Credit Score Not Acceptable

missing_string

Hi all,

I just applied for an M&S Bank Account to take advantage of the £100 voucher. Let me be upfront before I continue:

I move banks fairly frequently, and sometimes credit cards (though not recently). As an example, right now I have:

1 Lloyds Account
2 TSB Accounts
1 Santander Account
1 Bank of Scotland Account

The Lloyds Accounts are my "savings" accounts, Santander exists as it pays cashback on bills and the BOS account is my main bank account.

All but the Santander account were opened in the last 3 months. The wording on the M&S letter I received had me concerned:

"Unfortunately your credit score was not acceptable."

I just checked Equifax and everything is in good standing order. I did have 6 late payments on a credit card over several months, but the most recent of these was in March 2009.

So, do you think that I was rejected for my most recent applications, or something else at play here?

MABLE

missing_string wrote: »

Hi all,

I just applied for an M&S Bank Account to take advantage of the £100 voucher. Let me be upfront before I continue:

I move banks fairly frequently, and sometimes credit cards (though not recently). As an example, right now I have:

1 Lloyds Account
2 TSB Accounts
1 Santander Account
1 Bank of Scotland Account

The Lloyds Accounts are my "savings" accounts, Santander exists as it pays cashback on bills and the BOS account is my main bank account.

All but the Santander account were opened in the last 3 months. The wording on the M&S letter I received had me concerned:

"Unfortunately your credit score was not acceptable."

I just checked Equifax and everything is in good standing order. I did have 6 late payments on a credit card over several months, but the most recent of these was in March 2009.

So, do you think that I was rejected for my most recent applications, or something else at play here?

I applied for Marks and Spencer, HX, CO OP bank accounts within three days of each other and accepted for everyone. Also applied for a TSB bank account about a month previous and was accepted.

It may be your 6 late payments bringing your score down but as you say this was back in 2009.

DCFC79

Could be anything, could be something something simple as you just didnt fit the criteria for an M&S finance customer.

The_Boss

M&S don't disclose how they score applications, so we can only guess but the late payments are obviously a negative plus having 4 accounts opened recently they may have scored you down on that too.

Thrugelmir

Too many accounts springs to mind.

The_Boss

Thrugelmir wrote: »

Too many accounts springs to mind.

Yep - 4 within the last 3 months is a lot.

missing_string

Alrighty - thanks for input folks.

I guessed as much, but wanted some feedback from others to see if I was right.

thebritishbloke

The_Boss wrote: »

Yep - 4 within the last 3 months is a lot.

Not just that, but 4 within the last 3 months, and I'm guessing their overall average account age is <12 months.

Rrushi_Shqiptar

The_Boss wrote: »

Yep - 4 within the last 3 months is a lot.

The above and have you checked with all three CRA's you will be surprised the difference between them all.

MABLE

Well it certainly did not affect me by applying for 4 in a short period of time.