Credit score excellent

rebel_1001

According to Experian my credit score is excellent and they advised me as to which card to apply for for a balance transfer.It gets rejected immediately.I have applied Three times in three years and each time its rejected immediately.What am I doing wrong?

laney85

Don,t tell me you have a score of 999. ?
https://forums.moneysavingexpert.com/discussion/2621925

just search credit score 999 or credit score exellent and you will see that the score is useless and meaningless.

fozmcfc

You possibly have a high debt to salary ratio.

For the best advice you are going to need to post your income for the year, your current status i.e. what credit agreement you have and how much you owe and you need to say if you have missed payments/defaults etc.

You could for instance have a large amount of debt compared to your yearly salary. Say you earn £20,000, you are very unlikely to get more than £10,000 worth of credit. So if for instance you have £5,000 loan outstanding and 2 credit cards with £2,500 each on them, you are up to your limit.

You want to transfer, very sensible IMO, but going by the above example, you would be at your limit and there would be nothing to stop you, transferring over £5,000, then running up the original cards back to £5,000 again, thus giving you £15,000 debt, on a £20,000 salary

Post some more info and I'm sure you'll get some good advice.

rebel_1001

Thanks for the advice - score is 997 which after working for 2 years to get it sorted now means nothing,Oh JOY.My income is £40 000 per anum,I have a loan with egg with an outstanding balance of 550,a cap one c/card with a limit of £200 which is paid in full and a Barclay card with a limit of 1500 with 1300 outstanding.Nose has been clean 100% for the last 2 years,no missed or late payments,on the voters role,everything perfect on my report.Something must be wrong.As I hit the submit button,2 seconds later the rejection comes through.How can they check that quickly.I`m scared to try any others for fear of showing to many searches on my report but what do I do.There is nothing for me to fix.I hardly use my credit cards as I want to pay them off.Could this be a negative?

John_New

Try applying with the bank you have account with. Online CC application have high rejection rate.

deankenny

i dont believe these credit scorers

rebel_1001

I bank with Barclays and its a barclaycard I wish to transfer the balance from.Funny how everytime I deal with the bank they try to get me to take out a loan,I can`t be seen as that high a risk if the bank is prepared to loan me money?

izools

rebel_1001 wrote: »

Nose has been clean 100% for the last 2 years

So what happened 3-6 years ago then? They don't just look at the last two years history, but the whole six.

Experian might be happy to rate you as Excellent as long as you've not missed any payments in the last 6 months ~ 2 years, but most creditors think VERY differently...

Capital One £200 limit - so you've either paid late / been over limit, or had it for under four months. Why do you have a sub prime card anyway? How long have you held it and your barclaycard?

rebel_1001

Had the b/card for 5 years,used it well,after about 2 years decided to do a 0% transfer to cap one,got accepted but they only did 200,had the card ever since and only use it in emergencies then pay it off in full,asked to have the limit increased but they refused.I have also changed addresses about 4 times in the last 6 years as I am a subcontractor and move around a quite a bit,contracted for 18 months at a time,could this be seen as a negative?About 3 years ago I was late on a few payments but have never missed one

izools

rebel_1001 wrote: »

I was late on a few payments but have never missed one

Unfortunately a late payment is the same as a missed payment in the eyes of another creditor.

If you've moved recently this can have an effect, having been at your current address for 2-3 years shows stability, 1-2 years is a grey area, and under a year shows instability and will likely put prime creditors off you.

It might be worth applying for the Creation card - they offer 15 months 0% and have much more lax scoring techniques than other credit cards.

http://www.your-application.co.uk/netfinancecertegymicrosite/creation/Welcome.aspx?

If anyone will accept you they will. And if they say no, it would be worth holding off for another six months and do your best to avoid moving for a while

Good luck!

rebel_1001

Thanks a lot for the advice,I appreciate it,will try that and see what happens