Please help: refused credit but no debts?

mountainlioness

Dear All

I've posted on Mfi3 too but thought you guys on credits cards might be able to offer some expert help too. Am in a bit of a state

I've just been refused a credit card by Capital One and I'm concerned about the impact on my financial future... story is that hubby and I moved house about 2 months ago. We both applied for different C1 products and were both refused - we thought about why this might be. As we are really careful with our money only 2 possibles were 1) not being on the electoral roll yet and 2) access to credit reports (we tried the free online service Martin had mentioned but they had been unable to find our reports)

Today, hubby has been accepted on appeal. So I know that it's not no.1. His theory is that as he waited a while to get back to C1 for the appeal in the meantime his report was found (we both ordered by post so they must have been able to locate us though it did take a while) whereas I appealed straightaway, probably before the agencies had 'found' us.

So now am feeling really upset but also worried about the future impact. I don't (luckily - I don't mean that to sound stuck up at all) actually need this product - it was part of our wider MSE strategy - but I really need to understand what the consequences are.

I can't appeal any further to C1 and they have refused to disclose why they have declined me. I have no debts bar the mortgage and have never made any late payments or anything (am v careful - bordering on anal - about my finances!!)

So my questions are:

Will being refused credit have an impact on what options are likely to be open to me in the future (which is pretty important for my MFi3 ambitions)?

Do I have any rights through data protection or the ombudsman to access the reasons for the decision, correct any errors or put any explanation on my file for future companies?

i.e. is this worth pursuing just to get my sound financial record back??

Any advice gratefully received!

Thanks

ML

Moggles_2

You don't say which Capital One cards were involved, but two market-leading offers were launched recently and heavily advertised. As a result, C1 was flooded with applications and could afford to cherry-pick applicants.

In addition, you have disrupted your credit rating temporarily by moving house. All lenders like stability, so best practice is to apply for credit cards before you move/change banks/change jobs.

The fact that you're not yet on the electoral roll at your current address probably tipped the scales. I would strongly advise you to enrol, if you haven't already. It's free after all and everyone's credit score improves no end once registered.

The good news is that none of the above affects you permanently. If you type Credit Rating into the search tool above, you'll find lots of info' and tips on the main site. In particular, you may want to read Martin's How to Manage & Improve your Credit Score article to check there were no other factors working against you.

Best of luck
M

mountainlioness

Thanks Moggles - if it weren't for the fact that hubby got accepted we would have assumed it was the electoral roll and/or moving house. Seeing as it can't be that am still feeling totally miffed - have no idea what else could be working against me (it was a platinum card, the one with the 0% on purchases)

BTW, presumably if I ever apply for any form of credit in the future I will have to say 'yes' if they ask if I've ever been refused credit. Will I just be dumped at this stage without the lender looking any deeper?? I get the impression CC companies do the most rudimentary checks and don't really give a rat's a*se whether there's any important supporting/contradictory evidence.