Credit joke

TaxLoss

So.. I just shelled out to get my credit report. It was 'Excellent' and apparently above 71% of the national average..

Why did I do this? Because I've just been turned down for a credit card.

I am disgusted to read that companies turn down applications if they are not going to 'benefit' from charging late-payers. Could this be why my application was rejected? I have a number of store cards which I never use (these could probably be cancelled, I've just never bothered) and I have another credit card which I was planning on cancelling once my new one was set up. There was some debt on that, but it always gets paid on time.

I wanted to sign up for a new card which promises to plant trees and support ethical causes per every transaction I make. Yes, you know who you are.

Ethical, my financially-responsible butt.

realaledrinker

Worth an appeal perhaps?

Your 'credit report' was the agency's view of you - not the Co-Ops, who may well apply different criteria.

It isn't necessarily "unethical" to refuse credit to a credit worthy applicant. Something on your credit history (or maybe something not on it, e.g. insufficient time at a new address / not on electoral role) has triggered the refusal. If Roman Abramovitch moved house & applied for a card a week later, chances are he might be refused.

bigturnip

If you're only above 71% of people I would hardly rate you as excellent. I don't know the statistics, but that would mean at least 29% of people were an excellent credit risk and I doubt that is true under any circumstances, let alone today's climate.

darcyvuqua

how would you appeal as i would love to appeal a decision template anyone or some advice

sorry to pinch your thread taxloss but a template could help us both and a little bump for the thread

benf90

darcyvuqua wrote: »

how would you appeal as i would love to appeal a decision template anyone or some advice

sorry to pinch your thread taxloss but a template could help us both and a little bump for the thread

It all depends on the card company as each one will ask for different information or documents. You could be asked to send a copy of your credit report, a copy of your bank statements or simply just to write a letter explaining why you shouldn't have been refused.

The first thing to do is phone the card company and tell them you'd like to appeal against the decision. They'll tell you what you need to do and which address you'll need.

darcyvuqua

thanks ben

rabbit63

About a month ago I filled in the forms for a store credit card. The assistant went away to do some checks and returned to say I'd been refused. I wasn't altogether surprised - our mortgage was paid off 4 years ago, I have no other debts and I always pay my credit card bill in full and on time every month. I decided they'd probably rejected me on the grounds that they'd make no money out of me. The assistant told me the company would ring me to explain their reasons, and gave me the 10% off my purchases anyway.

However I was curious about my credit report so I did the questionnaire on MSE - it came out excellent. I sent away for my Experian report and all seems fine.

A week after my experience in store I did hear from the company but in an unexpected way - they sent me the credit card I'd applied for!

I was so startled I rang them to query, and the woman I spoke to, though initially seeming surprised, then said, 'it'll be because our fraud department ...ahem, sorry, risk department, decided your application met their criteria after all'

Has this happened to anybody else? It would have saved me a red face in the store if they'd got their act together a bit sooner.

exel1966

TaxLoss wrote: »

I am disgusted to read that companies turn down applications if they are not going to 'benefit' from charging late-payers.

And where exactly did you read this rubbish ? Maybe you could point us in the direction so it's perfectly clear ?

cifpower

exel1966 wrote: »

And where exactly did you read this rubbish ? Maybe you could point us in the direction so it's perfectly clear ?

That post is from 2008 and he hasn't been back since so I doubt he will care for any comments on his thread.

never-in-doubt

darcyvuqua wrote: »

how would you appeal as i would love to appeal a decision template anyone or some advice

sorry to pinch your thread taxloss but a template could help us both and a little bump for the thread

I realise the thread is old but......

As requested: BEEN DECLINED - Appeal Letter Template

Has worked a treat for several on here