Pre approved HERE but then denied credit

ehdx

Hi All


I was wondering if anyone has been in a similar situation to this and could give me so advice.


I recently did a credit card comparison on this site and was told that I was 'pre approved' for one of the cards. 100%. The writing underneath explained that I would be accepted for this particular card so I applied.


It made sense that I would be accepted as my credit score is excellent, I always make my monthly payments, and other that one other credit card I have no other debt. (This was going to used for a balance transfer)


Anyway, I had an email this morning saying that it had been denied! I'm quite shocked and a bit annoyed as all the information I gave before being pre approved was correct and up to date and if I'd of thought I wouldn't have been approved I would have never applied for the card!


Now my problem is it's quite important that I do get another card because I need to do a balance transfer on my current one before the interest goes sky high.


Has anyone been in a similar situation?

[Deleted User]

Pre-approvals and eligibility only take into account soft searches.

Once further searches or checks are performed then you can still be denied.

Also ignore your credit score/rating as it's not real - and as proven here has no bearing on your credit worthiness.

It could also be that you just don't fit the criteria the lender was looking for.

Who was it with?

eskbanker

This site doesn't lend money.

Companies that do lend money have the right (and indeed obligation) to conduct their own checks before doing so.

Hence you can't rely on third party eligibility checkers....

ehdx

!!! wrote: »

Pre-approvals and eligibility only take into account soft searches.

Once further searches or checks are performed then you can still be denied.

Also ignore your credit score/rating as it's not real - and as proven here has no bearing on your credit worthiness.

It could also be that you just don't fit the criteria the lender was looking for.

Who was it with?

Thanks, that's really helpful.


I find it quite misleading that I was told on this site I had 100% chance of being approved for the credit card and would be guaranteed an offer.


It was with Virgin Money.

ehdx

eskbanker wrote: »

This site doesn't lend money.

Companies that do lend money have the right (and indeed obligation) to conduct their own checks before doing so.

Hence you can't rely on third party eligibility checkers....

It's quite misleading to be told on a comparison site that you have 100% chance of being approved for the credit card though, don't you think?

spadoosh

ehdx wrote: »

It's quite misleading to be told on a comparison site that you have 100% chance of being approved for the credit card though, don't you think?

It would be if i just saw 100% and chose not to see anything else.

Im assuming you missed the bit underneath the 100% which states

You will get this card, and the exact offer shown, subject to ID checks & if the info you gave is correct

So something has gone amiss. Are you certain you entered all the correct details? Do those details match up with what is in on your credit report? You might be telling the truth now but it doesnt collaborate with your credit report which could cause a rejection. You mightve become unregistered on the electoral roll. There could be fraudulent activity on your credit reports.

I think your energy will be better placed looking in to the possible reasons of why youve been rejected over the misleading nature of a website set up to help protect consumers and help people manage debt problems.

[Deleted User]

ehdx wrote: »

Thanks, that's really helpful.


I find it quite misleading that I was told on this site I had 100% chance of being approved for the credit card and would be guaranteed an offer.


It was with Virgin Money.

Again - based on soft checks.

Then when you apply further checks are carried out - ID checks, ML checks, a full credit check, address history checks etc etc

ehdx

spadoosh wrote: »

It would be if i just saw 100% and chose not to see anything else.

Im assuming you missed the bit underneath the 100% which states



So something has gone amiss. Are you certain you entered all the correct details? Do those details match up with what is in on your credit report? You might be telling the truth now but it doesnt collaborate with your credit report which could cause a rejection. You mightve become unregistered on the electoral roll. There could be fraudulent activity on your credit reports.

I think your energy will be better placed looking in to the possible reasons of why youve been rejected over the misleading nature of a website set up to help protect consumers and help people manage debt problems.

I'm looking into the reason... but so far I cannot find anything. Everything that I stated was correct. I've double checked and everything is as stated on my credit report. There is nothing that would indicate that anything is wrong or that I've given any kind of false information.


Regardless of the purpose of the website, it's still misleading.

ehdx

!!! wrote: »

Again - based on soft checks.

Then when you apply further checks are carried out - ID checks, ML checks, a full credit check, address history checks etc etc

I've contacted Virgin Money and asked for more information as I'd like to know the specific reasons because I can't find anything so far on my credit history that would go against me.

[Deleted User]

ehdx wrote: »

I've contacted Virgin Money and asked for more information as I'd like to know the specific reasons because I can't find anything so far on my credit history that would go against me.

They're not obliged to tell you their lending criteria.

It could be for a number of reasons; Current debt, current credit utilisation, salary, historical debts, you don't fit their customer base...

spadoosh

Have you checked all 3 credit reporting agencies? (virgin money use experian)

Are you on and still on the electoral register?

I dont think it is misleading. I expect there will be a valid reason for your refusal, we/you just dont know what it is yet.