Natwest Credit Card

chilli_dog

I have been a Natwest customer for a few years now and decided to apply for their credit card.

I got a letter today rejecting me, called them to discuss it as i was not happy.

the reason i was rejected was because about 3 years ago i got into a SMALL bit of money trouble, i.e. 3 or 4 missed payments. I decided to put a notice of correction on my credit file. Natwest decline anybody straight away with a notice of correction!!

Is this the norm?

I thought the notice of correction was supposed to work in the opposite way?

Thanks

Martin

Clariman

What I believe happens is that automated credit card processing systems won't automatically accept an application if there is a notice of correction, because free form text can not be analysed by computer systems i.e. the application processing software can not assess you risk automatically. It then has 2 choices - pass your application on to the underwriters (i.e. human beings) for later analysis or rejection.

What did you put the notice of correction on your file to say ? Was the information on missed payments inaccurate ? If so, then the CRA should check them out and correct them. If they were accurate details, then a notice of correction probably isn't going to make much difference. Missed payments are missed payments and suggest that you may be more risky to them than if you had never missed a payment. Having said that, 3 or 4 years ago is quite a long time and, if you have had a clean record since then, I would have thought you would have been OK.

Clariman

Niteflyer

chilli_dog wrote:

I have been a Natwest customer for a few years now and decided to apply for their credit card.

I got a letter today rejecting me, called them to discuss it as i was not happy.

the reason i was rejected was because about 3 years ago i got into a SMALL bit of money trouble, i.e. 3 or 4 missed payments. I decided to put a notice of correction on my credit file. Natwest decline anybody straight away with a notice of correction!!

Is this the norm?

I thought the notice of correction was supposed to work in the opposite way?

Thanks

Martin

Try appealing, I got rejected, I called them, THEY DIDN'T KNOW WHY I WAS REJECTED!

They told meto appeal it as the initial rejection is all computer generated and no humans get to make a decision.

When you appeal it is then put into the hands of a human and it will pot luck which one you get, just prey you get a sympathetic one with a heart!

I haven't had the decision of the appeal yet but will let you know as soon as I do

Matt

Toomanycards

Your application would have been decline "despite" the notice of correction not "because of" it.

It means your application failed the normal assessment - no doubt because of the situation you noted on your post, but would have been referred to an underwriter first off for a check of your details (normally what's visible at the credit reference agency including a read of the notice of correction). The underwriter would have then decided to leave it declined.

A Notice of Correction allows you to explain the situation to a potential lender, but doesn'ty cancel the issue or compel a lender to disregard it.