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Turned Down For FD Account!?
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Ok, I thought they used the credit agencies.
They do use data from the credit reference agencies, but they don't use the credit scores that the CRAs calculate because they have their own scoring. Which is a lot more complex than the CRA calculations and it takes into account other things such as the business policies and level of risk tolerance at the time of application.0 -
My concern now is switching to Halifax or one of the others and getting more refusals!0
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They do use data from the credit reference agencies, but they don't use the credit scores that the CRAs calculate because they have their own scoring. Which is a lot more complex than the CRA calculations and it takes into account other things such as the business policies and level of risk tolerance at the time of application.
Well I would have thought they would be most concerned about risk rather than how much interest they can get out of people. After all they are offering £125 to switch, they must expect some customers to be chasing the money?!0 -
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Some financial institutions* do take a scorecard from the CRAs, just not the 'credit score' that the CRAs sell the consumer.They do use data from the credit reference agencies, but they don't use the credit scores that the CRAs calculate because they have their own scoring.
* Experian boast they supply scorecards to over 150 UK financial institutions.0 -
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YorkshireBoy wrote: »Why would a refusal concern you? All that's recorded is a credit search...the outcome is not recorded.
FD's refusal means I wont be getting the £125 switching bonus, if Halifax went the same way that £160 potentially lost as well....0 -
It's out of your hands though. Without waiting for the searches to fall off your report and/or closing some accounts you can't do anything about it.FD's refusal means I wont be getting the £125 switching bonus, if Halifax went the same way that £160 potentially lost as well....
Having said that, I have 20+ current accounts and have yet to be declined one, so maybe there's something else they don't like about you? Why not appeal, telling them something about yourself that they don't already know (ie something that isn't on your credit file and wasn't entered during the application) and why you'd like to bank with them?0 -
Thrugelmir wrote: »What interest do they get out of people?
They seem to be avoiding customers that are too savvy, they wont be making money from the overdrafts the SO/DD refusals, the credit card balances left over the month end etc etc. Banks want people to be in debt to make money out of them.0 -
YorkshireBoy wrote: »It's out of your hands though. Without waiting for the searches to fall off your report and/or closing some accounts you can't do anything about it.
Having said that, I have 20+ current accounts and have yet to be declined one, so maybe there's something else they don't like about you? Why not appeal, telling them something about yourself that they don't already know (ie something that isn't on your credit file and wasn't entered during the application) and why you'd like to bank with them?
Very true I just thought I would offer the experience and see if others had anything similar happen.
My Noddle report updates tomorrow and I will be interested to see if there is anything odd on it. I could try appealing but I really dont know what I am appealing against as they refuse to "divulge any further information"!!
My letter simply states I "didnt achieve the required credit score" but no idea why.0
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