Credit Score

wigannwuk

I applied for a loan from Nationwide to consolidate my credit cards this week but was turned down, the nice lady told me to check my experian report as i will probably be able to see why they did.
I got the report today and have a credit score of 999 ( excellent) which i didnt expect as i was late paying a card last month ( iforgot but their all on direct debit now).My question is ....is this the highest score you can get? I think the fact that i have 6 credit cards went against me even though my intention was to pay them all and close them..what do you think...?

Deep_In_Debt

I would think it's most likely Nationwide internal credit scoring system.

If you have debts, consolidation is often not the way to go, it doesn't clear your debts - just adds to them and you often pay off over a longer period. Many of us on this forum (me included!) have been there and now find ourselves where we are.

wigannwuk

Thanks for your reply....i absolutely understand the arguement against consolidation but for my situation so long as the cards get cancelled it will be cheaper and more manageable..im aware it sets a trap that you can fall into....but like many on here the sooner i get rid of this debt the better...

Tixy

You may have been refused because of the amount of credit you currently have compared to your income or because of the percentage of available credit you are using (if all your cards are maxed or nearly maxed this counts against you).

From your signature your M&S card is at a very low rate - I would not recommend you consolidate this into a loan as the rate would likely be at least double.

Deep_In_Debt

wigannwuk wrote: »

Thanks for your reply....i absolutely understand the arguement against consolidation but for my situation so long as the cards get cancelled it will be cheaper and more manageable..im aware it sets a trap that you can fall into....but like many on here the sooner i get rid of this debt the better...

Hear what you are saying...but it is not clearing debt...and it's likely to be over a longer period too. Sorry, I've done consolidation and it worked out more expensive in the long run.

Why not post an SOA on here and we'll see where we can help you save money so you can throw it at your credit cards instead and clear your debts more quickly.