Rejected by "first direct"

Broadback

I recently applied for the above, to be honest to take advantage of their regular savings account. I was rejected and have just received a letter saying "you did not meet our opening criteria....because it did not meet the required credit score", later the letter states that it is confidential so no further information can be divulged.
I am annoyed, my credit score is 99, I have never owed money that has not been paid in accordance to the schedules. So I applied to Nationwide, I got in there but was refused the free overdraft, which I neither wanted nor need. But why?:mad:

[Deleted User]

Because they have their own lending critieria that pays no attention to your score of 99.

Fruit_and_Nut_Case

Broadback wrote: »

...my credit score is 99...

It's no consolation but we often see posters being rejected with "scores" of 999. As zx81 implied, your 99 is irrelevant to lenders.

Broadback

I accept that, but it does not explain why. There must be some way to find out how these lenders asses a potential client.

thebritishbloke

Broadback wrote: »

I accept that, but it does not explain why. There must be some way to find out how these lenders asses a potential client.

They legally have to give a reason, but it can be as vague as "credit score" and that's it.

Broadback

Well I have one CC, that is paid in full by DD every month. I have never failed, in my life, to pay any debt on schedule and have had no debts for years except from September I bought a new car on credit. I only did this because that gave me a considerable discount on the price but I will pay it of after 6 months which is the earliest I can do so without penalties.
In January I changed my bank, for the first time in many a year, I don't know if that has a bearing, I don't see why.

[Deleted User]

It could be anything and there's no way that they're going to let their operating model and risk strategy get out into the open.

Broadback

If they are that picky I am surprised that they get new customers! Pity the banks were not a careful with their own money a while ago.

Thrugelmir

Broadback wrote: »

I accept that, but it does not explain why. There must be some way to find out how these lenders asses a potential client.

Could be any number of combination of factors. Banks have different target markets.

thebritishbloke

Broadback wrote: »

Well I have one CC, that is paid in full by DD every month. I have never failed, in my life, to pay any debt on schedule and have had no debts for years except from September I bought a new car on credit. I only did this because that gave me a considerable discount on the price but I will pay it of after 6 months which is the earliest I can do so without penalties.
In January I changed my bank, for the first time in many a year, I don't know if that has a bearing, I don't see why.

In regards to your car finance, have a look at your agreement. If it says it's regulated by the Consumer Credit Act (which it should be) then you should be able to settle it now without any penalties.