Worried!

SkippyB

Can someone help?

I have just been turned down for a CC by MSW. They have sent a letter stating that I have an adverse credit rating???

I have 1 CC that has no balance on it. I have over £15,0000 in savings. I have never defaulted on a payment for anything. I checked my credit rating 4 months ago and it was 999.

What on earth are they talking about???? I really dont understand...Am I just too good a risk???

M_Thomson

SkippyB wrote:

Can someone help?

I have just been turned down for a CC by MSW. They have sent a letter stating that I have an adverse credit rating???

I have 1 CC that has no balance on it. I have over £15,0000 in savings. I have never defaulted on a payment for anything. I checked my credit rating 4 months ago and it was 999.

What on earth are they talking about???? I really dont understand...Am I just too good a risk???

Are you sure they use the words "adverse credit rating"? It is probably that you just don't meet the required score that Morgan Stanley use. Every credit card company sets a profile for the type of customer they are looking for. This profile can change weekly or monthly depending on the type of customer they are looking for. Them turning you down is no reflection on you not being creditworthy. Don't take it personally. Also, from what you are saying, you have no debt on a credit card. Maybe, you get fewer points for having no debt. There is no way you will ever know how a credit card company scores a customer. It is kept confidential.
You say you have a credit rating of 999. Did you get this score from the Experian or Equifax website? These scores are worthless as every lender has their own scoring. The scores these websites sell are simply a quick way of losing £5!

SkippyB

Thanks for the reply. Yep, they stated in the letter that I had adverse credit rating!! I do use my CC but pay off every month. I decided to change CC Card as I wanted something with benefits. I earn over £25,000 a year and meet their criteria.

The reason I am worried is that I am shortly applying for a mortgage...Had one before but sold house and made a nice profit....

I really just dont understand credit and other financial things...Damned if you do have debt and dammned if you dont!!

M_Thomson

SkippyB wrote:

Thanks for the reply. Yep, they stated in the letter that I had adverse credit rating!!

Are you sure it didn't say you do not meet the required credit score rather than an adverse credit rating? This implies that there is something on your credit report like a late payment or a default. If I were you I would order copies of you credit report from Experian and Equifax before you apply for your mortgage.

CLAPTON

i would check your credit record with all three agencies just in case there is something on one of them.

presumably you are on the electoral roll.

have you phoned them and asked them to be more specific?

MABLE

Find out the one they used and then request file from that agencey.

*Sparkle*_3

Definately check out your credit reports, check that nothing nasty you dont know about is on there. You always here of ID fraud these days, check that someone didnt get credit in your name from the property you sold?....

BASFORDLAD

your savings have nothing to do with it.

sicker

Don't forget that adverse does not neccessarily mean bad. Your credit rating to them may signify 'no profit from this applicant'

John