Credit card refusal with an excellent credit rating? what should i do next?

s3s

I have recently applied for a credit card and have been refused. I originally thought this was due to my recent change of address where I have purchased a house with my partner. Unfortunately now I have been there for 8 months my application has yet again been refused. I was asked to check my credit report and this could be affecting my application however my credit report is deemed as ‘excellent’ and my credit score is 999 out of 1000. I provided the credit card company a copy of these reports and asked them to review my application or provide a reason for refusal. Despite this all I have received is a letter saying they are still unable to provide me with a credit card with no explanation as to why. I’m very concerned and not sure what to do now to establish what the problem is. Please could you advice on what else I can do to establish/resolve whatever the problem is? P.S i do have a loan in my name for a car i purchased this year and i only have one other credit card with a balance on it which is what i wish to transfer to another card to benefit from 0% interest. Please Help!?? : )

Voyager2002

Apply for a different card. Perhaps that particular card is aimed at people with an income significantly different from yours; perhaps it is aimed at people who seem likely to borrow and pay lots of interest, while you look like someone who always repays in full. There may not be any logic to it at all.

Oh: the 'credit scores' are completely meaningless.

bobbydrake50

You need to check your actual credit history on the report. (Forget the score - don't pay for it as it is meaningless as every lender has different criteria). Have you got several credit histories showing with experian and equifax will lots of green ticks and are you on the electoral roll at your new address - these are the most important things to check. Also who did you apply to as some are more strict than others. Try MBNA as they seem pretty good for the 0%.

redpete

s3s wrote: »

P.S i do have a loan in my name for a car i purchased this year and i only have one other credit card with a balance on it which is what i wish to transfer to another card to benefit from 0% interest. Please Help!?? : )

Maybe that's the problem. You have a card with a balance that you are not clearing and could warn a lender off. Maybe the debt on the car loan and the credit card are high enough compared with your income to max out what a lender thinks you can afford.

CLAPTON

you're forgottten to mention how much you earn
and your full debt details
are you on the electoral roll

Any

You have been asked to check your credit report (where they are trying to point out that your report is not good enough for them) and you went and paid for credit score. This number, as mentioned before, is completely meaningless as it is score generated by Experian who are not going to lend you money. It is the lenders score that is of interest, every lender has different scoring criteria and these we are never going to find out.

As others said - on your report you need to have good repayment history and you must be on electroral roll. Check that all on there is fine.
Another thing is - existing debt vs your income, stability of job (how long have you had it), the amount of income.

Then who did you apply to? As said - some are more picky then others.

opinions4u

s3s wrote: »

I have recently applied for a credit card and have been refused. I originally thought this was due to my recent change of address where I have purchased a house with my partner. Unfortunately now I have been there for 8 months my application has yet again been refused.

Somebody with a longer address history would be more likely to be accepted. 8 months isn't very long.

I was asked to check my credit report and this could be affecting my application however my credit report is deemed as ‘excellent’ and my credit score is 999 out of 1000.

Ask them to give you a credit card. (Or, if they don't offer credit products, stop relying on their service and save yourself a few quid).

I provided the credit card company a copy of these reports and asked them to review my application or provide a reason for refusal. Despite this all I have received is a letter saying they are still unable to provide me with a credit card with no explanation as to why.

Their systems already looked at your credit file when you applied in the first place, so it's unlikely that they will change a decision. You've failed their credit score - one factor being time at current address - A credit score and a credit reference report are not the same thing.

I’m very concerned and not sure what to do now to establish what the problem is.

Apply again in 6 mnoths?

P.S i do have a loan in my name for a car i purchased this year

A recently taken out credit commitment lowers your likelihood of being accepted for further credit.

and i only have one other credit card with a balance on it which is what i wish to transfer to another card to benefit from 0% interest. Please Help!?? : )

For me, you've got a short time at address (increased risk of fraud or instability in an applicant's life), a new loan commitment and a debt on a credit card. A lender may not wish to "take a punt" when they have better candidates to lend to.