If a bank rejects you for finance, do they have to tell you why?

If they are "paying it off in a few months anyway". Why not get a 0% for so long credit card and buy using that instead of high finance
 
I previously just had a letter that says. "we used out reference agency experian and are unable to accept your application" or summit similar.

So some give a small explanation
 
At a guess if the individual struggles to get a finance package they will have the same problem getting a credit card. At least in the instance of a finance package there is an asset the lender can take back.
 
Sorry to hijack the thread a little, but I moved house a while back (~March time) and my new address isn't showing up on any of my credit reports despite having taken out credit etc. at the new address. Any idea why this is the case?
 
Let me guess. They are a student with no credit history up to their eyeballs in student debt and no funds to by it themselves as they have spent all their money on beer? :D
 
Shayper said:
As per title really. If a bank were to reject you for finance, such as a loan, would they be under obligation to tell you exactly why?
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No, they're not. But they are required to give you all the information stored on you if you put in a data protection act request - it will cost though.
 
What the friend could do is just save for a few months and wait till he has the cash that was going to be used to pay it off...
 
PapaLazaru said:
Let me guess. They are a student with no credit history up to their eyeballs in student debt and no funds to by it themselves as they have spent all their money on beer? :D
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I thought the Student loans dont count towards your credit rating? As if it did all Uni students would be at a disadvantage wouldnt they?
 
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