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Credit Card Refusal, Experian Report


snico4
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I recently applied for a new credit card (MBNA Virgin) and was declined the card.

 

I was hoping on transfering the balance from existing card, approx £2600 to a 0% balance transfer.

 

I have checked my Experian Credit Report and it it is showing 'Green' on everything, I wasnt expecting it to be that good to be honest. The only 'Yellow' showings are on my mortgage which was is a couple of late payments which was down to my mortgage company. They have even admitted their errors to me.

 

There are still old loans that are cleared and an existing loan which has no late payments.

 

What could have stopped Virgin issuing me a new card. I cant see anything that stands out on my report as bad.

 

Do Experian and Equifax show the same information?

 

Would my partners credit history have an effect on me?

 

Sorry for the long post but it has really annoyed me being refused when I can see satisfactory for everything

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Actually, the fact that your report is "green on everything" could be the reason.

 

Credit Card companies make most money from people who don't pay off their outstanding balances every month, so they prefer customer's who fit that profile. If those customers also miss a couple of payments per year then so much the better as the credit card company can slap a £16 penalty on them for a missed payment.

 

I seem to recall a few years back that there was a bit of a commotion over one credit card company (I think it was Goldfish) who dumped a load of customers due to them costing the company money. Most of these customers were people who always cleared their balances each month (often resulting in no interest being due as a result).

 

Your credit rating might be "too good" for them.

 

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I'd like to add that my CC Company, Natwest. Dropped my limit from £4000 to £2880 recently. Their letter just stated that after a review of my account they where reducing my limit

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It Depends Which Company Subscribes To Which Cra

 

An Account On One Credit File May Not Be On Another

 

Thats what I cant understand, if all credit etc is on my Experian report, will the same info be on Equifax?

 

I dont really want to be subscribing to Equifax if it is only going to show me the same as Experian

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I'd like to add that my CC Company, Natwest. Dropped my limit from £4000 to £2880 recently. Their letter just stated that after a review of my account they where reducing my limit

 

 

Natwest are a subsiduary company of Royal Bank of Scotland.

 

Due to massive RBS losses they are apparently trying to limit any future financial exposure, whilst desperately trying to rake additional cash in.

 

RBS also own the likes of Direct Line, Churchill, Coutes, and a whole host of smaller financial institutions. They also front Tesco's financial services.

 

Again, the fact that you are "a good payer" makes you a poor "meal ticket" in their eyes.

 

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