Refused

recca

I have obtained my credit score from experian and according to them it is excellent at 999. They advised me on a number of credit cards to apply for based on my credit score and I was refused - twice. I have never had less credit in my life and this is the first time I have ever been declined. I have always been a rate tart in the past - could this be why?

Paul_Herring

recca wrote: »

I have obtained my credit score from experian and according to them it is excellent at 999.

The number they supply is, at best, an indication, and at worst, a totally misleading representation of your 'credit worthiness' with other institutions.

See http://forums.moneysavingexpert.com/showthread.html?p=18953927#post18953927

lisyloo

credit scores don't mean anything, so people on here would advise you not to pay for them.

It could be that you already have too much available credit and you need to close some cards first. Do you have any open you aren't using?

It could be that you have too many searches.

Alternatively it could be just be the credit crunch.
Lending is not the same as it used to be.

Have you checked Equifax as well?
It's possible there is something negative on your Equifax report.

BigDave81

Do you have a card already with the same company as they would decline you for this reason also, for example if you have an MBNA card and apply for a Virgin card they will decline you as it is also MBNA etc.

But as already mentioned the credit score means nothing, each company will vet you on their own internal criteria.

Moggles_2

Credit reports, when ordered directly from Experian and Equifax, are invaluable. After all, this is the information lenders search when you apply for credit. Experian supplies guidance notes as well, which are a good read. Have you looked at them?

Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical value to cc applicants and certainly not worth paying extra for, IMO. Also, the agencies' cc recommendations aren't very reliable. They don't know your income for one thing. Bear in mind they're on lead commissions :rolleyes:

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

To help you further, we would need to know which two credit cards you've applied for unsuccessfully. Also which cards you have at the mo or have held recently.

recca

I was refused both Sainsburys and Halifax. I only have Tesco credit card with under £900 owing on it. In the last 3 years I have had 9 cards which are all now closed and say settled on credit report. I have 1 personal loan, a couple of catalogue accounts and a mortgage - I have never had any late payments and everything on my report says satisfactory. My income isn't huge on its own but in conjunction with my husband it is approx £50k per year.

Moggles_2

recca wrote: »

I was refused both Sainsburys and Halifax.

Unfortunately Sainsburys and Halifax belong to the same stable, HBOS, so it's likely both providers scored you the same way.

My income isn't huge on its own, but in conjunction with my husband it is approx £50k per year.

Have you considered the Marks & Spencer &More card? I ask because the marketing of this card seems to be aimed at ladies and, if memory serves, the application asks for household income rather than salary

recca

I have had an M & S card in the past. I'm just a bit reluctant to even try to apply for any more incase I am refused again and it goes against me

nickmack

BigDave81 wrote: »

Do you have a card already with the same company as they would decline you for this reason also, for example if you have an MBNA card and apply for a Virgin card they will decline you as it is also MBNA etc.

Do you mean if you apply for a card from the same provider you've already been declined by?

If you already have an MBNA Card, they will allow you to hold other MBNA branded cards as long as the total exposure doesn't pose a risk based on your profile.

They usually let you move credit limits between cards as well to help take advantage of promotional offers.

recca

I'm afraid to try for any card at the minute. This is the first time in 3 years that I am coming to the end of my interest free period and haven't another card ready and waiting. What is more frustrating is that this is the first time I haven't asked for a balance transfer!

Ninarich666

recca your not alone I'm having the same problem. I Currently have 2 credit cards which I desperatley need to transfer over to a 0% balance. I have not been late paying anything and my experian score is 999. I 've never been in a better position to request credit and although my salary isn't massively high my household income is about £40,000.

I've actually now applied for 4 cards and been turned down so I more than likely won't be able to try again for another 6 months which is a nightmare because of how much interest i'm paying.

I applied to Santander, Nationwide, Halifax and Sainburys, all of which said no. I just can't understand why i'm being turned down.