Credit agencies can actually record how much of his credit card had been utilised. If you check your Experian file, it will actually show the limit and how much of that it's still available. Cutting to the chase (as others have said), your lack of employment would have been the ultimate no factor.
Funny that. When we went to a mortgage broker last year, they insisted on it before going out to specific lenders. I still don't understand how me providing them with my creditexpert report made a difference, all the lenders were really concerned about was affordability and whether or not I was who I said I was.
Yeah, Mortgages are a funny one. They're probably one of the largest forms of lending, yet rely on your credit information far less than say a credit card application would. I guess when you're asking for large sums of money, you really don't want a computer making the decision for you. On another note. I asked my local bank for an overdraft last week, which my credit score apparently caused it to decline. I went through an appeals process, where someone manually reviewed my accounts for the last six months. It was approved that day.
It would be a fair point if it were harder to get unsecured finance. Mortgage application took months, but I can have 22k unsecured in my bank in less than 5 minutes.
You seem to have missed the point entirety. Scroome commented that lenders seemed to rely less on credit risk information in the case of a mortgage application than they do in the case of a credit card application. And my reply was in relation to that, a reply which is both true and a "fair point". But I'm sure we're all pleased for you that you can raise enough money unsecured in 5 minutes to buy a garden shed sited on a 5' square plot in London
The credit card provider don't have to give a reason for the refusal, you can ask but they don't have to explain their reason for refusal. There is nothing in law which says that credit is a legal right either. No matter how squeaky clean your credit rating is they can still refuse. Although being out of work will be the biggest reason here like others have said.
