If someone is refused credit for a credit card, and applies for credit for a laptop (on 0% finance for a year)

Question

Is it likely they will get refused again for that? I mean, will it definitely happen?

Has anyone been refused credit for one thing then accepted for another soon after that?

Answer 1

in theory it doesn't mean that. However in practise is a different story.

Each lender uses their own criteria, so they look at your credit history file and make their decision based on their own criteria. but lets be honest they all have similar criteria. If your credit reports go 000000000000 (no overdues) you will get accepted, if they go 333333333333D (lots of overdues then defaulted on loan) you are going to get turned down.

The only good thing is that the laptop finance people will not know you have been turned down for the credit card, only that you applied for 1. Obviously if you have applied for 20 in last 2 weeks it looks bad and they will say no, but if it was the only 1 then there is a chance you will get it.

especially as the laptop finance will try to get you to do a pay nothing for 9 months then pay it all off, or then go pay monthly. What the small print says is if you don't pay it all off then the interest gets added from day 1 so it is not really 0% finance. most people forget to pay it and so end up paying the interest. So the salesman gets bigger commission for selling you this type of finance and they want to give you this type of finance making their own rules more "relaxed" about who they will accept.

Answer 2

Each company has there own credit scoring system and who knows why you were refused the credit card? It could have been you just missed out by 1 or 2 points factors - these factors can be simple things like if you have recently changed addresses, whether or not you are on the electoral role, or simply that you have no credit history to judge whether you have made previous payments on time.
I suggest applying for the laptop as contrary to popular belief you do not get a black mark against your credit file very time you apply for credit, you simply get what is known as a 'footprint'. This means companies can see that you have applied for credit elsewhere but it doesn't affect the outcome of their descision as everyone is entitled to shop around for the best deal.
On the following website you can obtain some free ebooks explaining credit score, what factors affect it and how it works....http://ccjhelp.co.uk/
Hope you get the laptop!

Answer 3

They base it on your credit score, and debt to income ratio. I did a quick search and found a web pg that explains how various aspects of this work. There are several, but this one isn't trying to sell you something. You may want to do your own search on this, as well. The gentleman who answered above is correct. You may get approved, but the 0% would only be approved for people with a very high credit score (800+ most likely). To increase your score use less than half of your available credit, and make all payments on time.
If you don't have an established credit record, get a card (store cards are the easiest to get) and make on time payments. Hope this helps.

Answer 4

It might happen if they use the same credit bureau report and have the same requirements. Remember there are three credit bureaus most widely used Transunion, Experian, Equifax. They typically only use one of them and base their decision. I have seen where someone gets an account at one place and then 15 minutes later get denied somewhere else. It depends on where your scores are on each report. For example, I have witnessed a 680 credit score on one report and a 430 credit score on the other with the same person. It was that most derogatory items affecting this person's score was being reported on one report and not the others. For more help on knowing your credit scores go to WhatTheFrank.com.

Answer 5

The best thing to do if you have been refused credit, is to get an experian report done. They only cost a couple of pounds.

This will tell you if it is you or the address you live in is the reason for bad credit.

I did this when I got refused a credit card because it was someone who formely lived at my address was at fault.

I appealed and then they issued me with a credit card.

Answer 6

there is of project you are able to desire to be denied, if that happens do no longer concern too plenty, you does not be the 1st who gets denied :) RE: ccidentally utilized for 2 credit enjoying cards...? i'm 18, in basic terms out of high school, and finding to construct a solid credit by using making smart judgements on how i exploit my credit. I at present have a cellular telephone w/ a settlement and a pupil credit card w/ 0...

Answer 7

if you have the money is suggest just buying it

if not i suggest you leave it

credit is bad unless you want to invest in not sqandering it.

you did not mention what the credit was like for that person??

wait till you have the money

there are three main credit agencies in the uk

equifax, experian and call credit

i recently did my check via equifax and was shocked, i usually go for the £2 report just to see if my payments are correct and stuff

but this month on the first of september i went for the £13.95 one and saw my credit score aswell as the report

i would recommend that one, if you know you have been paying on time you should'nt have to worry and go for the expensive one as you will see what the company searching you will see.

Answer 8

Most companies that offer a credit facility use the same Credit Scoring Agencies, so you could well be "knocked back" with your laptop.

Sorry for the bad news.

Answer 9

Shop 0% policies usually do not require a credit check unless it is for some very expensive thing like a car.

You will get it.

Answer 10

0% is only for PERFECT Creditors.
Get a loan through your Credit Union and pay it off through Payroll deduction payments weekly or bi monthly etc.
this is the simpliest way to earn good credit.