What is the max amount of credit you can get if you have a top credit rating?

jamphi24

As above. I have a credit score of 999. But no property. Do they actually pay attantion to your salary?
Cheers

Tixy

Credit score means very little, and is not worth paying money to see it. You should be looking at your credit report not your score.

You will be assessed for any product you apply for based on your income, your credit history, your current debts, you current available credit, length of time at your current address, your age along with other issues.

But certainly affordability will play just as large a part as your credit history.

Any

I have credit score 999 - that means nothing
Salary - yeah, surprisingly lenders want to know if you are safe to lend to.

credit HISTORY is the main thing, then earnings and stability (ie stable job? lived at address for long? moved often? electroral roll?) - every lender scores you themselves.

lisyloo

Yes, income is important as well as other factors, like payment history, time at address, electoral role etc, but how much you have coming in and therefore available to pay debts is an important factor.

jamphi24

lisyloo wrote: »

Yes, income is important as well as other factors, like payment history, time at address, electoral role etc, but how much you have coming in and therefore available to pay debts is an important factor.

I have a good salary but I am trying to work out how they actually tell what your income is? Obviously they don't rely on the figure you input surely and they can't tell from your profile what your income is?

BugsyBrowne

Any wrote: »

I have credit score 999 - that means nothing
Salary - yeah, surprisingly lenders want to know if you are safe to lend to.

credit HISTORY is the main thing, then earnings and stability (ie stable job? lived at address for long? moved often? electroral roll?) - every lender scores you themselves.

You have a credit score of 999 because you don't have late payments/non payments,and very little or no searches on your file..
And probably a very good account history..

But if you start missing payments apply for 25 credit cards,then your score will drop,so yes credit scores are meaningless to lenders but do have a good indication where you stand..

izools

jamphi24 wrote: »

I have a good salary but I am trying to work out how they actually tell what your income is? Obviously they don't rely on the figure you input surely and they can't tell from your profile what your income is?

Yes they do work with the figure you input and yes they can tell from your profile what your income range should be as you have to enter your occupation on the application form.

National Hunter store a copy of every single application for credit scored products you've filled in and if you make a lot of changes from one to the next, they will flag it up as potentially fraudulent to the lender who may decline you for this reason or ask for proof.

If you change your income wildly from one application to the next I would imagine each one would be flagged up.

If of course your salary steadily and slowly rises and the changes from one application to the next are contiguous they wouldn't be.

The maximum anyone is likely to be able to borrow is 50% of their annual salary. If you already have credit limits (used or otherwise) adding up to 50% or so of your annual salary you will find it very difficult to get more credit from most lenders.

My mother has a "Score" of 999 from Credit Expert but has been declined for a Halifax, Egg, MBNA, Co-Operative Bank, and Post Office credit card in the last 18 months.

This is because she has total credit limits adding up to 110% of her annual salary. Credit Expert / Experian don't know how much you earn so they don't take this into account when calculating your "score".

No such thing as a one score fits all I'm afraid

Tixy

jamphi24 wrote: »

I have a good salary but I am trying to work out how they actually tell what your income is? Obviously they don't rely on the figure you input surely and they can't tell from your profile what your income is?

You tell them, and they assess how likely it is you are telling the truth. And they may ask for proof, such as payslips or bank statements. And even if they don't ask for proof its really not worth lying.

chattychappy

Good info so far.

I'm guessing the maximum credit you'll get on a single card is around £25,000. I don't recall seeing anyone claiming to have a higher limit. I had £24,000 on MBNA a few years back.

(I believe the 1974 CCA had a £25K limit which the 2006 Act removed.)

My experience matches izools comments. My credit record is spotless, but I have been declined when debt has exceeded about half my income.

jamphi24

Thanks for the info people!
I am not planning on lying. Just trying to work out why I was declined credit I am guessing its the fact I have credit cards with limits that are unused!

YorkshireBoy

chattychappy wrote: »

I'm guessing the maximum credit you'll get on a single card is around £25,000. I don't recall seeing anyone claiming to have a higher limit. I had £24,000 on MBNA a few years back.

(I believe the 1974 CCA had a £25K limit which the 2006 Act removed.)

Until fairly recently (last couple of years or so), the MBNA summary box said £50,000 was the maximum. It now says, simply, "subject to status".

There's a poster on the stoozing website who claims to have shuffled limits around on around 5 MBNA cards to make £50K+ BTs/SBTs.