Hello Greggy.

It would purely be a guess and therefore of not much value to you.

There are a huge number of reasons why people get turned down for credit. For example - some people might get turned down for 0% credit card balance transfers because their credit record is perfect, they always pay their balances on time and historically they've not used the new credit cards to take out further credit. Basically the lender is judging that it isn't a profitable exercise for them, not that the applicant isn't totally creditworthy.

If you have a joint account there is likely to be a financial link between your credit files. It will not affect your partner's credit rating, but some lenders might look at that link, see your credit status, and decide that this loan to your partner isn't for them.

Alternatively, affordability might be a concern. Lenders are having to be seen to take this into account when providing credit to people irrespective of their credit rating.

It's a big wide open subject where many factors might be at work...

Hi TDA,

Thanks for the quick answer 🙂

I kind of thought I was grasping at straws looking for a definitive answer but thanks anyway. She will contact Experian later on today, to see if she can maybe get an idea of what the problem is.

Thanks again and keep up the quick great work 🙂

Hi Greggy,

Speaking from my own personal experience of being rejected for a loan and a credit card I figured out that it was due the fact I had only lived at my address for 3 months despite being a homeowner which I had assumed would mean I wouldn't have a problem obtaining credit.

I've only lived at 3 addresses my whole life and have a relatively good credit rating so I was a little shocked to be rejected. I applied for a credit card with another company and was accepted without any problems and managed to also secure a loan with a better APR rate as I spent a little more time researching this because of the initial rejection.

As TDA has advised there are a number of factors involved in the credit system and each individual lender will have a difference acceptance/rejection criteria which they don't disclose so it can be hard to find a definitive answer on it.

If you find out why from Experian let us know.

Hi Again,

Just a quick update,

The car company which called this morning with the rejection just called to say that they tried with another finance company they use and that the credit was now approved with a better interest rate 🙂 meaning we pay less for our monthly payments.

I am not even going to try and start to understand why... but can only assume the factors of the earth spinning one way and the moon the other has played a major part in their decision....

Thanks again 🙂

Hi Greggy

Great news. Like you, I fail to understand the reasoning behind these things, but at least it worked out for the best.

Happy motoring.

Mark

That's fantastic news! Glad it worked out.

Enjoy the new car feeling and smell!