Refused Santander Edge Credit Card.

harz99

As the title says. 

So as a customer of 10+ years with a joint 123/123 lite current account over those years, and various savings accounts over the years as well, plus a Zero card for overseas and purchases made in other currencies use, suddenly I'm not a good risk.

Recently I used the MSE ers trick to get access to the Edge 7% savings account via a new Edge Current Account with a nominal £1 balance and no DDs, all went well.

Also have done a few switches for the bonuses in the past few months, again all went well. 

With the refusal Santander recommended me to check my credit file with Experian whom they used, having done so I find despite still having an excellent credit score I also have two red warning markers. Not being willing to buy the full Experian report, I can't find out what they are.

It isn't worth the difference between 1% and 2% cashback to go to appeal, but I'm a little curious as to whether my activity above would trigger red markers with Experian...anyine else had similar refusal? 

Mark_d

Did you check your statutory report?

https://www.experian.co.uk/consumer/statutory-report.html

harz99

Mark_d said:

Did you check your statutory report?

https://www.experian.co.uk/consumer/statutory-report.html

In process, takes a week or so to receive it though, however you do it.

Nasqueron

harz99 said:

As the title says. 

So as a customer of 10+ years with a joint 123/123 lite current account over those years, and various savings accounts over the years as well, plus a Zero card for overseas and purchases made in other currencies use, suddenly I'm not a good risk.

Recently I used the MSE ers trick to get access to the Edge 7% savings account via a new Edge Current Account with a nominal £1 balance and no DDs, all went well.

Also have done a few switches for the bonuses in the past few months, again all went well. 

With the refusal Santander recommended me to check my credit file with Experian whom they used, having done so I find despite still having an excellent credit score I also have two red warning markers. Not being willing to buy the full Experian report, I can't find out what they are.

It isn't worth the difference between 1% and 2% cashback to go to appeal, but I'm a little curious as to whether my activity above would trigger red markers with Experian...anyine else had similar refusal? 

The reason for the rejection could be anything but the score 100% never paid any part in it as it's never seen by lenders. What are the 2 red warnings? Gimmick stuff from Experian like utilisation or missed/late payment sort of things?

harz99

@Nas read the post...

Nasqueron

harz99 said:

@Nas read the post...

In my experience of using Experian via MSE they still tell you what the warning is, even without going into detail...

steven141

It possibly could be the number of applications made in recent months for switching deals but the bank have their own internal scoring system and if nothing is obvious on your credit report then I guess you will never know as they won’t reveal why. 

harz99

Finally been through the whole credit report, and i can find nothing to show why I was refused, no CIFAS markers, nothing odd except two search entries by different bits of Santander on the same day for "Credit Card Quotation" when I applied for the Edge Credit Card. Not that I'm bothered just curious...probably as @steven141 said above.

WillPS

There are myriad reasons why you might not currently meet the eligibility criteria - they won't tell you what they are, nor which point you failed on, so all you can do is make sure there aren't any objective 'problems' on your credit report which you need to sort out - which you've done.

Try again in 6 months if it is still available and still appeals.

One thing I would suggest is that you make sure your Zero credit card has a sensible limit - by which I mean if there's excess in there you'll never use, and you have a decent limits elsewhere should you need it, you might want to consider reducing it. One possible reason you were declined is that Santander don't want to increase their credit exposure to you; and you could 'create room'.