No bad credit but still declined?

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Forums › Finance and wealth management › No bad credit but still declined?

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mattwnz

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#759812 11-Feb-2013 22:54

tardtasticx:
richms: There is nothing wrong with it. You sound like one of those woman that assumes that there is something wrong with them when turned down for a date.

They will have a risk profile they are allowed to lend to, based on income, debt, servicing that debt, age bracket, where you fit on income in that age bracket etc. If you dont meet the criterias they have made they are _NOT ALLOWED_ to lend to you. Otherwise they would just become another hannover finance type thing giving money away to anything and then going broke.

The rules are there to protect their investors from too much risk in certain categories. It is really really really complicated how they will assess people into certain pools of risk, and if that pool is out of funding, declined.

Not really a similar comparison but i see what you mean.

I wouldn't read too much into it. It is not worth your time. But I have heard of people who have hundreds of thousands in savings, and they have been turned down for credit, because they never got credit before, and never had a credit card. Possibly also helps to own a house in NZ, as housing is seem as an investment that is too big to fail.

michaelmurfy

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#759844 12-Feb-2013 00:32

minigopher17:

Also, try GEM Visa. GE approves EEEEEEEVERYONE!

I must be one of those very few who have been declined by GE. I feel privileged and special :P

Hah! I was declined for them too, but I was also a stupid young teenager.

Michael Murphy | https://murfy.nz
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lxsw20

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#759881 12-Feb-2013 08:52

http://www.mycreditfile.co.nz/free-credit-file

Bee

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#759900 12-Feb-2013 09:21

Interesting on that website is an article called "Maintaining your Credit Worthiness" that says to seek an explanation if you get declined for credit. IMHO very few companies will ever give you an explanation beyond the standard "You dont meet our criteria"...

Doing your best is much more important than being the best.

graemeh

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#759906 12-Feb-2013 09:31

Another thing you need to know is that lenders have limits that they apply to borrowing, so they may have a limit on what percentage of their loans are with people in a particular age group or perhaps a type of appliance (e.g. split into computers, cameras, whiteware).

It could just be that they have reached the limit on what they will lend to people in your age group. If this is the case then it is absolutely nothing to do with you or your credit rating.

You will see the same sort of thing if you ever apply for a mortgage, banks have limits on how many loans they will do in a particular area (or building in the case of apartments), if you are unlucky enough to apply after they have reached that limit you are most likely to be declined simply because they don't want to take any more risk on that type of security.

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