Declined Credit Card with excellent credit rating of 999

ugandandollars

I have just had an application for a Halifax "All in One" credit card declined. My Experian credit score is 999 and I have no outstanding debts. I recently cancelled my longterm CC due to the excessive 22% APR they were charging on purchases.

When I asked the CSR at Halifax why my application was declined he put me on hold and spoke to "the underwriters" who advised I had failed their credit scoring criteria. I asked which particular criteria I had failed on, but the CSR said he couldn't tell me and that I must post a letter to them requesting further information.

I have been with the same bank for over 10 years. I have been employed fulltime for over 5 years at the same company and have a salary over 50K, 1-2 year tenancy histories, and I am on the electoral roll.

I am at a complete loss as to why I was declined. One thing for sure, there appears to be a massive discrepancy between the bank's scoring system and Experian's. I just don't know which part!

Any advice on this would be gratefully received.

Enfieldian

ugandandollars wrote: »

One thing for sure, there appears to be a massive discrepancy between the bank's scoring system and Experian's. I just don't know which part!
.

Spot on.

You pay Experian to give you a random and meaningless number whereas a lender actually checks you against their own criteria.....

ugandandollars

Enfieldian wrote: »

Spot on.

You pay Experian to give you a random and meaningless number whereas a lender actually checks you against their own criteria.....

Enfieldian - Whilst your concurrence is appreciated, it provides nothing new information-wise. Please feel free to update your post if you feel you can add some value to it.

MFWannabe

ugandandollars wrote: »

I have just had an application for a Halifax "All in One" credit card declined. My Experian credit score is 999 and I have no outstanding debts. I recently cancelled my longterm CC due to the excessive 22% APR they were charging on purchases.

When I asked the CSR at Halifax why my application was declined he put me on hold and spoke to "the underwriters" who advised I had failed their credit scoring criteria. I asked which particular criteria I had failed on, but the CSR said he couldn't tell me and that I must post a letter to them requesting further information.

I have been with the same bank for over 10 years. I have been employed fulltime for over 5 years at the same company and have a salary over 50K, 1-2 year tenancy histories, and I am on the electoral roll.

I am at a complete loss as to why I was declined. One thing for sure, there appears to be a massive discrepancy between the bank's scoring system and Experian's. I just don't know which part!

Any advice on this would be gratefully received.

Hi
Do you have any outstanding debts? If so how much do you owe?
Have you made any other applications for cards or loans recently?

Mrs_Jojo

Credit scoring means nothing is what Enfieldian meant, lenders have their own criteria. If you really have no adverse credit or missed payments or anything of that nature I suspect that you have too many credit cards open, hence too much credit available to you. If you have cut up the cards and stopped using them, it doesn't mean they are closed unless you have written confirmation that they are closed. Lenders look at all the credit available to you to decide whether to make more credit available.

callum9999

ugandandollars wrote: »

Enfieldian - Whilst your concurrence is appreciated, it provides nothing new information-wise. Please feel free to update your post if you feel you can add some value to it.

It does provide something new if you think your experian score is worth anything (which I assume you do seeing as you paid for it?).

ugandandollars

callum9999 wrote: »

It does provide something new if you think your experian score is worth anything (which I assume you do seeing as you paid for it?).

I don't and it isn't. Unfortunately I found that out *after* being declined.

Enfieldian

Right then, in simple terms.

Your credit rating is not as good as you think it is, certainly not good enough for Halifax.

As Experian's rating is not a true credit rating and bears no relevance to how a real lender will score you, do you have any defaults or missed payments?

Lenders do not like to see 1/2 year tenancy histories by the way. Too short, it indicates instability.

That good enough for you?

somethingcorporate

callum9999 wrote: »

It does provide something new if you think your experian score is worth anything (which I assume you do seeing as you paid for it?).

Agreed, the post is useful. Just because it doesn't concur with your (OPs) view that because Experian (who have no links with the bank you want to borrow from) give you a random (high) score that this should entitle you to a CC.

I give you a credit score of 2 bob and a big apple.

Enfieldian

ugandandollars wrote: »

I don't and it isn't. Unfortunately I found that out *after* being declined.

Sorry, but if you know this already, then why have you posted saying you "Have an excellent credit rating of 999"?

ugandandollars

somethingcorporate wrote: »

Agreed, the post is useful. Just because it doesn't concur with your (OPs) view that because Experian (who have no links with the bank you want to borrow from) give you a random (high) score that this should entitle you to a CC.

I give you a credit score of 2 bob and a big apple.

That's interesting. At the beginning of the application with the Halifax CSR, he said that they use Equifax and Experian for their checks. Very naive of me to actually believe that I realise now.

What I am after is specifics as to how the Banks do their scoring, not Experian. Any ideas?