M&S turned me down!

graspthenettle

badger09 wrote: »

'Credit rating' is irrelevant. Each institution will have its own method for assessing whether they want you as a customer or not

If you've never checked your credit files with the three Credit Reference Agencies Call Credit, Equifax and Experian, I strongly advise you and your husband to do so.

As a previous poster says, the cost is £2 per report. It could be £12 very well spent, if you find any factual errors (or that someone has been applying for financial products in your name

Thanks, guess I will have to bite the bullet as it were. I just find it annoying that I am spending £12 when all we are is a middle aged couple, who have been together forever and at the same address, always in credit, never overdrawn, minding our own business and living within our means.

(Yes, I know that I don't have to do it, but if it's going to stop this happening again I do need to get it looked into)

Purplesky_2

There's an excellent explanation of why you are not necessarily a good thing for the bank in the book "All your worth" by Elizabeth Warren and her daughter. Essentially, you work for the old-style lending. They can't charge you interest or charges, so they ONLY pay you out.

But it would be prudent to check your credit file

MARTYM8`

Purplesky wrote: »

There's an excellent explanation of why you are not necessarily a good thing for the bank in the book "All your worth" by Elizabeth Warren and her daughter. Essentially, you work for the old-style lending. They can't charge you interest or charges, so they ONLY pay you out.

But it would be prudent to check your credit file

Yes - totally agree.

People often wonder why they get turned down for interest free credit cards when they have 'excellent' credit records. Maybe they don't want people who pay off their cards every month - they make no money out of them - but people who don't and then generate loads of interest payments for them.

sheramber

My husband was turned for a loan due to credit rating.Like you he had no debt, no mortgage, no overdraft etc.

When he checked his credit file on Equifax ( 30 day free trial so no charge) he found he was something like 70/100.

He asked them why and was told it was becasue he was not on the electoral register.

He is on the register and has voted in every election since he was of age to vote.

He contacted our local electoral department who confirmed he was on the register and offered to send him a letter to say so.

He sent the letter to Equifax and his credit score was update to 100

jimjames

graspthenettle wrote: »

Thanks all, yes, I was a bit annoyed and I have already told M&S I'm afraid, lol.

I'm sure that I've seen have you ever been turned down boxes before but there you go, if you say not then I defer to your superior knowledge, thank you.

Maybe you're thinking about insurance.

One of the questions as standard is "have you ever been turned down or had insurance cancelled?"

graspthenettle

The reason Experion have me down as 933/999

If you have opened multiple credit accounts in a short period of time, this suggests you are in need of credit you have and aren't able to live off your income. Accounts opened within 3 months will have a negative effect on your Experian Credit Score - Gawd, I'd hate to be them - how do they cope with day to day life doubting everyone? No, it doesn't mean that at all, it just means that I choose to have different accounts in different banks to keep my monies seperate from each other.

Oh and would you look at that!

M&S Financial Services on 10th March - Negative impact on score

This together with my Lloyds bank account and my buying a single dress from a catalogue which I paid for before the statement even came through, puts me at a 3 negative credit check.

Haven't checked my Husband's yet, but it would be similar. (minus the dress!)

dunstonh

I'm quite gobsmacked, not to mention furious. They are, of course, entitled to turn away whoever they choose but my Husband and I are NOT bad credit risks.

Perhaps you should check your own credit records to see why this has come about.

Yes, I was opening a current account with the savings account on the side but don't see why that means an overdraft facility.

A current account is a credit facility. Hence why it gets credit scored.

My personal credit rating 5/5 according to Noodle

Internal scores mean nothing. it is the data that matters and how that data is being interpreted.

If you have opened multiple credit accounts in a short period of time, this suggests you are in need of credit you have and aren't able to live off your income. Accounts opened within 3 months will have a negative effect on your Experian Credit Score - Gawd, I'd hate to be them - how do they cope with day to day life doubting everyone? No, it doesn't mean that at all, it just means that I choose to have different accounts in different banks to keep my monies seperate from each other.

That is their internal score again. However, the reason is correct. Back in my banking days, people who had made more than two credit applications in the previous 6 months failed the credit score.

Whilst you say "how do they cope with day to day life doubting everyone", they have a responsibility to make sure the person that they could be lending to in future is trustworthy and can pay back the money. someone making frequent applications is an increased risk.

Haven't checked my Husband's yet, but it would be similar. (minus the dress!)

Remember that they said there was an unfavourable link. This could be your husband or it could be a third party using your address or a family member living or using that address.

Shedman

Surely anyone needing to check their credit rating with Experian and Equifax doesn't need to pay the £2 - just sign up for a free trial and then cancel within the 30 days (or do they mark you down for that haha)

graspthenettle

dunstonh wrote: »

Perhaps you should check your own credit records to see why this has come about.
A current account is a credit facility. Hence why it gets credit scored.
Internal scores mean nothing. it is the data that matters and how that data is being interpreted.
That is their internal score again. However, the reason is correct. Back in my banking days, people who had made more than two credit applications in the previous 6 months failed the credit score.

Whilst you say "how do they cope with day to day life doubting everyone", they have a responsibility to make sure the person that they could be lending to in future is trustworthy and can pay back the money. someone making frequent applications is an increased risk.

But I'm not borrowing money, I don't want to borrow money, I just want to save money and occasionally spend it. I don't even know why a current account is listed as a credit, once again that is me putting money in, not taking it out.
I've just checked Equifax - my score there is 482, Excellent.


Remember that they said there was an unfavourable link. This could be your husband or it could be a third party using your address or a family member living or using that address.

This isn't an episode of Jeremy Kyle, there's just been me and my Husband in our address for 27 years and other family members certainly wouldn't do anything like that. A total stranger, yes, perhaps, but, luckily, no evidence of that so far.

TrustyOven

Purplesky wrote: »

There's an excellent explanation of why you are not necessarily a good thing for the bank in the book "All your worth" by Elizabeth Warren and her daughter.

Orrrh!!! The Elizabeth Warren, the Senator, and the one who did a really interesting video presentation on YouTube? (https://www.youtube.com/watch?v=akVL7QY0S8A)

I'll have to read that book. Thanks for the book suggestion!