Declined Credit Card with excellent credit rating of 999

Mrs_Jojo

If we had specifics, we would all be working for the banks!

Again... how much credit do you have available? How many cards have you applied for in the last few months? How many payments have you missed (for anything)?....

somethingcorporate

ugandandollars wrote: »

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?

They may refer to the CSRs to double check various details but the credit scoring is completely internal and defined bank to bank.

They are entirely secret and we can only speculate as to the content of their criteria.

callum9999

ugandandollars wrote: »

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?

They do use them, they contact them and are given a list of all your credit accounts and their history etc. They then use this to make their own score - absolutely nothing whatsoever to do with the score experian gave you. The general things the banks are looking for are obvious, but people won't have specifics - otherwise no-one would ever get declined because they would already know what the bank wants.

I suggest in future you ask how things work instead of jumping to conclusions and then getting snappy about it when people try and correct you.

SJ1

Of course they use them, they are very commonly cited. However the other posts on here have alluded correctly that if you already have access to a large amount of credit that that may be enough for them to decide not to let you borrow. All the banks are being careful at the moment so if you have access to £40k of credit, even if it isn't being used, that may be enough for them to decide not to add to that - after all why would they want to. There could be many other things on there that they may have decided they didn't like, I was once turned down for a mortgage because I hadn't made the minimum payment 2 times in the past 6 years. I thought that was ridiculous but it was their rules, it's their dosh and that as they say, is that.

If you aren't prepared to give more information then I don't think anyone will be able to help you. Advise you to read the entire report and not just look at the score.

fozmcfc

OP, if you give the members here a list of your current debt and credit available (whether used or not). Also whether you have any missed payments or worse defaults/ccj's, then the members will be able to give you suggestions as to why have been declined.

You don't neccesarily have to mention card/loan company names, even if you just say card a, card b etc.. it will be enough.

ugandandollars

Firstly, thank you to all who have responded so quickly and my apologies if I came across rude or snappy. Halifax left me totally frustrated yesterday and unfortunately this was reflected in my posts.

Further information: I have no outstanding debt or CCJs. The only late payment over the last year may be a late payment on my original credit card which I normally clear in full each month. I checked the full Experian report for late CC payment flags and any other clues but sadly (and most probably erroneously) everything looks perfect.

I haven't applied for any other credit for over a year. I don't have access to any credit apart from a £1800 overdraft facility on my current account which I don't use.

I have posted a letter to Halifax requesting further details of the criteria which I failed on. I realise they are probably not obligated to provide this information so am not hanging any hope on it.

To summarise: There is something wrong with my credit rating which I cannot see and cannot fix. Judging by the experienced reponses to this post, the situation sounds quite common and leaves me with one course of action: Go without a credit card for 6 months and try again after that.

And stop using Experian

elfen

You could also try a mobile phone contract, as that will prove you are using credit and provide green zero's that can be seen as a marker as to how you use credit. It may also be the fact that you have no real outstanding credit on your report, and this can also cause a decline due to no recent/ongoing credit reporting

masterlumps

if you dont have any access to credit, other than an o/d which you dont use, no reports will be noted about your ability to repay, and this could well be going against you

YorkshireBoy

ugandandollars wrote: »

...have a salary over 50K

If you were paying that salary into my bank I'd give you a credit card...even with the late payment marker (which they'll probably ignore anyway).

What did your bank say when you asked them for a credit card?

Welshwoofs

It could be that your credit file isn't up to date?

I have a similar salary to you and a '999 credit rating'. I have one card with a balance on it that I wanted to shift recently to get a 0% - I applied for a new card (not Halifax) and got turned down. I have mortgage and mobile phone contract. No late payments. Ever. However when I looked at my credit report there were two credit cards still showing up, both with a zero balance but over £10k of credit available on each. I phoned up the card companies about this as I had requested the accounts be closed when the balances were paid off. Both were in fact closed, but it seems they hadn't updated that information with the credit agencies and it's therefore likely I was turned down for a new card for seemingly having too much credit available.