redpete

Woolie32 wrote: »

Ive checked my report and there is nothing on there to indicate any problems,

Well something has caused it to be 837 instead of 999. Maybe that something is important to Lloyds when they make their decision. A 'problem' from the lenders' pov doesn't have to be something like missed payments. It might be a short time at the current address, or your income being below a threshold, or your available credit relative to your income being above a threshold, or your visible history of managing debt not being long enough, or ...

PeacefulWaters

Woolie32 wrote: »

Ive checked my report and there is nothing on there to indicate any problems, I have asked at least 4 people at Lloyds for a better reason than "you do not reach our criteria" and no one is willing to put me through to someone who can.

They gave you a reason and you referred to it in your first post.

"they told me I didnt pass their credit scoring"

They could have said that information provided by a credit reference agency caused the decline. Based on your post, they haven't said this.

They take the view, quite reasonably, that they don't have to provide you any more reasoning that that. To do so could leave them wide open to future fraudulent applications.

i feel like reporting them to the Financial Ombudsman but think I would be wasting my time.

You would be.

They can't make a bank provide credit when they don't want to.

They can't compel the bank to provide a more detailed explanation than they already have done.

You could complain about the service provided. But that would be delay with before it gets to the FOS.

zeds

Related to the above...

do card lenders look at only Experian, these days? I thought a lot of them looked at CallCredit as well (so that's two CRA's being checked) - perhaps without this being obvious when you apply? (ie they may not highlight it in their info?)

Obviously some card companies use Experian, I'm just referring to the above two for sake of simplicity (as it seems to be the case that it's 'either' Experian or Equifax that is the main credit reference agency card companies look at - backed up possibly by a second agency in the form of Callcredit...).

So: are there any card lenders that just use Experian, is there a list of these somewhere? (is it something easy to check, if not?)

thanks. Obviously this may partly be what's going on with the OP - that the lender has also checked Callcredit and there is something on there that isn't on the Experian file.

Woolie32

PeacefulWaters wrote: »

They gave you a reason and you referred to it in your first post.

"they told me I didnt pass their credit scoring"

Sorry this was my error... they didnt say that 'credit scoring' i worded this wrong in the inital post... I was just told that 'i hadnt met their criteria'

PeacefulWaters wrote: »

They could have said that information provided by a credit reference agency caused the decline. Based on your post, they haven't said this.

There was no mention of the above about info from the credit agancies

PeacefulWaters wrote: »

They take the view, quite reasonably, that they don't have to provide you any more reasoning that that.

They can't make a bank provide credit when they don't want to.

this seems true, though unfair and incredibly frustrating...

PeacefulWaters wrote: »

They can't compel the bank to provide a more detailed explanation than they already have done.

You could complain about the service provided. But that would be delay with before it gets to the FOS.

to be honest I havn't got the time or energy to do this... i have a job!