Does being on the electoral roll make that much difference?

[IrrElephant]

I know this is massively subjective but here's the scenario.

I have had credit cards in the past, and have one with a £600 balance.

I have had loans in the past and currently have one with a balance just over £3000, and have recently settled a 10k loan early by paying it off 18 months early.

My credit score (from CreditExpert.co.uk) is currently 901.

I applied for a credit card recently (as I would like to book a holiday on my current one, then move to the new one for 0%) and was turned down.

I'm not on the electoral roll at my current address (but will be soon)

What other factors could be affecting their decision for turning me down for a credit card?

Every account I hold, Phones, sky etc is paid on time and I haven't missed/late payment in 5 years.

Any thoughts?

[flyingjase]

Each and every lender has their own criteria so it is difficult to say but it will definately have an impact. The lender you have chosen may just have an auto decline if you are not on the voters role at the current address.

Personally I would get youself added immediately by writing to the council, the credit agencies take an updated feed of this each month, wait until this is updated then reapply.

[Mojooo]

Its a basic thing that will probably add heavily into your favour.

[Sarnie]

IrrElephant said:

I know this is massively subjective but here's the scenario.

I have had credit cards in the past, and have one with a £600 balance.

I have had loans in the past and currently have one with a balance just over £3000, and have recently settled a 10k loan early by paying it off 18 months early.

My credit score (from CreditExpert.co.uk) is currently 901.

I applied for a credit card recently (as I would like to book a holiday on my current one, then move to the new one for 0%) and was turned down.

I'm not on the electoral roll at my current address (but will be soon)

What other factors could be affecting their decision for turning me down for a credit card?

Every account I hold, Phones, sky etc is paid on time and I haven't missed/late payment in 5 years.

Any thoughts?

There are dozens of variable that go into a lending decision, such as;

Are you a home owner?
More than one address/employer in the last three years?
Employed or self employed?
Do you have a landline?
Do you have a low income?
Numerous children?

The list goes on. There is no standard decision criteria that lenders use, they are all different.

[IrrElephant]

I understand the variables involved.

I have a good income, low outgoings but have changed jobs in the last 6 months, and moved house.

It seems they haven't affected my actual score, but not being on the electoral roll could be making a difference.

Cheers for the input.

[bigandclever]

IrrElephant said:

It seems they haven't affected my actual score, but not being on the electoral roll could be making a difference.

Your credit score from creditexpert (or wherever) still means feck all though. The only score that matters is the one the lender comes up with, and you'll never see that or know the calculation used.

[IrrElephant]

I was under the impression that lenders check with credit reference agencies such as Experian, and they power the credit expert searches...

[bigandclever]

Lenders use them as a source of information, yes, but no more than that.

[crusty]

Anyone on here work for a lender with access to the info they use and how they make a decision?

I would be interested to know how they decide

[Mojooo]

the 'score' provided by the credit agencies means nothing against the 'scores' a creditor uses- its just somehting the credit agencie shave made up to gsellthe people.

[jeff m2]

Am I correct in assuming UK credit scores are different to the US.

901 would get you a Black Card delivered by courier

[bigandclever]

jeff m2 said:

901 would get you a Black Card delivered by courier

901 on a FICO score would get you a nosh from Bill Gates

[jamesuk28]

I fail to see how you could not be on the Electoral roll, it's a legal requirement isn't it? And lenders can access the unedited version to confirm address details. There is some basic info on this and electoral roll search form at http://www.electoralrollsearch.com

Edited by jamesuk28 on Monday 7th November 23:00

[Sarnie]

IrrElephant said:

I understand the variables involved.

I have a good income, low outgoings but have changed jobs in the last 6 months, and moved house.

It seems they haven't affected my actual score, but not being on the electoral roll could be making a difference.

Cheers for the input.

You've answered your own question. Two jobs and addresses in the last months; lenders like stability and traceability. If you have moved prior to your last move as well, within the last three years then your 'score' will only be going one way....

[IrrElephant]

jamesuk28 said:

I fail to see how you could not be on the Electoral roll, it's a legal requirement isn't it? And lenders can access the unedited version to confirm address details.

The council have recently sent out the registration forms to put us on the roll, which have been done so just have to wait for it to update I presume.

Sarnie said:

You've answered your own question. Two jobs and addresses in the last months; lenders like stability and traceability. If you have moved prior to your last move as well, within the last three years then your 'score' will only be going one way....

Not moved within the 5 years previous to this move so should be ok there

[Sarnie]

It could be as simple as their criteria rejecting applicants with more than one recent address. Unsecured funds are actually more difficult to secure lending for than secured debt such as mortgages.

[mcflurry]

crusty said:

Anyone on here work for a lender with access to the info they use and how they make a decision?

I would be interested to know how they decide

I doubt it. If the scoring charts were public knowledge then people would learn how to play the system...

[sanf]

The main issue is likely to be the house moves and job changes - but not being on the ER will have the largest impact. Lenders do run specific campaigns at set scores at certain cut off's depending on whom they are tyring to attract. It could just be you don't fit the profile of that campaign.

The ER is very key though. When access ws withdrawn from the bureauxs in 2001 the argument for getting it back is lenders view this as the most comprehensive way of verifying your current address. There are also other tools used in the background to confirm identity and look for fraud - without knowing your full application - it could be possible you may have triggered one of those rules as well.

Get yourself on the rolling register ASAP - updated monthly - and make sure you fill in the full ER form this year.

Put simply - YES, not being on the ER could have that big an impact.

[themike888]

Here's an interesting one- Just been declined for a small loan with my bank, so thought I'd check my credit report. The main thing going against me is apparently NOT being on the electoral roll. But it also shows that I AM. Basically my current address shows twice, in two separate formats! For example, I'm not registered under Flat 1, XX Blah street, but am under 1/XX Blah street....
Any suggestions how I remedy this?

[Mojooo]

Not sure I get your point/question.,,

Your credit record normally has a specific bit with your address history and your current address as on the electroral roll - but it will also show other addresses where you have credit accounts

So you may not be o nthe ER but you may have a credit card account as XXX.

Clearly having an address on the ER is better.