There's a long sob story that gos along with this post that I am sure many people will know and roll their eyes when I see this post but I have found my experience very educational.
I found myself on "You're Rejected" side of finance I applied for and after being hell bent on finding out why, figured out there's a huge delay on finishing debt/ closing accounts- and that actually reflecting on your Credit Record.
I was baffled by my rejection and the banks answer of "You're credit score is too low". So I started digging and phoning Transunion, Experion etc etc and found out.
The car I sold was still listed as current and owing the amount I paid off a week ago.
The insurance I cancelled a week ago still reflected as current.
The change I made 2 months ago to my insurance still wasn't reflecting (Only a R100 discrepancy but still)
My Edgars account paid 4 weeks ago still showed as current and owing.
These all added up to over R2400pm - a relatively hefty sum when talking about disposable income.
This would severely effect your ability to get ANY credit. The fact that absa was still going to give me 20k is staggering, (I was looking for 65k which they will hopefully give me when ITC and the respective companies sort their stuff out)
I am still young and inexperienced so this may be common knowledge to many but for those who have been declined I suggest you go digging as I did (especially if you have a clear credit record)
Two things I am still interested in though and am trying to find out
1. When giving a list of your income/expenditure to a bank do they just throw this away and use the data from Transunion?
2. Is "Your score is low" a goto response because this was very obviously not a score issue but a case of affordability (which was in fact not an issue). Still fighting this one out with my bank as they refuse to give me an explanation as to what they mean by this or elaborate in any way.
Excuse the rambling on but I am sure there are some that could find this at least slightly useful.
I found myself on "You're Rejected" side of finance I applied for and after being hell bent on finding out why, figured out there's a huge delay on finishing debt/ closing accounts- and that actually reflecting on your Credit Record.
I was baffled by my rejection and the banks answer of "You're credit score is too low". So I started digging and phoning Transunion, Experion etc etc and found out.
The car I sold was still listed as current and owing the amount I paid off a week ago.
The insurance I cancelled a week ago still reflected as current.
The change I made 2 months ago to my insurance still wasn't reflecting (Only a R100 discrepancy but still)
My Edgars account paid 4 weeks ago still showed as current and owing.
These all added up to over R2400pm - a relatively hefty sum when talking about disposable income.
This would severely effect your ability to get ANY credit. The fact that absa was still going to give me 20k is staggering, (I was looking for 65k which they will hopefully give me when ITC and the respective companies sort their stuff out)
I am still young and inexperienced so this may be common knowledge to many but for those who have been declined I suggest you go digging as I did (especially if you have a clear credit record)
Two things I am still interested in though and am trying to find out
1. When giving a list of your income/expenditure to a bank do they just throw this away and use the data from Transunion?
2. Is "Your score is low" a goto response because this was very obviously not a score issue but a case of affordability (which was in fact not an issue). Still fighting this one out with my bank as they refuse to give me an explanation as to what they mean by this or elaborate in any way.
Excuse the rambling on but I am sure there are some that could find this at least slightly useful.
