Why was I turned down?

robert_harper_2000

Card company replies with

"we cannot tell you"

However when I was listening to Moneybox podcast, Lewis did mention the following

LEWIS: We’ve also had a number of emails from people saying they
have asked for an explanation of why credit was turned down and the answers are all
very vague like, “Well maybe your income’s insufficient”, “Maybe you’ve got too
much credit”, not specific enough actually to really find out why. So although you
can ask and they do have to give you an answer, it may not be a very sensible one.
Anyway let’s move on. Nicola is calling us now from Bury St. Edmond’s. Nicola?

But he hasn't mentioned where / who his source is? I would like a link to something more solid to write to the card company with.

Any ideas?

poppy_f1

get a copy of your credit report from all 3 agencies and see if anything nasty is showing on there
another reason could be if you are not on the electoral role
or it might mean the company just doesnt want your business as you wont make them money

robert_harper_2000

I understand that but I got the impression that I was entitled to know exactly why they decided??

emma396

i've been turned down by west brom building society for a savings account recently. they say that they couldnt verify my identity and told me to get in touch with equifax. my report seemed fine and people at equifax agreed, they couldn't tell me why and told me to get back in touch with west brom. got back in touch with west brom who said they couldn't tell me why, and to get back in touch with equifax.
i sent west brom a letter telling them what had happened, they are investigating and will get back to me within 28 days......

jonesMUFCforever

robert_harper_2000 wrote: »

I understand that but I got the impression that I was entitled to know exactly why they decided??

Any business can choose to have you as a customer or not as they wish, without giving you a reason just as you are free to take your business elsewhere.

ferry

Just out of interest ...why? wont they tell the reason why you were turned down?

Just strikes me that if you are interested in buying into one of their products they should tell you so you can go away,'repair' the problem then come back and be one of their customers.

Surely not telling why may have a negative affect on any potential business?

Just my observation of course

Ferry.

jimbo26

ferry wrote: »

Just out of interest ...why? wont they tell the reason why you were turned down?.

Because fraudsters will know what their criteria is and use this info to make fraudulent applications, is one reason.

jonesMUFCforever

jimbo26 has it in one!

clio

Can we not be trusted to be told information with out them thinking we are all criminals. Its them that are the crims the robbing money grabbing lying back stabbing snides....

jonesMUFCforever

If everybody told the truth that they could afford repayments on loans and cards then there would be no credit crunch now would there?

robert_harper_2000

But what about the Money box interview? sob sob I believed him... lol