Rejected by Santander

jlfrs

Hi Folks,

I'm a long-standing Santander customer with 2 x 123 Select bank accounts and a 123 credit card. I applied for a new credit card with 0% on purchases for 30 months only to be told my application was rejected due to credit scoring.
I called and appealed and again was rejected for the same reason.

I followed Santander's advice to get my Experian report. I have a score of 933 out of 1000, which is apparently is "excellent". I challenged the decision again but have been stonewalled.

Anybody here had a similar experience with Santander? I am now minded to move my bank accounts over to another lender as a protest but the 123 account really is a good one!

[Deleted User]

Your Experian score is irrelevant. No one sees it or is interested in it. Santander are referring to their own internal scoring.

Have a good look at your three files to see if there is anything amiss with them.

If not, you may just not be their target market.

Don't screw yourself over by closing accounts just to make a point that no one will care about.

jlfrs

Thanks Zx81 but that isn't what they said in their email:

When a customer applies to us for a credit card we gather information from a number of sources, including information from a Credit Reference Agency called Experian. After reviewing the information they provided to us we’re unable to offer you a credit card at this time.

If you would like to know what information Experian holds about you, you can request a copy of your credit report online at https://www.experian.co.uk/consumer/statutory-report.html.


?

[Deleted User]

Read it again. They didn't mention anything about a credit score from Experian.

They get data from Experian. No scores.

Ebe_Scrooge

jlfrs wrote: »

Thanks Zx81 but that isn't what they said in their email:

When a customer applies to us for a credit card we gather information from a number of sources, including information from a Credit Reference Agency called Experian. After reviewing the information they provided to us we’re unable to offer you a credit card at this time.

If you would like to know what information Experian holds about you, you can request a copy of your credit report online at www.experian.co.uk/consumer/statutory-report.html.


?

You misunderstand. Lenders do indeed use the information about your credit history held by the CRAs. This is purely factual information such as any late / missed payments, CCJs, amount of current credit, whether you tend to pay credit cards in full each month or carry a balance, etc. They then feed this information into their own internal algorithms to come up with their own internal score.


They cannot see the "score" made up by the CRAs. The CRA "score" is meaningless.

eskbanker

While I agree with the above posters that the scores generated by CRAs aren't seen by lenders and shouldn't be seen as definitive, an Experian score of 933, despite being labelled as 'excellent', will signify a number of underlying negative factors that reduce the score from its theoretical maximum. Does the report you've obtained from Experian highlight what these negative factors are and, if so, do you agree that they're factual?

jlfrs

Thanks - I can only assume as I have no CCJ's, never missed any payments and pay off my balance in full on all my cards each month that my record is exemplary and therefore rejected as they can't make any money from me.
Not to worry, I'll take out another product elsewhere.....

BoGoF

That wont be the reason you have been rejected. You have not said what your income is or existing debt levels.

jlfrs

eskbanker wrote: »

While I agree with the above posters that the scores generated by CRAs aren't seen by lenders and shouldn't be seen as definitive, an Experian score of 933, despite being labelled as 'excellent', will signify a number of underlying negative factors that reduce the score from its theoretical maximum. Does the report you've obtained from Experian highlight what these negative factors are and, if so, do you agree that they're factual?

OK, it appears I have 4 negative factors all of which have come into play in the last 6 months, a PCP I took out on my car, a 0% balance transfer credit card I am paying off monthly for the next 24 months and 3 hard credit searches. That's probably what's done it then....

flower77g

I'm wondering if the original poster was rejected because Santander doesn't allow anyone to have two credit cards with them? Used to be the case.

RG2015

flower77g wrote: »

I'm wondering if the original poster was rejected because Santander doesn't allow anyone to have two credit cards with them? Used to be the case.

Wouldn’t they have told the op that rather than pointing them to the Experian credit report?