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

yenool

I can never quite understand the anger and almost outrage some people have when a bank wont lend them money..... that and the complaining about 'low' £1500 limits, etc.

The bank is not obligated to lend anyone anything and why wouldn't they be fussy when it is an unsecured loan with 0% interest period. They are looking at it from a business point of view so you have to ask yourself what is their risk/reward benefit?

As others have said, 'credit scores' from the likes of equifax are pretty much useless as each lender will have their own criteria.

Woolie32

yenool wrote: »

I can never quite understand the anger and almost outrage some people have when a bank wont lend them money..... that and the complaining about 'low' £1500 limits, etc.

This post wasnt about anger or outrage your missing the point...

I was looking for another persons view and opinion to a situation that I couldnt get any answers from the people involved, but thankyou for repeating the obvious bits of what has already said by others... well done... did you use copy and paste?

CherlokHomes

yenool wrote: »

I can never quite understand the anger and almost outrage some people have when a bank wont lend them money..... that and the complaining about 'low' £1500 limits, etc.

The bank is not obligated to lend anyone anything and why wouldn't they be fussy when it is an unsecured loan with 0% interest period. They are looking at it from a business point of view so you have to ask yourself what is their risk/reward benefit?

As others have said, 'credit scores' from the likes of equifax are pretty much useless as each lender will have their own criteria.

Agreed, but you need to blame the FEEDER which are the likes of CRA's that put adverts on TV like " check you Experian credit score before you apply" etc etc... Then the person who's watched the advert then pays a Rip off £14.99 gets a worthless 990 score apply rejected and they're wondering why.

The Experian adverts are great business and this company is making a fortune out of the gullible, then these people join the forum asking what the hells going on as to why they're rejected with a high meaningless score we then tell them they're worthless and another unnecessary long winded thread hits MSE again.

fozmcfc

I got accepted for a Lloyds card last year with a 4k limit and they even increased it during the 0% period upto £5750 and I have never ever had any credit products with Lloyds in the 26 years of me holding a bank account and various credit products from numerous other lenders.

So even if they are picky, not holding an account with them or even having had any financial product from them doesn't come into it IMO.

Some people just aren't accepted by certain companies and there are many reasons.

In 26 years, I've only ever been turned down for two credit products, one by whatever was behind Abbey National in the 1990's and later when it became the Santandar group in the 2000's.

Woolie32, if you feel you have been turned down when you shouldn't, you can always appeal and have a human look over your application. You could include any relevant information that might not have been taken into account, such as savings account statements etc..

fozmcfc

The Experian score is worthless, because even someone who is bankrupt can be given a 999 by them. We have seen people post on here that very thing.

It only take certain things into account and therefore even if you scored top marks for these things, other things it doesn't look at might be letting you down.

Plus of course there are 3 credit reference agencies (CRA), so if someone is looking at Experian and the company only search one or both of the other two, there might be something on them that lead to a refusal. Plus of course some will look at Experian and one or both of the others as well.

Woolie32

fozmcfc wrote: »

you can always appeal and have a human look over your application. You could include any relevant information that might not have been taken into account, such as savings account statements etc..

Thats exactly what I did, and got the decision upturned, as i mentioned in the original post.. i should recieve the card next week, i also got a letter of apology and a cheque for £60 for my troubles

what i didnt get was the explanation of to what went wrong which is what prompted me to start this post..

meer53

If you'd been turned down because of credit file information they would have referred you back to whichever CRA they use.

They didn't, so it was their own credit scoring criteria that you didn't pass. No good asking why as they won't tell you. They don't have to tell you so i'd just move on if i were you.