Virgin Money Current Account

Ed-1

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Did she get the following message or was it outright declined?

Zanderman

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Having 'money to deposit' is probably rather less important, as this is primarily a current account application, than an income.  Does she have an income?

ovusa

Ed-1 said:

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Did she get the following message or was it outright declined?

She got that message after submitting her application.   Would have thought Virgin would have contacted her if there was any query rather than reject her!

Their application form has a number of errors as described in my previous post 20 November [page 65]   

One question asks: how much do you hope to save per annum - entered £5000. 
Next question: how often do you plan to save weekly/monthly/annually - entered monthly. 

In the review section it then shows £5000 per month

Ed-1

ovusa said:

Ed-1 said:

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Did she get the following message or was it outright declined?

She got that message after submitting her application.   Would have thought Virgin would have contacted her if there was any query rather than reject her!

Their application form has a number of errors as described in my previous post 20 November [page 65]   

One question asks: how much do you hope to save per annum - entered £5000. 
Next question: how often do you plan to save weekly/monthly/annually - entered monthly. 

In the review section it then shows £5000 per month

How did they notify her of the decline?

ovusa

Zanderman said:

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Having 'money to deposit' is probably rather less important, as this is primarily a current account application, than an income.  Does she have an income?

I mentioned the fact she has money to deposit as the current account has a linked savings account.                                          Does she have an income - Yes.   Experian report does not have data on income, savings or investments so you could have  eg £50k salary, £100k savings and 4 properties

ovusa

Ed-1 said:

ovusa said:

Ed-1 said:

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Did she get the following message or was it outright declined?

She got that message after submitting her application.   Would have thought Virgin would have contacted her if there was any query rather than reject her!

Their application form has a number of errors as described in my previous post 20 November [page 65]   

One question asks: how much do you hope to save per annum - entered £5000. 
Next question: how often do you plan to save weekly/monthly/annually - entered monthly. 

In the review section it then shows £5000 per month

How did they notify her of the decline?

Email -  extract

We've got an update for you

Thanks for applying for a Virgin Money Current Account. We've given it a lot of thought, but we're sorry to say we won't be offering you an account at the moment and on this occasion we've had to decline your application.

How we made our decision

We use a credit scoring system and information from the credit reference agencies Experian and TransUnion. This is to make sure we treat all applications fairly and consistently.

Ed-1

ovusa said:

Ed-1 said:

ovusa said:

Ed-1 said:

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Did she get the following message or was it outright declined?

She got that message after submitting her application.   Would have thought Virgin would have contacted her if there was any query rather than reject her!

Their application form has a number of errors as described in my previous post 20 November [page 65]   

One question asks: how much do you hope to save per annum - entered £5000. 
Next question: how often do you plan to save weekly/monthly/annually - entered monthly. 

In the review section it then shows £5000 per month

How did they notify her of the decline?

Email -  extract

We've got an update for you

Thanks for applying for a Virgin Money Current Account. We've given it a lot of thought, but we're sorry to say we won't be offering you an account at the moment and on this occasion we've had to decline your application.

How we made our decision

We use a credit scoring system and information from the credit reference agencies Experian and TransUnion. This is to make sure we treat all applications fairly and consistently.

How long did they take to send her that after applying?

ovusa

Ed-1    in reply to  'How long did they take to send her that after applying?' Applied Sunday - replied today Tuesday.

Hasbeen

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Surprised the regular posters have not mentioned the made up credit score of 999 is basically worthless. LOL.

But your daughter should reapply with information that they are looking for?

With out the errors.

Worth a shot?

Ed-1

Hasbeen said:

ovusa said:

I know that each bank has differing criteria when vetting an application but Virgin Money Current & Saving account  have just declined my daughter's application even though she has an Experian score of 999, no debts and money to deposit!

Surprised the regular posters have not mentioned the made up credit score of 999 is basically worthless. LOL.

But your daughter should reapply with information that they are looking for?

With out the errors.

Worth a shot?

Definitely don't change application details and reapply as that will flag for fraud (Virgin submit applications to National Hunter).

I don't think there was a mistake made on the application. It's just how it's displayed on the summary by Virgin that is misleading.

But yes, banks do their own score based on their own criteria rather than take one from a CRA.