Why can’t companies tell you why you were declined?
Discussion
Alphera finance declined me for finance but won’t tell me why. They advised me to contact Experian which made me even more confused. My score with Experian is 962/999 with no ccj’s or defaults. The proposed finance is almost the same as my current Porsche finance. Is there any way to find out why I was declined?
If you are business owner does the business finances affect your personal finances?
If you are business owner does the business finances affect your personal finances?
Yeah, it's bizarre. Capital One won't touch me, like £500 credit limit on a 0% card, Barclaycard on the other hand - along with Virgin, Halifax and NatWest, we are in the £15 - 20k territory. Experian, Clearscore, all showing max 1000 / 1000 etc.
Maybe someone at our address defaulted on them 15 years ago before we moved in.
Maybe someone at our address defaulted on them 15 years ago before we moved in.
I think the finance companies should tell you. If you have bad credit it won’t make a difference in the short term but at least you know where to improve. If you have a good credit and you are declined for something stupid it could be easily amended. You would think it is your rights to know why because everything else in this world you have a right to information with your personal details.
Jumpingjackflash said:
Alphera finance declined me for finance but won’t tell me why. They advised me to contact Experian which made me even more confused. My score with Experian is 962/999 with no ccj’s or defaults. The proposed finance is almost the same as my current Porsche finance. Is there any way to find out why I was declined?
Because if they tell you, you will get all grumpy and argue the toss.This way there is no debate.
Had the same on my Emira. £30k deposit, 999.99 rating on Experian, more than capable of making payments and just got a 'No' first off. Thought I could make the deposit bigger but they didn't want to know or tell me. Next lender was an instant 'Yes'. Bizarre. Never been turned down for finance in my life (and I'm 55 now).
Alickadoo said:
Jumpingjackflash said:
Alphera finance declined me for finance but won’t tell me why. They advised me to contact Experian which made me even more confused. My score with Experian is 962/999 with no ccj’s or defaults. The proposed finance is almost the same as my current Porsche finance. Is there any way to find out why I was declined?
Because if they tell you, you will get all grumpy and argue the toss.This way there is no debate.
grumpy_dave said:
Yeah, it's bizarre. Capital One won't touch me, like £500 credit limit on a 0% card, Barclaycard on the other hand - along with Virgin, Halifax and NatWest, we are in the £15 - 20k territory. Experian, Clearscore, all showing max 1000 / 1000 etc.
Maybe someone at our address defaulted on them 15 years ago before we moved in.
Maybe your credit rating is too good - ie you'll complain if they try to charge you a higher rate?Maybe someone at our address defaulted on them 15 years ago before we moved in.
Have to assume some companies want flakey people so they can charge higher rates with consequent default risk. Some companies want solid/low rate people with low default risk. Two different models - both sound equally valid.
I work in this field for a living, so here's my answer.
The finance companies all contract to one of the three big UK Credit Reference Agencies (Experian, TransUnion or Equifax). These agencies (CRAs) hold the credit data on you as an individual, as reported to them by most UK lenders.
The finance companies or credit brokers will ask for your credit file from them and then based on that will apply their own set of rules to decide if to lend. These are often very complicated and are generally a multi-factor algorithm or 'decision tree'. The answer based on that will usually be an automatic yes/no, but some will sometimes additionally refer to manual underwriters who will examine in more detail. Most avoid this as it's not worth the time spent.
Since every lender has it's own unique and private lending decision policy, based on their experiences, risk appetite and cost of funds, they do not ever share this.
So in short;
- Lenders never declare why you are declined as it's often very complex, private and not worth their time.
- Different lenders take different decisions based on which CRA they use and what their lending policies are, hence why you get rejected by one and not another.
The only thing worth doing is checking your credit files with all three CRAs to ensure there is not some incorrect information affecting your credit score.
Hope this helps.
The finance companies all contract to one of the three big UK Credit Reference Agencies (Experian, TransUnion or Equifax). These agencies (CRAs) hold the credit data on you as an individual, as reported to them by most UK lenders.
The finance companies or credit brokers will ask for your credit file from them and then based on that will apply their own set of rules to decide if to lend. These are often very complicated and are generally a multi-factor algorithm or 'decision tree'. The answer based on that will usually be an automatic yes/no, but some will sometimes additionally refer to manual underwriters who will examine in more detail. Most avoid this as it's not worth the time spent.
Since every lender has it's own unique and private lending decision policy, based on their experiences, risk appetite and cost of funds, they do not ever share this.
So in short;
- Lenders never declare why you are declined as it's often very complex, private and not worth their time.
- Different lenders take different decisions based on which CRA they use and what their lending policies are, hence why you get rejected by one and not another.
The only thing worth doing is checking your credit files with all three CRAs to ensure there is not some incorrect information affecting your credit score.
Hope this helps.
I guess its for the same reason companies don’t send out personalised rejection letters to all applicants for a job. Last time there was a big round of hiring at my firm, there were 1300 applicants, they interviewed around 60 people. Imagine they had to send letters and reasons to all 1300 applicants? How many people would that tie up for how many days? Not to mention potential litigation if the applicants decided they didn’t like your reasons for rejecting them.
ts!
Guyr said:
I work in this field for a living, so here's my answer.
The finance companies all contract to one of the three big UK Credit Reference Agencies (Experian, TransUnion or Equifax). These agencies (CRAs) hold the credit data on you as an individual, as reported to them by most UK lenders.
The finance companies or credit brokers will ask for your credit file from them and then based on that will apply their own set of rules to decide if to lend. These are often very complicated and are generally a multi-factor algorithm or 'decision tree'. The answer based on that will usually be an automatic yes/no, but some will sometimes additionally refer to manual underwriters who will examine in more detail. Most avoid this as it's not worth the time spent.
Since every lender has it's own unique and private lending decision policy, based on their experiences, risk appetite and cost of funds, they do not ever share this.
So in short;
- Lenders never declare why you are declined as it's often very complex, private and not worth their time.
- Different lenders take different decisions based on which CRA they use and what their lending policies are, hence why you get rejected by one and not another.
The only thing worth doing is checking your credit files with all three CRAs to ensure there is not some incorrect information affecting your credit score.
Hope this helps.
Interesting but not sure it helps ….The finance companies all contract to one of the three big UK Credit Reference Agencies (Experian, TransUnion or Equifax). These agencies (CRAs) hold the credit data on you as an individual, as reported to them by most UK lenders.
The finance companies or credit brokers will ask for your credit file from them and then based on that will apply their own set of rules to decide if to lend. These are often very complicated and are generally a multi-factor algorithm or 'decision tree'. The answer based on that will usually be an automatic yes/no, but some will sometimes additionally refer to manual underwriters who will examine in more detail. Most avoid this as it's not worth the time spent.
Since every lender has it's own unique and private lending decision policy, based on their experiences, risk appetite and cost of funds, they do not ever share this.
So in short;
- Lenders never declare why you are declined as it's often very complex, private and not worth their time.
- Different lenders take different decisions based on which CRA they use and what their lending policies are, hence why you get rejected by one and not another.
The only thing worth doing is checking your credit files with all three CRAs to ensure there is not some incorrect information affecting your credit score.
Hope this helps.
This happened to my better half recently…declined by one but accepted by another for interest free on some new sofas from same retailer who use two different credit companies.
I checked her credit file with ‘’Check my file ‘’ who use the 3 main agencies ….all the info held was exactly the same with all 3 ….very confusing
Sporky said:
dunkind said:
Beggars can’t be choosers. If you haven’t go the money in the first instance go away and stop begging.
Is half term early this year?Edited by R6tty on Friday 14th February 20:36
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