Deep Singh

About a year ago I was in my bank and they convinced me to apply for their credit card and ditch the ones I already have with another provider.

I agreed because a) I like my bank b) the cashier was quite tasty

she said it would only take a short time and as I was 'such a good customer' it would be straight forward.

Anyway, the computer said no! Poor lady was very shocked, I was a little aswell but could have cared less to be honest with you.

I've always wondered whether there was something on my credit report that shouldn't be there as I've NEVER defaulted on a loan or credit card, been bankrupt etc.

My bank account has NEVER been overdrawn in about 10 years, and before that only within approved limits

The only thing that has happened was when I was younger (at least 5 years ago) I would sometimes forget to make the credit card payment altogether, but at the most for one month.

Anyway I did an Experian check today and it was 100% fine, no record of any defaults etc. I didn't get the actual credit score though as that costs £6!

Any idea why I would have been rejected for the credit card a year ago?

btw, I don't actually want another credit card, I just want to know what the problem was

Thanks

Matteeboy

Deep - Mrs Matt got rejected for a Boots card (only to get us 10% off a buggy) yet I got accepted.

Now we both have the same address, a joint account, plenty of savings in various accounts, use our credit cards occasionally (but always pay them off), etc, etc - I have NO idea why she wasn't allowed a card.

I was also overdrawn for a while ages ago - she's never been overdrawn - ever!

I think it might be slightly random.

Have you moved recently?

Deep Singh

Matt

Moved about 5 years ago, so maybe 4 years or less when I applied. I just want to know what the problem was so should I want to borrow money in the future I get it at the very best rates

SwissTony

iTrader: (19)

In fact your credit rating is poorer if you have no credit cards, no borrowing and no debt...

john banks

Credit ratings for individuals and companies are a nonsense - they IMHO contributed quite a bit to what got the world into its present economic mess. Your bank would be better from its knowledge of the way you conduct your account to make the decision themselves, instead they will no doubt leave it to you to contact all the ratings agencies and correct any mistakes.

I was refused for a run of the mill current account and a crappy storecard even when I was not a scabby tenant, was overpaying my mortgage and have never missed a payment for anything in my life. Then I was given a credit limit six times higher than I wanted by a credit card company.

Now my credit rating is only about average since I have no recent credit (credit card companies seem not to bother putting anything on if you clear the balance monthly). I bought a sofa on the never-never to increase my rating in case I want a mortgage in future.

njkmrs

If you are unemployed receiving Benefits you will probably have a high Credit Rating due to having a regular, pretty much guaranteed income .!!!
Work that one out .
If you have never had loans etc ,then you will probably find your rating is low !!
I have heard this several times.And it shows what kind of crazy country we live in .

Deep Singh

I have no interest in credit cards/store cards etc. I only keep credit cards for their protection with online purchases etc My concern is when I decide to raise capital in the future.
In this current climate when you apply for a mortgage is it decided by a person actually looking at your income/savings/the way you've run your current accounts etc or by one of these stupid computer programmes?

njkmrs

A lad at worked owed 6 or 7k for a couple of yrs on his card .Paid about £150 a month off ,not really reducing the debt .Came into a few quid and paid it off .Couple of weeks later he got a letter from his Card Company (not sure which one ) ,telling him he was no longer able to use it .He had cut it up anyway .Cheeky Cnunts had been stiffing him for yrs .His own fault mind !!!

Jye

You're probably far too credit worthy and don't default, or you pay off the balance every month on the dot, hence you are of no use.

mamoon2

I'm in the same boat here, I check my credit file on a monthly basis (I have a subscription to keep an eye on it) and have never missed a payment for donkeys years. I have a credit card for the protection which is always paid off. Everything on my file is perfect apart from my score. The score comes in the "Poor" category?

Now six months ago, the Experian website has a program which asks you questions and tells you what your score will be if you stick to your answers. So I did everything it told me and it had predicted my score would go into the "Excellent" category. Six months later its actually gone down and i've stuck to it completely.

There is a statement on the Experian website which says due to the current climate they have changed the way they generate the score

Petem95

There are other factors, such as being on the electoral register which affect the rating.

Matteeboy

Nor do we but got £50 off a buggy - then paid it off in full and cut up the card!

Use a credit card occasionally for big purchases - get free two years extra warranty of most stuff by calling up the bank and registering the product. Very very handy indeed!

But it's annoying knowing you have money in the bank yet some scummy debt head has a higher credit rating than you!

My parents struggled to get credit once (needed it briefly) - the reason? No debts and no credit cards - ever.

WRX JON

The more dept you have and credit cards, the banks are more willing to lend, If you dont have a credit file with credit cards, loans, store card etc the companys cant see how you money is managed and if you repay or not.

MattN

I've just got my free report and paid for the credit score, only got 890/1000 and one of the reasons was too much owed on a number of acounts. Weird, not really though as most are clear but have not updated experian. For example my overdraft shows the balace from SEPT! Crazy if it takes 3 months + to update the report what use is it?

Jamescsti

I have been told that you can be adversely affected if you have lots of "spare credit" by that I mean for example, I have a credit card with £9200 credit limit, I have a zero balance, so I have in theory £9200 immediately accessable.
I'm told as a result of that if I wanted another card for what ever reason it would count against me! The card is getting closed shortly but it's very stupid

Matteeboy

REALLY?!!!
Similar limit on mine too and no balance.
What a strange system!!

Jamescsti

I'm not 100% sure it's true but I read it on Martin Lewis's website and he seems pretty clued up on these things

Deep Singh

Well if thats the case then that might explain things. I might pay the £6 to see what my credit score is

R 14NS R

when i bought my tv,also bought a cheap lap top for my little girl for her school work, spent ages bartering them down and got about £200 off which was good, came to pay and got asked if i wanted to pay on finance over 2 years, of course i said 'yes if its 0%'. it was so i said fine, did the proposal there and then, and i was rejected but could not tell me why, just been leant 200k (60%) for my mortgage, no questions asked, but would not lend me equivalent of £50 per month!