Impact of card rejection -panic!

Liam21

Background: I've got a v good credit score...according to noddle at least. Had credit card 5 years, mobile contact 5 years, various bills 5 years, 2 years joint mortgage with my ex and got a mortgage on my own place in Feb. Never missed any payments.

Today: went to buy a nice suit, house of Fraser guy lured me in with £20% off if I got a store card...thought there was no harm in it but got rejected. Only thing I can think about is slightly erratic address history - after splitting with the ex I moved with my uncle for a year, cards were registered here but never went on the electoral roll, just moved into new place last month and got on the roll.

Current state of panic: credit score is hit by rejection (I've read conflicting reports of whether this happens), mortgage is pulled when it comes up for review, phone contract is pulled when it comes up for renewal, downward spiral commences.....

Question: am I over reacting + should I bother chasing up the credit agencies....I'm not too bothered about the store card because they gave me the discount anyway but don't want a rejection ruining my life

Paul_1977

Calm down, I have had two rejections, no damage to score. Just don't keep applying for cards and getting rejections one after the other.

You have nothing to worry about.

grumbler

A rejection isn't reported/recorded; only a credit search is that has a minor and short-lasting effect.

However, a reason behind rejection can be worth finding out as it can affect any other application.

Liam21

Do I just phone up Experian to find out?

Just been pointed out that because k set up broadband, water and insurance in the last mo th might just be too many apps?

redpete

no you don't need to panic, yes you are over reacting. "Ruining your life "? Oh come on!

jonesMUFCforever

You mention a mortgage with an ex -- do you know what their credit rating is like as you will be jointly associated?

grumbler

Liam21 wrote: »

Do I just phone up Experian to find out?

No, you try to DIY:

• Check your credit files after rejection
• Check your credit reference files for free

PeacefulWaters

Your multiple recent addresses and short time at most recent address will be the most likely reason.

cheesetoast

And your phone contract won't be "pulled" when it comes up for renewal. I've never known a phone company re-credit-check for an upgrade.

Voyager2002

Liam21 wrote: »

Today: went to buy a nice suit, house of Fraser guy lured me in with £20% off if I got a store card...thought there was no harm in it but got rejected.

Exactly the same thing happened to me once, at a time when I had a good and stable job and basically all the components of a high credit score. Impact: zero. I don't think I have ever been rejected for a financial product that actually mattered to me.

daniel86_2

Its not likely to effect your credit ability one rejection there's many reasons why a lender may reject, including they don't think they will make many off you its a commercial decision. That said you should check your credit files to check nothing negative is on there you are unaware of that might have caused a rejection try noddle for a starter

https://www.noddle.co.uk/