why's my junior staff member being refused credit?

Mac Man · 23-06-2006, 2:54 PM

Anyone shed some light on this. I have a staff member (aged 22) with a good credit score of 785 (according to Experian).

Anyone any suggestions as to why he's being refused credit?

Could it be his address? Age? or what.

wavefront · 23-06-2006, 2:57 PM

Does the place he is trying to get credit from also use experian?

Ultima · 23-06-2006, 2:58 PM

Quote:

Originally Posted by Chris Lamle

Anyone shed some light on this. I have a staff member (aged 22) with a good credit score of 785 (according to Experian).

Anyone any suggestions as to why he's being refused credit?

Could it be his address? Age? or what.

Have you seen the credit file? That may show up a reason (even though there is a good score)

Also, rightly or wrongly, the address does go against you sometimes. A friend had a similar problem a few years ago and when he got to the bottom of it the reason was because the previous owner went bankrupt and never told a number of creditors the change of address.

Martin

3swordsred · 23-06-2006, 3:07 PM

May be one of a few things

If not on electoral roll this can have an impact

As can length of time at address or at job

What sort of credit is he applying for?

LMK as some companies do have some funny credit rules

As a rule an address "should not" have any bearing but.....

russ123 · 23-06-2006, 3:18 PM

Also if they or anyone else under that address have applied for credit several times recently that can be enough. Even just applying and not taking it out. It trips a "high risk" flag.

3swordsred · 23-06-2006, 3:23 PM

Credit searches hold on experian for 6 months

Anything over 6 searches in 6 months will have implications on a credit score but it should only be the name applying it will downscore not on the address

boyimace · 23-06-2006, 7:41 PM

I work for a finance company and know the process pretty well, one very common reason why a person is turned down for credit is what we call a failed capacity check, basically they have too much outgoing then incoming.

If he's pulled his experian file then he should have reviewed if there was any other information that should not be associated with him and taken that up with experian requesting it should not be associated with him.

Knyght_byte · 23-06-2006, 9:16 PM

Quote:

Originally Posted by boyimace

I work for a finance company and know the process pretty well, one very common reason why a person is turned down for credit is what we call a failed capacity check, basically they have too much outgoing then incoming.

If he's pulled his experian file then he should have reviewed if there was any other information that should not be associated with him and taken that up with experian requesting it should not be associated with him.

aye, they dont just use your credit score to say yes or no, but if they feel you dont have a big enough income to be viable they will say no too......tbh i think a lot of it is roll of the dice......

i applied for a capital one card last year, now a number of folks in my office had done the same and only been given the basic card with a £400-500 limit.......given that i only work part time and earn around 2/3's of what they do i was expecting the same.......so Capital One came back and said 'heres ya card, £4k limit'

so i promptly went out and bought a Infocus 7205 PJ for £3,000..lol

originally i had planned on a refurb 5700 for £1,500....heh..

but just goes to show, there sometimes is no rhyme or reason........

Badlands · 24-06-2006, 9:19 PM

Is he Gay.

Badlands · 24-06-2006, 9:20 PM

Thats a joke BTW.

Dom996 · 24-06-2006, 9:26 PM

Quote:

Originally Posted by Badlands

Is he Gay.

That is a highly inappropriate response.

Mr THX · 24-06-2006, 9:46 PM

Quote:

Originally Posted by boyimace

I work for a finance company and know the process pretty well, one very common reason why a person is turned down for credit is what we call a failed capacity check, basically they have too much outgoing then incoming.

If he's pulled his experian file then he should have reviewed if there was any other information that should not be associated with him and taken that up with experian requesting it should not be associated with him.

Boyimace, Where do Experian (and others) get upto date info about someone's salary?? Especially if its not asked for when applying for credit

Badlands · 24-06-2006, 10:11 PM

Quote:

Originally Posted by Dom996

That is a highly inappropriate response.

And that is a very inappropriate negitive answer.

Reign-Mack · 24-06-2006, 10:16 PM

Quote:

Originally Posted by Badlands

Is he Gay.

damn how much credit points do people lose for gheyness

Credit companies are a bit strange I've noticed the credit I get offered is inversely proportional to my income. Can the staff member not contact them and find out why the credit was refused?

dejongj · 24-06-2006, 11:00 PM

To all those people that suggest there was a bad payer previously at that address...Please note that this doesn't show up anymore since November 2004, association via address is no longer allowed, the only financial associations that are allowed to be made and may enter you record is where you've made a joint application.....

I've seen the change happen from being able to see on my record who now lives at my previous addresses! (Or at least say they do) To is now no longer being visible, my record only holds my information.....

Just so you don't have to worry about that anymore....I was victim of that when I came to the UK and got an address where the previous owner had approx £4m debt!!!!! And I wondered why I couldn't even open a current account! Thank god the system has changed....

Oh forgot to mention, address can still be a factor but that is based more upon other profiling than the person who lived there before...

Also quite a common reason for not getting credit, in my experience, is that they don't expect to make money from you and thus you only cost them money....So if you are a good payer don't have any debts, you are most likely not creditworthy!!!! Strange but true....My friendly bank manager adviced me to take out a personal loan (even though I didn't need one), following that I was able to get a credit card all of a sudden.....Daft world we live in....

boyimace · 25-06-2006, 12:42 PM

Quote:

Originally Posted by Mr THX

Boyimace, Where do Experian (and others) get upto date info about someone's salary?? Especially if its not asked for when applying for credit

In the world of Loans, you will be asked for proof of income, which can be proven in a variety of methods, there's a limit of how much I can say but if you go through the initial process of a loan you'll find that it will ask for your net income and then ask for proof of it. For things like credit cards, i'm not sure how it works as a few years ago i applied for a American Express and with those you've got to have a X amount of income, they never asked me for any of that, just rang me at work to say it'll be with me in a few days..

boyimace · 25-06-2006, 12:50 PM

Quote:

Originally Posted by Reign-Mack

damn how much credit points do people lose for gheyness

Credit companies are a bit strange I've noticed the credit I get offered is inversely proportional to my income. Can the staff member not contact them and find out why the credit was refused?

Yes he can, the only problem is that a lot of companies just have a standard response to queries like that, which is just a waste of time as most of the time the request has to be in writing, the best thing to do is to is request the docs/info the company has on you, this will inevitably hold notes done while processing which may give you the reason as to why you were turned down, but they may charge for this.