Failed phone credit check

tomaustin

Hi,

Last year I joined Apple's iPhone Upgrade Programme which is a 24 month monthly payment plan provided by Barclays Finance. A passed the credit check a year ago immediately despite being a student. I have since never missed a payment.

Today I went to upgrade my phone and chose a handset with a slightly more expensive monthly cost and was incredibly disappointed to be rejected by Barclays. My Experian credit rating is 965/999 (Excellent). I do not have any other loans, car finance, credit cards etc.

There have been two changes to my situation since the original credit check. I am now employed full time and earning a good salary. I have moved house but am still renting. These did both happen in the last two months.

Disappointed at not being able to upgrade, I have this afternoon started a new contract with EE and the credit check for that passed without a single problem.

I appreciate that it is impossible for anyone to say for certain why the iUP credit check failed but could someone help me understand it at all as I'm pretty frustrated by it?

KoshB5

As you've discovered lenders score people differently based on their business model and how they assess risk of doing business with an indvidual. Without knowing your exact details and their lending criteria you will never know why Barclays declined and EE accepted, you got what you wanted in the end. It could be your recent address change and not being on the electoral role (if that is important to a lender), not enough credit history against your currrent address to assess risk against your commitments for their affordability scoring......?

Sncjw

If you only joined it last year the 24 months isn’t up

TadleyBaggie

You can upgrade every year, in which case the phone is sent back and a credit for it pays off the remainder of the loan. You then take out a new loan on the same terms, which I believe is actually 20 months not 24.

DCFC79

Well Tom, 1 thing I will say is dont be disappointed by it nor get frustrated by it, its just a phone upgrade plan. Buy a phone sim free and jobs a good un.

edited to add, just keep kn using your current phone.

pcman1985

My money is on that since you have recently moved house, you are likely not to be on the electoral roll. This is very important in obtaining credit as many lenders will automatically decline anyone not on the electoral roll, regardless of how good their credit history is.

Lastly, your "excellent" score of 965 means nothing. No lender uses that number to determine whether or not to lend you credit.

TadleyBaggie

DCFC79 wrote: »

Buy a phone sim free and jobs a good un.

They should already have a sim free phone, the one they got a year ago.