Refused 2 cards applications with perfect 999 score??

lambretta175

Jigga wrote: »

Oh yeah, back on topic. Oooh, perfect score of 999, didn’t realise they were part of MBNA, won my own home, jumped a few times (eh?). Look back at Mr/s L’s erm....only other post from back in the day

“I'm pretty good with my finances now”

Ahhh, VAT may be 20%, but 2011 is working out to be full of humour so far.

Thanks for this, really helpful.

The virgin offer is run in conjunction with MBNA, you cant apply for one if you have the other, should've made that more obvious.

Won/ Own - typos can be embarrassing for sure...

Jumped a few times - I mean from card to card to make sure I was always at 0%.

Finally my previous post, pleased you enjoyed that, I was pretty dreadful with my money but thanks to resources like this I have improved dramatically. I dont post much (if ever) because I dont have much to offer others as I'm far from an expert, but I do appreciate it when I get advice and would always be polite in asking. I am a member of various other forums where my expertise is appreciated and I'm happy to help others where I can, this wouldn't be one of those (just yet).

But hey, once again thanks for your input, I'm sure you'll enjoy recounting your brilliance for weeks to come, meanwhile I'll crack on with sorting my finances out.

YorkshireBoy

lambretta175 wrote: »

The virgin offer is run in conjunction with MBNA, you cant apply for one if you have the other, should've made that more obvious.

You can hold more than one MBNA run card (indeed, it's reported you can have as many as 5), but any debts/credit limits you currently have will affect either a) whether they give you another card or b) how much limit they give you.

However, what you can't do is BT between their cards directly...so you need to use a 'money transfer'.

lambretta175 wrote: »

I didnt realise they were part of MBNA

This wording...

The Virgin Credit Card is promoted by Virgin Money Limited and issued by MBNA Europe Bank Limited.

...is on the Virgin card homepage, the summary box, and the T&Cs, so I'm not sure how you missed it...unless you applied by phone?

For future reference, you can check out who owns who before applying here...

www.stoozing.com/cards.php

lambretta175

YorkshireBoy wrote: »

You can hold more than one MBNA run card (indeed, it's reported you can have as many as 5), but any debts/credit limits you currently have will affect either a) whether they give you another card or b) how much limit they give you.

However, what you can't do is BT between their cards directly...so you need to use a 'money transfer'.This wording......is on the Virgin card homepage, the summary box, and the T&Cs, so I'm not sure how you missed it...unless you applied by phone?

For future reference, you can check out who owns who before applying here...

stoozing.com

Thanks for this, appreciated.

I was a bit blase about the whole thing to be honest, I just looked for the best deal on here and clicked apply as I've never been turned down for anything before. I wont do that again...

redpete

lambretta175 wrote: »

I only checked the Experian one, but at £5.99 for the score I would hope it was reliable?

You can rely on it being an accurate representation of what Experian determine your Credit Score should be but you can also rely on it not being an accurate representation of what a CC provider determines your risk and worth to them as a customer would be.

If they charged £11.98 would you consider it to be twice as reliable as it is now?

If you send me £25 I will give you an RP Credit Score which will obviously be much more reliable than Experian's.

KingElvis

I sell mint Elvis scores too, not only that, but they have a warranty on them.

After you've bought your score form me (I accept Paypal) just tell the lender you've been scored by Elvis and there should be no problems at all.

lambretta175

redpete wrote: »

You can rely on it being an accurate representation of what Experian determine your Credit Score should be but you can also rely on it not being an accurate representation of what a CC provider determines your risk and worth to them as a customer would be.

If they charged £11.98 would you consider it to be twice as reliable as it is now?

If you send me £25 I will give you an RP Credit Score which will obviously be much more reliable than Experian's.

KingElvis wrote: »

I sell mint Elvis scores too, not only that, but they have a warranty on them.

After you've bought your score form me (I accept Paypal) just tell the lender you've been scored by Elvis and there should be no problems at all.

Yes I see your points - I just assumed that if I was getting such a good credit score from Experian then it was a fair reflection of my rating with other agencies, seems reasonable but there's clearly much more to this than I imagined!

Experian_company_representative

A 999 score from Experian means your Experian report is in good shape. Did Virgin run an Experian check or did they use another CRA? Your credit reports will tell you which CRA was consulted - just check the previous searches sections.

You have to remember that lenders take account of other things too when they decide whether to say yes or no. Have you tried asking the card provider to explain their decision? Only they can tell you and industry guidelines mean they should give you the principle reason.

James Jones

Hank_Marvin

Who does MBNA search for their credit card apps. Also do Virgin use the same seeing as they are same company??

izools

Virgin (MBNA) use Experian for credit card applications so they will have used the same data to judge your application as Experian used to calculate your score.

The problem is, when Experian calculate your score, they ignore information that all creditors take into account including:

How long you've lived at your current address
How long you've been with your employer / what your profession is
How long you've been with your bank
How much your income is
How much you owe in comparison to your salary
How much credit you have available to you already in comparison to your salary
Your home ownership status
Your marital status
Whether you have dependants / how many

These pieces of information are taken into account, in addition to the information on your credit file, when a creditor is deciding whether or not to grant you credit.

Let me ask you this... Who would you rather lend to:

a) someone who has four credit cards, two mobile phones, and one bank account, who hasn't missed a single payment in six years, but has credit lines available to them over double their annual salary, and has just got divorced, just moved, and just got a new job... or

b) someone who has two credit cards, one mobile phone, one bank account, who has missed two or three payments in the last six years, has credit lines available to them of around 1/3rd their annual salary, and has been married for 7 years, in their current job for 8, and at their current address for 6?

Chances are the latter person would have a lower "Experian" score because of a slightly "Thinner" and less perfect credit file but is clearly the more reliable and stable individual, so would likely be considered more credit worthy in the eyes of a creditor than the first person.

It is because Experian / Equifax / Call Credit blatantly ignore this vital information when calculating your score that their 'score' is in no way shape or form remotely comparable to how a creditor will view you

Mr._H_2

Experian_company_representative wrote: »

industry guidelines mean they should give you the principle reason.

This is the first I've ever heard of this. Is this a new guideline? I've never heard of anyone being told the "principle reason" that they were declined. The couple of times it's happened to me, I have asked why and been refused an answer.