It may come as a shock to be turned down when applying for a credit card or store card. It may be that you have successfully applied for other cards and not experienced any other previous objections. The answer could simply be that you have applied for too many loans or cards in a short space of time and according to the lenders criteria, exhausted your ability to repay any further debts.
Companies offering credit and store cards for instance, use other agencies to process applications. The agency will be abiding by the individual lenders criteria, this is why you may have been accepted as a customer previously. The lender you applied to should tell you the name of the credit agency it used and by contacting them you will be able to discover what the problem is.
If you have applied for a card or loan for the first time and been refused this could be because your details are not on the electoral roll. All lenders use the electoral roll to make sure that you are who you say you are and then make sure that the address you have provided is the correct one. If you are not listed then your application will fall at the first hurdle. The electoral roll is published each December using information the public has supplied to local authorities. Credit reference agencies update their records every year, but if you move home you should inform your local authority who will in turn tell them about your change of registration in the course of the year.
If this does not apply to you and you have not recently moved then the next step is to apply to the credit reference agencies, they will send you a copy of your credit report.
Credit reference agencies
Experian Consumer Help Service, Experian Ltd, PO Box 8000 , Nottingham , NG80 7WF
www.experian.co.uk
Tel: 0870 241 6212
Equifax plc, Credit File Advice Centre, PO Box 3001 , Glasgow , G81 2DT
Call Credit, Consumer Service Dept, Park Row House, Leeds , LS1 5JF . |
