Declined for credit

thebennyboy

thebennyboy

thebennyboy

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Joined
23 Dec 2013
Posts
3,547
Location
North Wales
Anyone else had the misfortune of being declined for credit? I just have, not 100% sure why though. Never defaulted or missed a payment.

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How on earth do they know if i'm a risk or not if they don't bother checking with credit reference agencies?? :confused:

I'm going to guess that it was purely because i put "student", i have a job as well as studying that provides me with more than enough money. Guess purely selecting "student" will give you the red light, no matter what your income. :rolleyes:
 
thebennyboy said:
I'm going to guess that it was purely because i put "student", i have a job as well as studying that provides me with more than enough money. Guess purely selecting "student" will give you the red light, no matter what your income. :rolleyes:
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More than likely this. Have you tried checking your credit rating? There's a couple of ones online that offer a free trial
 
Doubt it's just because you put that you're a student. I'm one too and I've never been declined for credit.

Must be either a bad/non-existent history or some other reason. Or could be an error purely with that one company.

What were you applying for?
 
They will have their own lending criteria outside of your credit record, if you don't fit the bill they don't lend.

Absolutely could just be that you picked 'student' - a bit harsh, but not a lot you can do about it other than put another application in without selecting student. Would imagine they have something in place to prevent repeat applications though.

Even if they didn't i'd be wary, they might say they didn't search a reference agency when they did.... too many searches in a short space of time = not good. I'd maybe get your statutory credit report from Experian and Equifax just to be sure.
 
MichaelAwkward said:
Doubt it's just because you put that you're a student. I'm one too and I've never been declined for credit.

Must be either a bad/non-existent history or some other reason. Or could be an error purely with that one company.

What were you applying for?
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Ordering some new parts for my PC. It was through Hitachi personal finance. Came to ~£350.
 
Age?
Amount?
Period of time?
Income?
Current job?
Still in probation?
On electoral role?
Consistent and good savings?
Got overdraft or CC?
Current finance on anything else?

LOADS can effect finance. Just because you don't miss payments, doesn't mean you can jump on a 0% APR loan for £50k and think you'll be grand.

Most companies will want a minimum of 6 months regular income, proof you're able to pay on time, not on probation period and you can live along side your monthly repayment amounts.
 
I was declined once many years ago. Reason they eventually gave was that it was due to the address. I call shenanigans given previous tenants, but didn't pursue it further since just got the contract with someone else. If previous tenants have had a bad history, it may affect you. Whether or not that is not possible to check without using an agency...no idea.
 
McBain said:
They will have their own lending criteria outside of your credit record, if you don't fit the bill they don't lend.

Absolutely could just be that you picked 'student' - a bit harsh, but not a lot you can do about it other than put another application in without selecting student. Would imagine they have something in place to prevent repeat applications though.

Even if they didn't i'd be wary, they might say they didn't search a reference agency when they did.... too many searches in a short space of time = not good. I'd maybe get your statutory credit report from Experian and Equifax just to be sure.
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Only thing i can think of is that i recently joined BT Mobile. Not sure why that would cause an issue though.
 
Also, I hate to be harsh, but if you're wanting finance for £350, I wouldn't give it to you. Why not just save up for it? If you're that skint you can't save up £100 a month for a few months. You're not an ideal candidate to lend to. Is it because you blow your load every time you get money and wait for the next grant/paycheck to come in and don't trust your self saving? If so, probably another reason right there.
 
thebennyboy said:
Only thing i can think of is that i recently joined BT Mobile. Not sure why that would cause an issue though.
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Chances are BT added a credit search on your record. One search shouldn't impact you too greatly however.

Either way, that would be irrelevant if they didn't actually search your record. I'd be interested to know if they did, and it's just the system giving the wrong response on which agency they used.
 
agnes said:
Also, I hate to be harsh, but if you're wanting finance for £350, I wouldn't give it to you. Why not just save up for it? If you're that skint you can't save up £100 a month for a few months. You're not an ideal candidate to lend to. Is it because you blow your load every time you get money and wait for the next grant/paycheck to come in and don't trust your self saving? If so, probably another reason right there.
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I have the money to buy it outright, but i would rather pay it off over time.

EDIT: Just seen your edit, please read the whole thread. I said i had a job alongside being a student. I'm not stupid to blow all my money.
 
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flame696 said:
Credit checks are like a Russian roulette sometimes
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Shockingly true. And for the most stupid of reasons. Try again in 2 weeks. When everyone is still living off last months pay but not overly skint before the end of the month.
 
agnes said:
Sorry chap, that doesn't make sense? Why stick on probably about £30 just for the ease of paying it off over time if you're able to buy it now?
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It's not much different than just shoving it on a credit card. Lots of people buy things on a credit card even though they have the money, not sure what you're trying to argue? You have your own opinion, i do understand where you're coming from but i don't agree with what you're saying.
 
thebennyboy said:
It's not much different than just shoving it on a credit card. Lots of people buy things on a credit card even though they have the money, not sure what you're trying to argue? You have your own opinion obviously which i do understand.
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Sorry, didn't mean to come across as arguing chap! I'm just trying to understand. Have you got a CC?

Maybe just get one of them? In the mean time, sign up to noddle and see what your score is. If it's low, it will state why, and as for the CC, start using it and paying it off in full each month 5 days before it's due. Watch your credit rating soar over 6 months.
 
Credit is a crazy thing trust me I know from experience.

The more you owe the more they will lend until you default on any one of the lenders.
Then its cards up! you out the lending game.

A little fact is British gas have you on credit file and if you miss a payment you default.
The electric don't do it so how come British gas can?

You apply for insurance = credit search although it does don't appear on lenders application to said credit company.

Check with credit expert or Equifax the free for the 1st month and see what has got you.

99% if you have no credit history you are not worthy, I know its crazy but that's how they work the ******* needles! ;)
 
itchy said:
Credit is a crazy thing trust me I know from experience.

The more you owe the more they will lend until you default on any one of the lenders.
Then its cards up! you out the lending game.

A little fact is British gas have you on credit file and if you miss a payment you default.
The electric don't do it so how come British gas can?

You apply for insurance = credit search although it does don't appear on lenders application to said credit company.

Check with credit expert or Equifax the free for the 1st month and see what has got you.

99% if you have no credit history you are not worthy, I know its crazy but that's how they work the ******* needles! ;)
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Until you pick up a high interest CC to 'buy' you some tasty credit rating lol.
 
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