Credit

[Paul Smith]

I have got my credit rating back from the main 3 (Equifax, Experian & Call Credit) and the is nothing bad on any of them but I am still being refused credit. Could somebody tell my (1) why am I still being refused & (2) who do I go to next to sort this out? (maybe a solicitor or financial adviser). Thanks

[antiguru]

Are you being refused credit by everyone or by one company? If it�s just one company, ask them why. It could just be that you don�t fit the profile of their preferred customer.

If it�s everyone, go back to the 3 credit agencies and ask their advice. Next, go to the Citizen�s Advice Bureau who understand credit and debt and are free.

I wouldn�t expect an FA to be able to help you and you don�t need a Solicitor unless you discover something that needs fixing.

Good luck.

[ummmm]

Have you other credit?

[paulakea]

Are you on the electoral roll at the address you applying for credit with?
They will say no immediately if you are not on the electoral roll?

[Paul Smith]

Yes I have other credit. I've got 3 credit cards but only up to �2000.00 limit on all three put together and yes I am on the electorial roll. But say I wanted to buy a tv on credit I get refused, and with my current account I applied for a loan and got turned down even though I have had the account for @ 16 years, all the bank said was get a credit check with experian which I have now done. So I'm just baffled.

[Buenchico]

There is no legal right to credit. As long as they don't breach legislation relating to discrimination (e.g. the Race Relations Act) lenders can decide who they will or won't give credit to entirely at their own discretion. So, there's no way that a solicitor could help you.

You've not said how your income relates to the total credit which is already available to you on those three cards. If you're in a secure well-paid job it does seem surprising that you can't get further credit. However, if you're unemployed or a student, you've probably reached the total limit of credit available to you with your current income.

Chris

[Paul Smith]

No, I'm in full time employment as an employee (not self employed) with plenty of overtime my income last year was @ �21000 and as I said the 3 cards only come to �2000. I have no mortgage or anything and my rent is only �305 pm

[ummmm]

It sounds quite strange. Could it be something to do with you're address? I know they say it's individuals but when I asked for my credit file my ex partner was still on it and he went bankrupt so the banks may be assessing the risk that way

[Oneeyedvic]

When you received your credit file, in the section marked "associations & aliases" was there anyone associated with you (eg spouse).

If your spouse is assocaited with you and has a bad credit rating, it will affect you (though addresses are irrelevant) and you will not see that on your own credit file.

[BBWCHATT]

Paul is your Equifax and Experian credit score above 650? I have only heard of credit being refused here in the USA if the credit score was too low or the debt ratio was too high or there was a problem proving adequate income. Also, if you find anything incorrect on your credit report you can get a form from the credit reporting agencies and dispute it - if they find it is in fact incorrect, they will take it off your credit report and correct your credit score..

[BBWCHATT]

Also occasionally someone will pull credit using the wrong social security number and that will cause a temporary credit problem - and if there is a Junior and Senior with the exact same name - things sometimes get on the wrong credit report.

[Loosehead]

How's the payment history? Always on time? For each item on the report the payments are represented by 0 for on time and 1 for late, are they all a string of 0's?

Have you had a lot of credit checks lately? ie footprint count?

There are many and various reasons for refusal, best to ask as advised above.