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  • FIRST POST
    • ehdx
    • By ehdx 10th May 18, 10:37 AM
    • 30Posts
    • 13Thanks
    ehdx
    Pre approved HERE but then denied credit
    • #1
    • 10th May 18, 10:37 AM
    Pre approved HERE but then denied credit 10th May 18 at 10:37 AM
    Hi All


    I was wondering if anyone has been in a similar situation to this and could give me so advice.


    I recently did a credit card comparison on this site and was told that I was 'pre approved' for one of the cards. 100%. The writing underneath explained that I would be accepted for this particular card so I applied.


    It made sense that I would be accepted as my credit score is excellent, I always make my monthly payments, and other that one other credit card I have no other debt. (This was going to used for a balance transfer)


    Anyway, I had an email this morning saying that it had been denied! I'm quite shocked and a bit annoyed as all the information I gave before being pre approved was correct and up to date and if I'd of thought I wouldn't have been approved I would have never applied for the card!


    Now my problem is it's quite important that I do get another card because I need to do a balance transfer on my current one before the interest goes sky high.


    Has anyone been in a similar situation?
    Debt Free Wannabe
    18,143.39|3,200.00

Page 1
    • Gary_Dexter
    • By Gary_Dexter 10th May 18, 10:41 AM
    • 1,515 Posts
    • 861 Thanks
    Gary_Dexter
    • #2
    • 10th May 18, 10:41 AM
    • #2
    • 10th May 18, 10:41 AM
    Pre-approvals and eligibility only take into account soft searches.

    Once further searches or checks are performed then you can still be denied.

    Also ignore your credit score/rating as it's not real - and as proven here has no bearing on your credit worthiness.

    It could also be that you just don't fit the criteria the lender was looking for.

    Who was it with?
    • eskbanker
    • By eskbanker 10th May 18, 10:43 AM
    • 7,544 Posts
    • 8,185 Thanks
    eskbanker
    • #3
    • 10th May 18, 10:43 AM
    • #3
    • 10th May 18, 10:43 AM
    This site doesn't lend money.

    Companies that do lend money have the right (and indeed obligation) to conduct their own checks before doing so.

    Hence you can't rely on third party eligibility checkers....
    • ehdx
    • By ehdx 10th May 18, 10:56 AM
    • 30 Posts
    • 13 Thanks
    ehdx
    • #4
    • 10th May 18, 10:56 AM
    • #4
    • 10th May 18, 10:56 AM
    Pre-approvals and eligibility only take into account soft searches.

    Once further searches or checks are performed then you can still be denied.

    Also ignore your credit score/rating as it's not real - and as proven here has no bearing on your credit worthiness.

    It could also be that you just don't fit the criteria the lender was looking for.

    Who was it with?
    Originally posted by Gary_Dexter



    Thanks, that's really helpful.


    I find it quite misleading that I was told on this site I had 100% chance of being approved for the credit card and would be guaranteed an offer.


    It was with Virgin Money.
    Debt Free Wannabe
    18,143.39|3,200.00

    • ehdx
    • By ehdx 10th May 18, 10:57 AM
    • 30 Posts
    • 13 Thanks
    ehdx
    • #5
    • 10th May 18, 10:57 AM
    • #5
    • 10th May 18, 10:57 AM
    This site doesn't lend money.

    Companies that do lend money have the right (and indeed obligation) to conduct their own checks before doing so.

    Hence you can't rely on third party eligibility checkers....
    Originally posted by eskbanker



    It's quite misleading to be told on a comparison site that you have 100% chance of being approved for the credit card though, don't you think?
    Debt Free Wannabe
    18,143.39|3,200.00

    • spadoosh
    • By spadoosh 10th May 18, 11:14 AM
    • 5,280 Posts
    • 7,184 Thanks
    spadoosh
    • #6
    • 10th May 18, 11:14 AM
    • #6
    • 10th May 18, 11:14 AM
    It's quite misleading to be told on a comparison site that you have 100% chance of being approved for the credit card though, don't you think?
    Originally posted by ehdx
    It would be if i just saw 100% and chose not to see anything else.

    Im assuming you missed the bit underneath the 100% which states

    You will get this card, and the exact offer shown, subject to ID checks & if the info you gave is correct
    So something has gone amiss. Are you certain you entered all the correct details? Do those details match up with what is in on your credit report? You might be telling the truth now but it doesnt collaborate with your credit report which could cause a rejection. You mightve become unregistered on the electoral roll. There could be fraudulent activity on your credit reports.

    I think your energy will be better placed looking in to the possible reasons of why youve been rejected over the misleading nature of a website set up to help protect consumers and help people manage debt problems.
    Don't be angry!
    • Gary_Dexter
    • By Gary_Dexter 10th May 18, 11:20 AM
    • 1,515 Posts
    • 861 Thanks
    Gary_Dexter
    • #7
    • 10th May 18, 11:20 AM
    • #7
    • 10th May 18, 11:20 AM
    Thanks, that's really helpful.


