Credit check with Barclays Finance failed for business account

I’m on the Apple iPhone upgrade program, and was just trying to upgrade my phone. It’s paid for through my Monzo Business account, and the finance is provided via Apple by Barclays Finance.

On trying to renew my agreement, I got a credit rejection from Barclays, as my account failed the credit check.

I’ve never had a problem before, and have been paying for my phone through Monzo Business since I switched my business account over earlier this year.

I suspect it got declined because my business bank account is Monzo Business rather than my old HSBC account, and I have never failed a credit check before.

Anyone know if there is anything I can do about it?


What else has changed with your credit report since last time?

Absolutely nothing as far as I can tell :frowning:

When you set up the 1st agreement was it on a personal account or business account.

I have a friend who failed the 1st application because the name on her bank account didn’t match the name on the application.

Apparently because it’s consumer finance Barclays PF like the account name to match the application even though you can change the DD after the fact

The current agreement started 13 months ago was originally with HSBC business account, then I switched the payment over to my Monzo Business account in the summer.

I suspect you are correct, that it’s something in their system that just doesn’t like the switch (so they just reject it), but it’s very frustrating. I’m generally very happy escaping HSBC for Monzo Business, but this is making me regret my decision a bit :frowning_face:

Bear in mine that system is completely automated… I remember being told once that if you read the T’s and C’s too fast on the iPhone Upgrade Program it could trigger a fail because it showed you hadn’t even tried to read them (Not sure if that’s just a myth though)

I would imagine consistency is what they look for but if you’re just upgrading from one program to the next with all the same details then it’s a little weird it got rejected.

Since it’s a personal loan, I imagine Barclays aren’t too happy to approve applications from business accounts

Although the only way they can check is if the name on the account doesn’t match.

It’s always a new application and doesn’t consider previous/existing loan arrangements (beyond what’s on your credit file).

You could take up a separate, new agreement each year and keep the previous year’s going on the side. Apple just pays off your old loan when you give them your old phone and open a new line of credit

Not sure it is a personal loan - it’s all done through my Apple Business account, in the name of my business, setup in the Apple store a year ago.

However, I think it’s all moot as it appears there is nothing I can do/change to get around the fact that Barclays’ automated system sees something it doesn’t like, so not much I can do :frowning:

Thanks to everyone for your replies though - very helpful!

This could be something as simple as a new hard search on your credit file since last time.

Hard searches do affect chances of gaining new credit.

I’d be surprised if it’s the fact you’re with Monzo. The reason is more likely to be that there is a hard search on your file that wasn’t there before.

[edit] ah, I see @ndrw has beaten me to it with a similar observation. :+1: