How to find out why declined?

Mineral1

I was declined 0% finance by Klarna for 12 months 0% finance on a bicycle today, however they will not give me any indication of the reason why. They said this is information they do not have access to and I would need to check with Transunion who they do the checks through. However when I check their site it says the lender has to tell you, and they can only tell you what's on your file. I checked that this afternoon and everything on there seems fine, I'm on the electoral roll, I've paid off two previous 0% finances which were bigger than this one, and the only thing that seemed incorrect was my credit card balance (showing my previous balance which was paid off in full a month ago and I've never not paid it in full the same month).

Who am I supposed to get this information off? I feel left in the dark over why I was declined. Not a big deal as it was just for a hobby purchase but I have good past history with finance and something seems amiss?

Gaz83

Can you point to where on their site it says the lender has to tell you why they've rejected you?

Lenders don't make their acceptance (and, by extension, rejection) criteria public. They don't have to give you a reason.

Mineral1

They just told me this on their live chat. Should I leave it a month or so before trying again for finance?

Willing2Learn

If you have checked your TransUnion file and cannot find any negative data, then why not ask Klarna to manually review your credit check.

cooltt

Mineral1 wrote: »

They just told me this on their live chat. Should I leave it a month or so before trying again for finance?

It's nearly impossible to get anyone involved in the process to tell you "why" so it's a waste of time asking. Yes they should tell you but often they don't or won't it's a simple as that. The lending criteria for all these companies is comercially sensitive.


Can you get a credit card on a 0% purchase or a personal loan where the interest would be tiny on a bicycle?

Mineral1

Thanks everyone. Yes a 0 percent credit card will be how I pay for it now I think. I may need to wait a couple weeks before applying for one though i guess, my current one is past the 0 percent offer period.