Refused by Virgin credit card although I was pre-approved?

EriBo

Hello,

Back in April I did a research via Experian to find a credit card that would be suitable to my credit score. It used to be higher and the only reason it'd gone down is because I had switched bank not long before. Therefore on my current bank account, there wasn't enough history.
Virgin credit cards came up on top in my search amongst the ones that I allegedly was "pre-approved for".

Any idea on what their criteria might have been that lead to my application being turned down?

Thank you

Erica

ndf9876

EriBo wrote: »

Hello,

Back in April I did a research via Experian to find a credit card that would be suitable to my credit score. It used to be higher and the only reason it'd gone down is because I had switched bank not long before. Therefore on my current bank account, there wasn't enough history.
Virgin credit cards came up on top in my search amongst the ones that I allegedly was "pre-approved for".

Any idea on what their criteria might have been that lead to my application being turned down?

Thank you

Erica

The data you hold with Experian which led to you being "pre-approved" was not the same as the data you supplied Virgin when applying, I'd suggest.

Also, being "pre-approved" in April does not mean that you will be "pre-approved" in 6 months' time - or even one month.

[Deleted User]

Your “score” plays no part in any lenders criteria.

Lending criteria is not a matter of public information so you’ll never know why you were refused.

The most you can do is ask Virgin to manually review you application but they may still choose to decline you and not provide a reason.

EriBo

Thank you!

"Your “score” plays no part in any lenders criteria."

So what do I do with that score, is it of any use?

[Deleted User]

None whatsoever.

But do make sure you review the contents of your three credit files, for any nasties or anomalies.

You can always then make up your own credit score should you really want one.

mjm3346

EriBo wrote: »

Thank you!

"Your “score” plays no part in any lenders criteria."

So what do I do with that score, is it of any use?

It is used to encourage people to take up the Experian and/or other services like that (who also produce their own scores), it not seen or used by any lenders.

EriBo

Oh well, nice to see some random numbers related to my credit reliability.
So is there a reliable standard way to gauge my credit reliability before applying for a credit card?

[Deleted User]

EriBo wrote: »

Oh well, nice to see some random numbers related to my credit reliability.
So is there a reliable standard way to gauge my credit reliability before applying for a credit card?

Nope.
Since every lenders criteria is commercially sensitive, not to mention different between each lender.

[Deleted User]

EriBo wrote: »

So what do I do with that score, is it of any use?

Nothing.
Use it as a random number generator for the lottery or something.

Ebe_Scrooge

EriBo wrote: »

So is there a reliable standard way to gauge my credit reliability before applying for a credit card?

As !!! points out, the criteria used by each lender is different, tailored to their preferred target customers, and commercially sensitive. There are, however, some "plus points" that most lenders will look on favourably :

Being on the Electoral Roll.
Living at the same address for a reasonable period of time.
Not having had any missed payments or CCJs recorded.
Having a long history of responsible borrowing & repayment - basically, showing that you borrow within your means and always make repayments on time.

The score, as others have said, is totally irrelevant. It will go down in response to any change in credit circumstances. Open a new bank account, it'll go down. Take out a new credit card, it'll go down. Win the lottery and pay off your mortgage and every debt you've got, it'll go down. Go bankrupt, hence be unable to take out any new credit for a lengthy period - bingo, you'll get a score of 999 :-)

EriBo

Lol fair enough! Well thank you guys, you've been very enlightening. I've been wondering for quite some time now what the criteria behind that figure are.

I switched from Lloyds to HSBC back in March and moved to another Electoral Roll in April, I suppose I would still need some time before applying for any credit card then?