    I find it quite misleading that I was told on this site I had 100% chance of being approved for the credit card and would be guaranteed an offer.


    It was with Virgin Money.
    Originally posted by ehdx
    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
    • ehdx
    • By ehdx 10th May 18, 11:22 AM
    • 30 Posts
    • 13 Thanks
    ehdx
    • #8
    • 10th May 18, 11:22 AM
    • #8
    • 10th May 18, 11:22 AM
    It would be if i just saw 100% and chose not to see anything else.

    Im assuming you missed the bit underneath the 100% which states



    So something has gone amiss. Are you certain you entered all the correct details? Do those details match up with what is in on your credit report? You might be telling the truth now but it doesnt collaborate with your credit report which could cause a rejection. You mightve become unregistered on the electoral roll. There could be fraudulent activity on your credit reports.

    I think your energy will be better placed looking in to the possible reasons of why youve been rejected over the misleading nature of a website set up to help protect consumers and help people manage debt problems.
    Originally posted by spadoosh



    I'm looking into the reason... but so far I cannot find anything. Everything that I stated was correct. I've double checked and everything is as stated on my credit report. There is nothing that would indicate that anything is wrong or that I've given any kind of false information.


    Regardless of the purpose of the website, it's still misleading.
    Debt Free Wannabe
    18,143.39|3,200.00

    • ehdx
    • By ehdx 10th May 18, 11:23 AM
    • 30 Posts
    • 13 Thanks
    ehdx
    • #9
    • 10th May 18, 11:23 AM
    • #9
    • 10th May 18, 11:23 AM
    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
    Originally posted by Gary_Dexter

    I've contacted Virgin Money and asked for more information as I'd like to know the specific reasons because I can't find anything so far on my credit history that would go against me.
    Debt Free Wannabe
    18,143.39|3,200.00

    • Gary_Dexter
    • By Gary_Dexter 10th May 18, 11:28 AM
    • 1,515 Posts
    • 861 Thanks
    Gary_Dexter
    I've contacted Virgin Money and asked for more information as I'd like to know the specific reasons because I can't find anything so far on my credit history that would go against me.
    Originally posted by ehdx
    They're not obliged to tell you their lending criteria.

    It could be for a number of reasons; Current debt, current credit utilisation, salary, historical debts, you don't fit their customer base...
    • spadoosh
    • By spadoosh 10th May 18, 11:32 AM
    • 5,280 Posts
    • 7,184 Thanks
    spadoosh
    Have you checked all 3 credit reporting agencies? (virgin money use experian)

    Are you on and still on the electoral register?

    I dont think it is misleading. I expect there will be a valid reason for your refusal, we/you just dont know what it is yet.
    Don't be angry!
    • Gary_Dexter
    • By Gary_Dexter 10th May 18, 11:34 AM
    • 1,515 Posts
    • 861 Thanks
    Gary_Dexter
    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
    • By spadoosh 10th May 18, 1:01 PM
    • 5,280 Posts
    • 7,184 Thanks
    spadoosh
    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.
    Don't be angry!
    • ehdx
    • By ehdx 10th May 18, 1:07 PM
    • 30 Posts
    • 13 Thanks
    ehdx
    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
    Originally posted by Gary_Dexter

    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!
    Debt Free Wannabe
    18,143.39|3,200.00

    • ehdx
    • By ehdx 10th May 18, 1:14 PM
    • 30 Posts
    • 13 Thanks
    ehdx
    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.
    Originally posted by spadoosh



    I have paid my debt off, but thank you for your comment
    Debt Free Wannabe
    18,143.39|3,200.00

    • zx81
    • By zx81 10th May 18, 1:17 PM
    • 17,790 Posts
    • 18,901 Thanks
    zx81
    my credit score on Experian is 970 and always has been even throughout that period.
    Originally posted by ehdx
    Well, it would be, because your score doesn't indicate your credit worthiness.

    But the history of high debt makes you high risk.
    • Gary_Dexter
    • By Gary_Dexter 10th May 18, 1:21 PM
    • 1,515 Posts
    • 861 Thanks
    Gary_Dexter
    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!
    Originally posted by ehdx
    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
    • By Samsung_Note2 10th May 18, 1:22 PM
    • 496 Posts
    • 194 Thanks
    Samsung_Note2
    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
    Originally posted by Gary_Dexter
    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.
    If my appalling spelling offends you that much...dont read my posts.
    • ehdx
    • By ehdx 10th May 18, 1:24 PM
    • 30 Posts
    • 13 Thanks
    ehdx
    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.
    Originally posted by Samsung_Note2





    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.
    Debt Free Wannabe
    18,143.39|3,200.00

    • ehdx
    • By ehdx 10th May 18, 1:26 PM
    • 30 Posts
    • 13 Thanks
    ehdx
    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.
    Originally posted by Gary_Dexter

    Is the score not based on payment history?
    Debt Free Wannabe
    18,143.39|3,200.00

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