Your Credit Score
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
Of course, it’s disappointing for an application to be turned down. In this guide we explain why this happens and how to improve your credit eligibility.
To be accepted for a Lloyds Bank credit card, you must:
Although it’s disappointing to be told you’re not eligible, the good thing about eligibility tools is, to make an eligibility decision only a 'quotation' or 'soft search' is completed.
Although this will be recorded with the credit reference agencies, it won’t affect your credit score or your chances of being offered credit in future.
We do complete a full or ‘hard’ credit search if you submit a full credit application, i.e. not just an eligibility check. If you’re declined at this stage, it is recorded with the credit reference and it will affect your credit score.
It’s important to know that this could make it more difficult for you to get credit in future, especially if you make a number of full credit applications over a short period.
If you’re declined, to limit any further impact, you may want to wait at least 6 months before applying again. In the meantime, there are things you can do to improve your credit score and eligibility.
Joint financial commitments, like bank accounts, mortgages and even utility bills, create a link between you and your partner. Even if the joint accounts themselves are managed well, if your partner’s credit score is low, that could also impact yours and your ability to get credit.
It’s worth working to improve both of your individual credit scores, or trying to keep your finances separate, to increase your overall chances of being approved for credit in future.
If you’ve just been declined, it’s unlikely that you’ll receive a different result if you apply again with the same lender within a 6-month period, unless of course there’s been a significant change in your personal circumstances. Especially if it was a full credit application you submitted, you simply risk damaging your credit score further.
Different lenders have varying lending criteria, so being declined by one does not mean you’ll be declined by all, but multiple applications in a short period will affect your credit score and chances of being accepted, which is something to be aware of.
If you’ve been declined in the past and you’ve put effort into improving your credit record, the last thing you want to do is damage it again.
To help you avoid this, many lenders now provide an eligibility checker to help you to find and compare cards you’re likely to be accepted for, without impacting your credit score. The Lloyds Bank version is called One Check.
Lenders have access to a lot of information to support a fair and considered decision making process, but you can ask for more information or appeal a decision if you wish, particularly if you’ve got additional information which may support your application.
To query a credit card, loan, bank account or overdraft decision made by Lloyds Bank, please write to:
Personal Lending Decisions
Three City Park
Hove East Sussex
Make sure you include copies of any supporting information, along with contact details so we can get back to you, including your full name and address.
It’s important to know, we may need to complete a credit search to review your application, in which case this would be recorded on your credit file:
For credit cards, we’ll review recent One Check/eligibility results first. If a search wasn’t completed when you originally applied, then we will complete a hard credit search when you appeal.
For loans and overdrafts, we’ll review any recent credit searches first. If a search wasn’t completed when you originally applied, then we will complete a hard credit search when you appeal.