M&S Credit Card Application referred to Underwriters

spikiemikie

Deleted_User wrote: »

Or you were just in the other 49%.

Yeh, but that's not how it should work though is it.... organisations making lending decisions should do it objectively to a strict formula and, without disclosing the whole formula, they should be far more transparent about their specific reason(s) for declining credit or charging a higher level of interest.


Very often people don't realise they've defaulted on something or been a victim of fraud until they get a strange lending decision... it can then take a lot of looking into to find out what the issue might be because lenders don't seem to be obliged to disclose anything.


A lot of people slate companies for poor decisions or getting it wrong, a bit of openness and transparency would help everyone.

bigadaj

spikiemikie wrote: »

Yeh, but that's not how it should work though is it.... organisations making lending decisions should do it objectively to a strict formula and, without disclosing the whole formula, they should be far more transparent about their specific reason(s) for declining credit or charging a higher level of interest.


Very often people don't realise they've defaulted on something or been a victim of fraud until they get a strange lending decision... it can then take a lot of looking into to find out what the issue might be because lenders don't seem to be obliged to disclose anything.


A lot of people slate companies for poor decisions or getting it wrong, a bit of openness and transparency would help everyone.

It's their money, they can decide who they lend money to and at what rate, you accept that or decline to deal with them. You could have taken your business elsewhere after all.

If they made their decision more transparent then people would manipulate this to their advantage.

spikiemikie

bigadaj wrote: »

It's their money, they can decide who they lend money to and at what rate, you accept that or decline to deal with them. You could have taken your business elsewhere after all.

If they made their decision more transparent then people would manipulate this to their advantage.

That would be fair enough if you could shop around for loans and cards like you can tins of beans in a supermarket.. The problem is you have to apply before you know if you'll be accepted and at what rate. And this then appears on your credit file; you cant apply for 12 loans and pick one of those actually offering the advertised APR, your credit score would really suffer if you did that.


It would not hurt for lenders to tell customers they had too many credit cards, or that they needed to reduce some of their credit limits, or the fact they made a late payment 2 years ago, was the primary reason for a negative lending decision...