Credit Club - Wallet Workout

bubby08

Hi there,

is there any way to find out what causes a 0 % acceptance chance as I am not eligible on a product shown in the wallet work out? 

Thanks

CliveOfIndia

What is the product you're looking at?

All lenders will asses your eligibility based on a number of factors such as income, existing level of debt, and the data contained within your credit files.

Check all three of your credit files, make sure the data is factually correct and that there are no negative markers on your history (though you can ignore the meaningless score).

Also check that you're recorded as being on the Electoral Roll - this is quite an important factor in the eyes of most lenders.

But if you have very little credit history then this will often preclude you from being accepted for some of the more mainstream credit products.

Ultimately you will never know why you've been rejected as a lender's scoring criteria are confidential and commercially sensitive, meaning you have no way of knowing what constitutes their preferred customer profile.  But things like missed payments, defaults, CCJs etc. would be considered black marks by pretty much any lender.

bubby08

Hi there there are no markers,  at all I am on the electoral roll and have been for many years, I have a current account of over 8 years, and two settled car finance agreements so there is history. I am just wondering as to why on the wallet work it would say I am not eligible for one product but strongly recommended for nearly everything else. Where it says I am not eligible it doesn’t seem why!!!

CliveOfIndia

bubby08 said:

Where it says I am not eligible it doesn’t seem why!!!

No lender will tell you why you've been rejected since their acceptance criteria are confidential.  It can be worth running an eligibility check on the lender's own website rather than a third-party aggregator, this can sometimes give a slightly more accurate indication.

But it could be something as simple as you just don't match that particular lender's preferred customer profile.  Maybe they have a minimum income requirement which you don't meet.  Maybe they prefer customers who have a long history of responsible credit card usage.  It could be any one of dozens of reasons.

A current account doesn't do an awful lot in itself to improve your credit history, and if the only other credit you've had is two settled car finance contracts, that may be part of the problem - that in itself is not a huge amount of credit history to go on.  Do you have any credit cards that you use regularly?  This is often an easy way to build up a decent history - as long as you use it correctly.

bubby08

Yes I have a credit card just one. Maybe I will try going to the lender directly. As I said It was more just wondering how the wallet workout works it seems to easily indicate the raft of services I am eligible for but shed no light whatsoever on why I am totally in-eligible for one lender.

Best Regards