Refused Pre Approved Credit Card

slidefever

Hi there,
l’m a bit confused as to why l have just had a credit card refusal from Virgin, despite having the maximum Experian credit score and it saying l was pre approved.
Can anyone tell me why or had a similar experience? 

It means l’ve wasted a hard search in my credit file.
 Thanks 
Chris

[Deleted User]

It's not uncommon.

Your credit score isn't a factor in lending and the final hard search always means you could be declined.

Try elsewhere.

bradders1983

Experian could say your score was three million, it means absolutely nothing. Nor do they know what criteria the lender uses when they tell you that you are likely to get the card.

D3xt3r5L4b

And one hard search is nothing in the scheme of things

jonesMUFCforever

Have you spoken to Virgin  to discuss (difficult I know at the moment)?
You might just get the generic reply that you do not fit their customer criteria at present but at least they could check the application in case you made a stupid error.

Thenonameleague

slidefever said:

Hi there,
l’m a bit confused as to why l have just had a credit card refusal from Virgin, despite having the maximum Experian credit score and it saying l was pre approved.
Can anyone tell me why or had a similar experience? 

It means l’ve wasted a hard search in my credit file.
 Thanks 
Chris

You most likely dont fit the criteria.
Your score was obviously not good enough for Virgin.
Oh wait, your score isnt seen as your history is seen, your history could even be scored by a machine and it will spit out a yes or no.

nigecunningham

I’ve also just been declined a new CC.  I have a good credit rating and earn a decent amount without any dependants.  I have switched CCs for the past 6 years....always going for the maximum interest free period I could get.  I have not paid any interest on a CC for the past 6 years and so I guess the Credit Card companies have cottoned onto this and are now not allowing people like me to sit on the back of interest free loans.   My current Card has a 30 month 0% limit which expires at the end of November 20 and so I guess I will keep it going for another year....pay a little interest and then start the process again.

ratechaser

nigecunningham said:

I’ve also just been declined a new CC.  I have a good credit rating and earn a decent amount without any dependants.  I have switched CCs for the past 6 years....always going for the maximum interest free period I could get.  I have not paid any interest on a CC for the past 6 years and so I guess the Credit Card companies have cottoned onto this and are now not allowing people like me to sit on the back of interest free loans.   My current Card has a 30 month 0% limit which expires at the end of November 20 and so I guess I will keep it going for another year....pay a little interest and then start the process again.

Or you could, you know, consider actually paying it off...?

MalMonroe

ratechaser said:

nigecunningham said:

I’ve also just been declined a new CC.  I have a good credit rating and earn a decent amount without any dependants.  I have switched CCs for the past 6 years....always going for the maximum interest free period I could get.  I have not paid any interest on a CC for the past 6 years and so I guess the Credit Card companies have cottoned onto this and are now not allowing people like me to sit on the back of interest free loans.   My current Card has a 30 month 0% limit which expires at the end of November 20 and so I guess I will keep it going for another year....pay a little interest and then start the process again.

Or you could, you know, consider actually paying it off...?

That's a bit of a judgemental unsolicited response, nothing to do with the OP's question and nothing to do with anyone else either.

Yahoo_Mail

MalMonroe said:

ratechaser said:

nigecunningham said:

I’ve also just been declined a new CC.  I have a good credit rating and earn a decent amount without any dependants.  I have switched CCs for the past 6 years....always going for the maximum interest free period I could get.  I have not paid any interest on a CC for the past 6 years and so I guess the Credit Card companies have cottoned onto this and are now not allowing people like me to sit on the back of interest free loans.   My current Card has a 30 month 0% limit which expires at the end of November 20 and so I guess I will keep it going for another year....pay a little interest and then start the process again.

Or you could, you know, consider actually paying it off...?

That's a bit of a judgemental unsolicited response, nothing to do with the OP's question and nothing to do with anyone else either.

It's not at all judgemental and given they appear to be being declined for new 0% interest rate cards, what else do you suggest they do?

MalMonroe

I applied for two 0% balance transfer cards last year and got them both, much to my surprise. One was Virgin and the other was Tesco and I've had financial troubles in the past. Fortunately, all cleaned up now.

One card you may be able to get is Capital One. Or one of their other subsidiary cards. I've rarely heard of them refusing anyone although of course the Ts&Cs and fees won't be as good. I was given a Vanquis credit card earlier this year without ever having applied for one and without them ever having done a hard search. Almost like magic. It took a while to clear up! But I think it's just a gamble, particularly now with the pandemic. As other forumites have found, it's not as easy as it used to be to get a credit card now. 

A friend who works for a major bank suggested to me applying for a credit card with my bank since they are more likely to accept current customers. He said that you're more likely to be accepted if the bank knows you and knows how you handle your current account. I may well try that in the future but am happy with what I've got for now.

It's worth a try - but I'm like you, even if it may be silly, I do hate wasting a hard search! 

On this occasion, though, I'd be inclined to phone them just to see why you've been declined so you can avoid making the same mistake again (if you even made one that is).