Denied a new credit card
Discussion
So the Mrs told me to apply for a new credit card as the charges are going up on ours' and there's a better offer at the banking arm of an orange coloured supermarket (where we shop). I applied, and was surprised to find that we were declined. The bank told us to check our Experian credit rating, which is what they used.
Over a week later, once I'd paid £2 and received an email link, but had to wait for a letter with an access code - I have now checked our credit rating. Perfect to within an inch of its life - not one blemish.
We've lived in our current house for over 3 years.
Although not a powerfully built company director, I am in the upper few percent of earners in the UK.
WTF is going on?
Over a week later, once I'd paid £2 and received an email link, but had to wait for a letter with an access code - I have now checked our credit rating. Perfect to within an inch of its life - not one blemish.
We've lived in our current house for over 3 years.
Although not a powerfully built company director, I am in the upper few percent of earners in the UK.
WTF is going on?
Could you not have signed up for 30 days for free to
http://www.uk.experian.com/
I had instant access when being denied for a mortgage.
The issue with me was they asked what my debts were, and for some reason they were reading higher on experian than the actually are. Simply adjusted the info with the lender and they Okayed the mortgage.
http://www.uk.experian.com/
I had instant access when being denied for a mortgage.
The issue with me was they asked what my debts were, and for some reason they were reading higher on experian than the actually are. Simply adjusted the info with the lender and they Okayed the mortgage.
Or, they may just feel that they have reached the correct balance of exposure to your demographic. A lending book should be balanced between low risk low return clients and higher risk higher return clients. So may be they are just at the correct balance on your end right now. Also it could have something to do with the recent sale of said bank, as they may now be changing policy / direction following the divestment
Puggit said:
So the Mrs told me to apply for a new credit card as the charges are going up on ours' and there's a better offer at the banking arm of an orange coloured supermarket (where we shop). I applied, and was surprised to find that we were declined. The bank told us to check our Experian credit rating, which is what they used.
Hmm, this intrigues me...Shall we say around 13:00, I will bring the Rum?
blindswelledrat said:
Is the implication that people in Puggits demographic pay their cards in full each month thus never pay any interest?
Maybe this, years back they would have gladly taken this low-risk business on the grounds that one day the card holder might get a bit squiffy on the rum and buy something stupid and they'll make a couple of quid on it.But these days it's not a case of they think they might not make much, or anything, it's because of Basel III and all the new rules since the crisis that to offer the OP a limit of £5k, £15k whatever they have to set aside £x of their capital on the 'off chance' he might go and spend it all one day. With capital being tight right now they'd rather use it on people who will borrow it.
Nationwide did something similar to my Dad, he earns fortunes in the middle east, but has his personal bank here. He had a £10k OD and a £20k CC with them and never used either, until one day he needed to book some flights at short notice and couldn't lay his hands on his savings and his CC got declined, he was furious, called them up and they admitted (in the end) that they'd slashed his OD and CC limits because he wasn't using them (and lots of other customers) to increase the amount of lending they could offer to other customers.
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