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Credit Scoring Pay Monthly Catalogues
Once you Submit your application you will almost certainly be given an Instant decision, You’ll either be Approved, Declined or Referred.
Sometimes a Catalogue company may not be able to provide an Instant decision, You will usually be sent an email or letter with the decision.
Another outcome is the application being declined. When you apply for a Credit catalogue the Catalogue company will score the information you provide along with information it receives from the Credit Reference Agencies.
Why Catalogue applications fail Credit Checks
Consequently, if information points to someone who hasn’t managed credit well, or maybe, someone with lot’s of debt, the Catalogue company may consider the risk too high and likewise may reject your application.
Catalogue Credit Check
When you have entered all the information asked, the Catalogue company will perform a Credit Check. Usually the Credit check will only take about 30 seconds to complete and usually an instant decision will be provided to you.
How Catalogues with Credit make their decision – Credit Scoring
Catalogue companies will credit score your applications when you apply for credit with them.
Credit Scoring is a formula which awards points for bits of information from the Application for you complete as well as information the Credit Reference agency provides to them.
All of these points are added together and will help the Catalogue make an instant decision. If you score enough points, your application for a Credit account with your Catalogue will be approved, if you don’t score enough points your application will usually be declined.
Credit scoring is common for all types of lending, from Credit Cards through to Personal Loans. It’s been around years and helps lenders make a fast decision.
Credit Scoring is not based upon one piece of information. Credit Scoring does not Score your Sex or Religion for example. The Catalogue company will score literally hundreds of different pieces on information it gathers and it is used to predict account conduct and risk.
You can make an Appeal
If you are declined for a Credit Catalogue, You can consider an alternative Catalogue or even Consider appealing the decision. You can read more about Appealing the decision here.