Bank vs credit agency

Helen2k8

Little puzzled - just been turned down for credit card. Which, ok.

I rang the bank to ask if there was a specific factor to this decision - call centre chap said it's down to credit agency, and they used Experian.

Ok.

I go to Experian, set up and check my credit score, and they specifically say the decision to award credit is NOT theirs but the bank's.

So who do I query?

I'm have fair-good credit according to two agencies (and the card had a 90% probability of accepting me according to MSE calculator).

I realise credit isn't a "right" but I'd like to know what was wrong so I can fix it! There was one thing flagged up as a negative point (vs 6 positives) - I can rectify it now, should I wait a few weeks to see if that does the trick? How will I know?

[Deleted User]

The decision is the bank's - but they use CRA data to help make the decision.

It's nothing to do with any CRA score though. That's purely a gimmick to amuse and entertain customers.

The bank won't tell you their criteria, as it leave them open to application massaging.

Timbosaurus

The bank made the decision, based upon the information they received about you from the credit rating agency (in this case, Experian). Banks use deliberately byzantine methods to assess the level of risk posed by an individual, you aren't likely to get any useful answers from them about where you specifically fell foul of their criteria. To give out this kind of information would expose them to enormous potential fraud.

Helen2k8

Thanks for replies

So is there a general rule of thumb for when I can apply for a different card (I'm looking for a balance transfer)

[Deleted User]

There's no rule of thumb. It depends on your particular circumstances.

Anytime from today to never.

Nebulous2

What was the negative on your file? A big one is being on the electoral roll, and it could take months for that to work through, even if you register now.

YorkshireBoy

Are you still in part-time temporary employment?...A major negative to lenders.