Excellent Credit Score but refused Credit

SeanG79

You are correct BUT FSA, now FCA guidelines refers to underwriters disclosing reasons for declines as bad practice.

SeanG79

emw1979 wrote: »

Are there any late payments, lack of trace on the electoral roll etc.?

Nope.. he as never missed a payment in is life.. but he has just recently gone back on to the electoral roll... so I'm not sure if this has had an impact.

He change address approx 3 years ago and did not registered on the Electoral Roll... so maybe it is that?

Lenders usually want 3 years trace, so that could have a negative impact

Thrugelmir

emw1979 wrote: »

He change address approx 3 years ago and did not registered on the Electoral Roll... so maybe it is that?

Electoral roll history is what knits credit history together. With gaps there's uncertainty.

Helvetica_Van_Buren

emw1979 wrote: »

Are there any late payments, lack of trace on the electoral roll etc.?

Nope.. he as never missed a payment in is life.. but he has just recently gone back on to the electoral roll... so I'm not sure if this has had an impact.

He change address approx 3 years ago and did not registered on the Electoral Roll... so maybe it is that?

The electoral roll is a big weighting factor in lenders' decision but again - how each lender values that particular info is anybody's guess.

I once bought a camera on 0% with the finance provided by V12. I wasn't immediately accepted (or declined) but instead I was called by V12 who were very polite but wanted some more info. They were asking me about my address and from what I could tell the guy I was speak to was looking at my address on Google maps and he was asking me details about the area. This was obviously to take further steps to verify the address.

The point being, there was something that concerned them, we spoke about it, and then they were no longer concerned. It wasn't even anything on the credit report - they were just being cautious which I had no issue with.

This might have been covered already but have you tried contacting them and asking if they'd be prepare to discuss your application and ask if they'd be prepared to tell you why you were declined?

If they aren't prepared to do that then there isn't anything else you can do other than try again in a few months.

Helvetica_Van_Buren

SeanG79 wrote: »

You are correct BUT FSA, now FCA guidelines refers to underwriters disclosing reasons for declines as bad practice.

I'd like to read about that: can you refer me to your source please?

I found the following from 2011:
"The regulator has today released a consultation paper on financial crime, which includes examples of good and bad practice.

It gives the example of a firm that requires underwriters to justify all declined applications to brokers as bad practice.

This opposes the view of the European Commission which, in its mortgage directive, is calling for all lenders to give detailed reasons for why they have refused a case.

The Council of Mortgage Lenders has argued in the past that if lenders are forced to disclose their reasons for refusing a case where fraud is suspected, it could provide useful information for the fraudster because they could use the information to get around another lender’s system."

Source here.

But this relates only to fraud and mortgages, and not wider lending.