Complete credit rating check?

RizzyKing · 24-11-2009, 15:04

Hi all have a relative who has applied for a credit card and got refused but no specific reason was given by his bank for the refusal. They gave him a leaflet with some contacts for him to use to find out about any bad records and he signed up for experian and they said there was no problem and when he reapplied he was refused again experian said it must be something they don't have access too. So what i am hoping is someone here knows of a complete catch all way to check your credit rating that includes everything that can affect a rating. Thanks in advance for the help

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Pauls9 · 24-11-2009, 15:41

As I understand it, each company has its own rules on credit rating, taking all sorts of elements into account besides checking the records. Your relative may find Capital One more easy going than most.

**Damien** · 24-11-2009, 15:50

Quote:

Originally Posted by RizzyKing

Hi all have a relative who has applied for a credit card and got refused but no specific reason was given by his bank for the refusal. They gave him a leaflet with some contacts for him to use to find out about any bad records and he signed up for experian and they said there was no problem and when he reapplied he was refused again experian said it must be something they don't have access too. So what i am hoping is someone here knows of a complete catch all way to check your credit rating that includes everything that can affect a rating. Thanks in advance for the help

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I find this strange, the credit check report should be all you need unless they have other reasons for the decline (say company policy requires above a certain annual income or their requirements are very strict given climate). I am pretty sure that your credit report is all they have access too.

He credit score was classed as ok/good? He didn't have any CCJ or missed payments on his report? Maybe additional notes? The only other thing I can think of is that if he applied to his bank they may have their own internal reasons based on his account conduct?

Did he try elsewhere for a credit card?

NoKnowledge · 24-11-2009, 16:04

Equifax and Experian are the only credit recorders, depends on who you goto for your finances. Everything they see, you see.

As to not being given a reason , they don't have to. Every company has their own policy. For example, you apply for a current account with Barclays, they knock you back but HSBC accept you.

Ignitionnet · 24-11-2009, 16:10

Quote:

Originally Posted by NoKnowledge

Equifax and Experian are the only credit recorders, depends on who you goto for your finances. Everything they see, you see.

Callcredit may disagree and shouldn't be discounted. The supplier will have informed which agencies they used if negative information was the cause of the rejection. The alternative is that other factors made the supplier decide not to give the credit card. I have been refused credit not because of any payment issues but simply because I didn't fit the 'criteria'.

NoKnowledge · 24-11-2009, 16:14

Quote:

Originally Posted by Broadbandings

Callcredit may disagree and shouldn't be discounted. The supplier will have informed which agencies they used if negative information was the cause of the rejection. The alternative is that other factors made the supplier decide not to give the credit card. I have been refused credit not because of any payment issues but simply because I didn't fit the 'criteria'.

Roger, so in summary theres only three.

I can't thinkl of anyone though, that uses callcredit.

Wayfair · 24-11-2009, 16:20

I was knocked back on an egg card as they scored me and realised they wouldn't make any money on me..

Then about a week later they started canceling peoples account and cards of people who paid up every month!! this was a couple of years ago if I remember right.

Arthurgray50@blu · 24-11-2009, 16:48

Equifax and Experian, are the credit rating companies that major compnies go to for checks, BUT if you get turned down then you can apply to BOTH companies for a check list for yoruself, you can either check online or you can contact them direct, and it cost £2.00 for your file.

WHATEVER you do, DON'T go to a repair company, as it can cost a lot of money, and you would not gurrantee you will get credit from anyone.

The files you get, can tell you if someone has used your details, and also the last company you tried to get credit with, I have dealt these companies quite a lot over the past 10 years, and they are very helpful.

**Kymmy** · 24-11-2009, 16:51

The thing is that failing a credit check could mean something particular to this company like location, marital status, salary and a number of other things for which they don't have to disclose. If there's nothing in the report then you;re simply not gonna find out (unless you can get a sympathetic CS agent who will disclose the issue)

danielf · 24-11-2009, 17:37

Another thing to bear in mind is that lenders just aren't very generous at the moment. I received a letter from my bank the other day saying they were going to slash the limit on my credit card by about 60% (unless I objected). The reason was that I wasn't using it much (and banks need to keep a certain percentage of what could be charged as cash). Googling a bit revealed that lots of people are having their limits slashed at present. Sometimes to just a tad over what they owe on the card.

Arthurgray50@blu · 24-11-2009, 18:02

I do know that there is a certain part of West London where it is very hard to get credit.

Mr Angry · 24-11-2009, 18:08

Quote:

Originally Posted by danielf

Another thing to bear in mind is that lenders just aren't very generous at the moment. I received a letter from my bank the other day saying they were going to slash the limit on my credit card by about 60% (unless I objected). The reason was that I wasn't using it much (and banks need to keep a certain percentage of what could be charged as cash). Googling a bit revealed that lots of people are having their limits slashed at present. Sometimes to just a tad over what they owe on the card.

It's actually because there is new legislation coming in early next year which makes irresponsible lending an offence.

Get ready for the phrase "debt entrapment" to become buzz words in financial, legal and consumer circles next year - the banks are bricking themselves.

RizzyKing · 24-11-2009, 18:09

Thanks for all that guys knew there would be some help

. Obviously i don't know all the intimate details of his finances so there may well be something he hasn't told me. I do know he has applied for more then one credit card with numerous suppliers or whatever you call them (don't and never have had a credit card so bit thick on the whole thing). I will give him the details of callcredit and equifax as experian didn't seem to be very good for him and hopefully he will have some luck figuring out why he cannot get one. All these years i have had people telling me how backward i am in not having a credit card and being a cash only person but life is a lot simpler that way lol.

Ignitionnet · 24-11-2009, 18:41

If the company didn't give details of the credit reference agency that means they didn't disqualify based on their records which means it's pointless.

They are required as far as I know to inform if they have rejected due to negative information from a credit reference agency and to inform which agency they obtained the information from. If they didn't do this it's not about that.

RizzyKing · 24-11-2009, 22:22

I said to him about asking his bank for details as to why he was refused and he said they refused just giving him this leaflet with some contact details on. As i said it is possible he hasn't given me all the information that is pertinent to all of this so there may well be a very good answer.