good credit rating and cant get credit,so what other things do lenders look at

shelovestobuystuff

Hubby2b just cannot get credit anywhere to bt a cc balance whose interest rate has jumped to a magnificently high rate of 34.9%.
We have both checked our credit reports for equifax and the other one too,cant remember its name right now.My rating is good and his is very high upo in the good range in one and low excellent on the other.My overall reviews say I am an average risk same as majority of population and OH,d says he should not find any difficulty in getting a loan etc from any lender and has a very low risk factor for lenders which they would find attractive.Infact the equifax records for payments etc go back on some of his accounts to 1998 an the most recent late payment he has was way back in 2001 and it was only 1 month.
I cannot understand why he cannot get credit,infact I am finding it easier to get accepted than he is and I only earn a small amount self employed whereas he has a good salary.
There must be things other than the credit report and credit score lenders look at when deciding,what are they though.We need to know why he cant get credit anywhere.
Does the type of employment and employers details show up in a report?He works in construction so this is the only thing I can think of which may be causing this problem at the moment.
Any advice?

shelovestobuystuff

Just had a glance at the sub prime thread and shocked to see hubby2b,s new interest rate on his 8 year old ,perfectly managed, MBNA platinum card is higher even than the rates charged on those!!!

[Deleted User]

Theres a few things theyll look at, one of which is the customers ability to pay the outstanding debt, depends how much that is really but how much is the total debt in relation to his salary? What does his credit file look like?

CC companies will want you to transfer to them and then continue spending on their card. Personally i think banks have woken up to the fact that debts shouldnt be sold on as a "asset" which is why i think youll have trouble getting 0% BT.

shelovestobuystuff

total debt is 19k and salary is 29k,is that high for that level of salary?
His credit file is excellent,most of his accounts are settled in full and tehjre are no latre or missed payments in that last 8 years.There was a 1 month late payment showing up on a very old settled account way back in 2001 and thats the most recent glitch on there.
He isnt even looking for 0% now,as low as possible of course but he would be content at under 20% interest rate which is strill higher than we have ever had to pay before.

cifpower

Although he has debt of 19k what is his total available credit?

shelovestobuystuff

on the experian report it said he was using 60% of his available credit and had £12K available.He is looking to bt a lump sum from his high interest card.

cifpower

So the sum of all his credit limits is £31k? Probably why he was turned down.

shelovestobuystuff

So if he closes/cancels all the old unused settled accounts that are still showing as having an available balance will that help things?

cifpower

It should as it will lower his available credit. Do not apply for anything more though until the credit agencies reflect this as too many searches can damage your credit file.

YorkshireBoy

This might have been better stuck on the end of your other thread (to save repetition?)...

http://forums.moneysavingexpert.com/showthread.html?t=1404845

On your other thread you said you (he?) had no less than 3 incorrect second mortgages on your/his credit files. :eek: Have you now resolved this issue?

Also, there seems to be a salary discrepancy between the two threads?

YorkshireBoy

shelovestobuystuff wrote: »

So if he closes/cancels all the old unused settled accounts that are still showing as having an available balance will that help things?

Possibly not...could make things a whole lot worse because he'll then be using more of his available credit as a percentage. Could appear maxed out and struggling.

It's a trade off really, and isn't helped by the £19K debt, £64K mortgage, and £27/29K salary.