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  • FIRST POST
    • ehdx
    • By ehdx 10th May 18, 10:37 AM
    • 29Posts
    • 12Thanks
    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 2
    • zx81
    • By zx81 10th May 18, 1:40 PM
    • 16,788 Posts
    • 17,797 Thanks
    zx81
    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.
    • Gary_Dexter
    • By Gary_Dexter 10th May 18, 2:09 PM
    • 1,124 Posts
    • 620 Thanks
    Gary_Dexter
    Is the score not based on payment history?
    Originally posted by ehdx
    No. It's based on the phase of the moon and the smell of the wind at high tide on Brighton Beach.

    They're based on nothing.
    • ehdx
    • By ehdx 10th May 18, 2:38 PM
    • 29 Posts
    • 12 Thanks
    ehdx
    No. It's based on the phase of the moon and the smell of the wind at high tide on Brighton Beach.

    They're based on nothing.
    Originally posted by Gary_Dexter

    Why are they there then?
    Debt Free Wannabe
    18,143.39|3,200.00

    • spadoosh
    • By spadoosh 10th May 18, 2:46 PM
    • 5,132 Posts
    • 6,881 Thanks
    spadoosh
    Why are they there then?
    Originally posted by ehdx
    Have a read through this.

    https://www.moneysavingexpert.com/loans/credit-rating-credit-score

    Basically its a way for them to make money.
    Don't be angry!
    • ehdx
    • By ehdx 10th May 18, 3:14 PM
    • 29 Posts
    • 12 Thanks
    ehdx
    Have a read through this.

    https://www.moneysavingexpert.com/loans/credit-rating-credit-score

    Basically its a way for them to make money.
    Originally posted by spadoosh

    Thank you - that's so much more helpful than just a sarcastic comment!
    Debt Free Wannabe
    18,143.39|3,200.00

    • stehouk
    • By stehouk 10th May 18, 5:41 PM
    • 87 Posts
    • 31 Thanks
    stehouk
    It may be that you have had dealings with them in the past or mbna when you had debt ? i applied for an mbna card and was asked to ring them to confirm a few things and it was then they informed me that i had dealings with them in the past via virgin money, something i didn't know about. they did give me the card though.

    I think i would be a bit annoyed if i had been pre-approved 100% for the card and then declined after applying, it hasn't happened to me but i haven't always got the length of deal on offer or i've been offered a lower credit limit.but not actually refused.
    Last edited by stehouk; 10-05-2018 at 5:56 PM.
    • maxximus75
    • By maxximus75 10th May 18, 7:23 PM
    • 65 Posts
    • 18 Thanks
    maxximus75
    It could just boil down to based on your credit profile you are just not the kind of customer they are interested in (at the moment). They are looking to make the most profit they can out of a customer. If they don't think they will then they can simply decline your application.

    It doesn't mean that another company doesn't want your business. There are lot's of others out there to choose.

    If you havn't made many applications for credit in the past then try another. I find that card providers that have their own eligibility checkers on their websites seem to be more reliable.

    As previously mentioned, make sure the details you submit match your credit file... such as name spellings, address matching etc

    Good luck with your quest!
    • Samsung_Note2
    • By Samsung_Note2 14th May 18, 11:35 AM
    • 405 Posts
    • 164 Thanks
    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.
    Originally posted by ehdx

    I've had other credit products since Cap1 declining...bizarre thing is they actually sent me a cheque for 25 as a formal apoligy for messing me about.

    Ive banked the cheque as i advised i would and also advised id carry the complaint onto Ombudsman as i feel they need to be open about why they decline,after all if you know the reason for decline you then have a chance to fix what ever the problem is...why do they need to with hold the information.
    If my appalling spelling offends you that much...dont read my posts.
    • zx81
    • By zx81 14th May 18, 11:37 AM
    • 16,788 Posts
    • 17,797 Thanks
    zx81
    why do they need to with hold the information.
    Originally posted by Samsung_Note2
    To reduce fraud and to protect confidential lending criteria.
    • Candyapple
    • By Candyapple 14th May 18, 1:57 PM
    • 2,847 Posts
    • 2,170 Thanks
    Candyapple
    Have you checked your info is correct across all 3 CRAs?

    The free versions to check your credit files are below:
    Experian: www.moneysavingexpert.com/creditclub
    Equifax: www.clearscore.com
    Call Credit: www.noddle.co.uk
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Samsung_Note2
    • By Samsung_Note2 15th May 18, 8:40 AM
    • 405 Posts
    • 164 Thanks
    Samsung_Note2
    To reduce fraud and to protect confidential lending criteria.
    Originally posted by zx81
    Yes i do appreciate that..however like in my case im pretty sure they eventualy refused the application as they as a CRA (all be it a free version) was reporting the wrong information,and they also use that same information to credit check you..lol (They were the ONLY company that fluffed the information..even the firm they get data from had it correct.

    So while i can pretty much work out why i was declined and thank the lord i was,people should be told "Too many searches or income to low ect ect and that way they can work on correcting what ever the issue,even if its we dont want you as a customer.

    Yes maybe the above is a bit simplistic but would help people understand what areas need improving.
    If my appalling spelling offends you that much...dont read my posts.
    • zx81
    • By zx81 15th May 18, 8:54 AM
    • 16,788 Posts
    • 17,797 Thanks
    zx81
    But again, it's confidential.

    And risk scoring isn't as simple or or linear as people think. Not being on the ER may be a reason for decline, unless you're under 21, when it's not seen as a key risk criteria.

    Or you have one default , which wouldn't normally be a reason for decline, but you're also a car mechanic which is one of the lender's highest risk occupations. However, if you were a homeowner, we'll overlook that, unless you're under 25, where we won't.

    Few decisions would be simple enough to explain in criteria which aren't confidential, and in today's market, customers aren't prepared to pay for that sort of personalised service anyway. Particularly as the customers are paying for non customers.

    I get that it's frustrating, but there is no simple answer.
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