Pre approved HERE but then denied credit

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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Could also be the £17k debt you had previously - this will be a BIG black mark on your credit file, especially if this is spread across multiple sources, namely credit cards?

    Also this:

    My annual salary is £23,300.

    Loan - £10340.00
    Barlcays CC - £3372.02 balance out of a £3400.00 limit
    Tesco CC (1) - £2802.59 balance out of a £2800.00 limit
    Tesco CC (2) - £650.00 balance out of a £1200.00 limit (currently what I'm living on until pay day)
    Overdraft - £500 planned overdraft but I'm currently overdrawn by £700.
    Very account -£200 on account
  • spadoosh
    spadoosh Posts: 8,732 Forumite
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    Whilst your credit score might be excellent your credit hisotry certianly isnt.

    A 21 year old who inherited £50k+ accrued £17k worth of debt in under 3 years and failed to pay said debt off or is wanting to make more money available to them would be a huge lending concern for me too.

    I fell like ive been misled.
  • ehdx
    ehdx Posts: 37 Forumite
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    !!! wrote: »
    Could also be the £17k debt you had previously - this will be a BIG black mark on your credit file, especially if this is spread across multiple sources, namely credit cards?

    Also this:

    My annual salary is £23,300.

    Loan - £10340.00
    Barlcays CC - £3372.02 balance out of a £3400.00 limit
    Tesco CC (1) - £2802.59 balance out of a £2800.00 limit
    Tesco CC (2) - £650.00 balance out of a £1200.00 limit (currently what I'm living on until pay day)
    Overdraft - £500 planned overdraft but I'm currently overdrawn by £700.
    Very account -£200 on account


    This has all be paid and I never had bad credit from it. my credit score on Experian is 970 and always has been even throughout that period.
    I just downloaded a credit report and there is nothing on there that would indicate a reason to me not being able to get credit, so we'll just have to wait and see if Virgin Money get back to me!
  • ehdx
    ehdx Posts: 37 Forumite
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    spadoosh wrote: »
    Whilst your credit score might be excellent your credit hisotry certianly isnt.

    A 21 year old who inherited £50k+ accrued £17k worth of debt in under 3 years and failed to pay said debt off or is wanting to make more money available to them would be a huge lending concern for me too.

    I fell like ive been misled.




    I have paid my debt off, but thank you for your comment :)
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    ehdx wrote: »
    my credit score on Experian is 970 and always has been even throughout that period.

    Well, it would be, because your score doesn't indicate your credit worthiness.

    But the history of high debt makes you high risk.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    ehdx wrote: »
    This has all be paid and I never had bad credit from it. my credit score on Experian is 970 and always has been even throughout that period.
    I just downloaded a credit report and there is nothing on there that would indicate a reason to me not being able to get credit, so we'll just have to wait and see if Virgin Money get back to me!

    But they would see your payment history on the cards etc. and take that into account.

    Not the meaningless score.

    As stated, they are not obliged to give you a reason.

    If you really need (another) credit card, apply elsewhere.
  • Samsung_Note2
    Samsung_Note2 Posts: 774 Forumite
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    !!! wrote: »
    Again - based on soft checks.

    Then when you apply further checks are carried out - ID checks, ML checks, a full credit check, address history checks etc etc

    Not always the case..as ive previously moaned about,Capital one offerd 100 pre-approved...passed credit check and offerd £**** Balance transfer.

    Two weeks later declined and no reason given...and thats as an existing customer.

    Companies should have to declare why the declined you after passing both soft and hard searches.
  • ehdx
    ehdx Posts: 37 Forumite
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    Samsung_Note2 wrote: »
    Not always the case..as ive previously moaned about,Capital one offerd 100 pre-approved...passed credit check and offerd £**** Balance transfer.

    Two weeks later declined and no reason given...and thats as an existing customer.

    Companies should have to declare why the declined you after passing both soft and hard searches.






    Thank you so much for posting this. You're the only person that has properly read my post!
    I only asked if people had been in a similar situation before.


    Did you wait before applying for another credit card? I've contacted Virgin so just waiting to see if I get a response.
  • ehdx
    ehdx Posts: 37 Forumite
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    !!! wrote: »
    But they would see your payment history on the cards etc. and take that into account.

    Not the meaningless score.

    As stated, they are not obliged to give you a reason.

    If you really need (another) credit card, apply elsewhere.


    Is the score not based on payment history?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Credit scores like stability and dislike change, whether that change is good or bad.

    Lenders on the other hand, like low risk and good change.
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