Rejected despite very high credit rating.

rpmmatt · 27 October 2013 at 4:10PM

I applied for the Halifax 0% balance transfer card to transfer approx. £3500 from my Barclay card. I am trying to clear my debts as fast as possible while I am in a better financial position, and the card is now my only debt other than my BTL mortgage. I checked my credit rating which is 999 so assumed getting a card would be easy, however I have been turned down, which has now obviously reduced my score very slightly.

Have I fallen into the trap of not being "profitable" enough because I will clear the debt and not pay any fees or charges? I am reluctant to keep trying for different cards as this obviously impacts my credit score.

Would it better to source a lower interest loan, clear the card then just overpay and clear the loan early, assuming getting a loan would be easier than opening a new card?

DCFC79 · 27 October 2013 at 4:14PM

rpmmatt wrote: »

I applied for the Halifax 0% balance transfer card to transfer approx. £3500 from my Barclay card. I am trying to clear my debts as fast as possible while I am in a better financial position, and the card is now my only debt other than my BTL mortgage. I checked my credit rating which is 999 so assumed getting a card would be easy, however I have been turned down, which has now obviously reduced my score very slightly.

Have I fallen into the trap of not being "profitable" enough because I will clear the debt and not pay any fees or charges? I am reluctant to keep trying for different cards as this obviously impacts my credit score.

Would it better to source a lower interest loan, clear the card then just overpay and clear the loan early, assuming getting a loan would be easier than opening a new card?

Yeh your very high credit rating of 999 doesn't equate to being a must acceptance, reason is because your score of 999 isnt seen by the lenders.

jonesMUFCforever · 27 October 2013 at 7:27PM

Why does everybody think that they have a god given right to credit and slag off the lender with a preposterous reason when they do not get what they want?

OP please go over to the debt free wanabe board with a full statement of affairs where you can get expert help.

rpmmatt · 27 October 2013 at 8:22PM

jonesMUFCforever wrote: »

Why does everybody think that they have a god given right to credit and slag off the lender with a preposterous reason when they do not get what they want?

OP please go over to the debt free wanabe board with a full statement of affairs where you can get expert help.

I don't think I've god given right to anything, and at no point did I slag off anybody, I asked a genuine question as I know its been reported before on this site and others that some lenders will reject applications due to their selection criteria. I am not bothered that I was rejected, but wondering if its worse applying for cards from other provider or maybe forgetting the card and considering other options.

So much for this site being helpful. Will go elsewhere for advice where I don't get instant insults.

YorkshireBoy · 27 October 2013 at 8:29PM

rpmmatt wrote: »

...wondering if its worse applying for cards from other provider or maybe forgetting the card and considering other options.

Well you first need to know (or at least try to understand) why Halifax declined your application. If it's something glaringly obvious (ER, address mismatch, inaccurate late payments, etc) then best to correct this before applying elsewhere.

It may well be that you simply didn't meet their criteria, ie they're looking for someone with 2 or 3 well managed credit accounts and you only have the one.

If you ask them they may well give you an indication, ie over-indebtedness, but won't tell you specifically why.

Forget the 999 number...as you now realise it's worthless and just builds hopes up. What do your CRA files say about you?...ie the raw data? If you'd like to list it (obviously not identifiable data!) you may get some comments.

One other suggestion...who do you bank with? ie the bank that receives your income. Why not ask them for a BT card?

Hominu · 28 October 2013 at 7:47PM

NPHammer wrote: »

I see it as established forumers treat new member with rudeness and discourtesy which will discourage others from asking for help here. It's an ugly theme which keeps showing up here.

Likewise, newbies keep posting on here asking the exact same questions, not reading any of the articles, faqs, or stickies (as they don't have time, apparently) and then throw their toys out of the pram when they don't get the answer they were expecting.

I'll admit that jonesMUFCforever's post might have been a bit rough, but rpmmatt could have just ignored the post instead of throwing a strop.

If you start a new job/school/etc and a single person throws an insult at you, do you instantly say "That's it, I'm leaving" ?

lee111s · 28 October 2013 at 8:03PM

Have you moved recently? If so could be an electoral register issue. Otherwise they may think that having £7k available credit is too much. How much do you earn? Have you been paying off a good amount or minimum each month?