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Credit card providers are rejecting “perfect” borrowers because they don’t fit secret scoring profiles designed to filter out unprofitable customers.The applicants’ credit files are damaged in the process.To add insult to injury, lenders then won’t admit the real reason for their refusal.In most cases decisions are taken by computers programmed to exclude certain borrowers.Sometimes all credit cards can seem alike — or, at least, not different enough to spend a lot of time trying to figure out their differences.We sympathize with the sentiment, which is why we periodically try to cut through the clutter and, based on insight from impartial experts, highlight some of the best cards out there.The result could be more tinkering with their scoring systems. Card providers use scoring benchmarks to turn down an estimated 5 million applications each year.As lenders adjust, applicants will continue to be left in the dark over their chances of success, consumer groups warn. found that nearly eight in 10 people turned down for a card since 2011 were given a non-specific reasons for the rejection. While it is a lender’s right to decline anyone for credit, every recent application shows on a borrower’s credit report for three to six months. A frustrated borrower hit by a series of rejections will earn a longer-lasting black mark.
A major reason for a rejection is incorrect data on your credit file.One 50-year-old reader from Surrey, who wished to remain anonymous, was turned down by Sainsbury’s Bank for a Nectar Credit Card even though he scored 999 out of 1,000 – the maximum score ever given – on the Experian credit rating website.He had a perfect borrowing history, stable address and job.“Our automated system speeds up this process,” he said.There is growing concern that new EU regulations will make matters worse.
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This can put a spanner in the works where, for instance, applicants have multiple sources of income.