Advice needed in how to avoid being rejected for possibly being too good a customer

torrenter

Thanks again izools. I think deep down I knew it would be too good to be true to actually know how each lender might rate you. It's not in their interest is it? They don't want players. Btw, I thought Halifax as with most lenders searched both bureaus? I'm wrong again. I will apply first thing tomorrow. Dunno, just got this nonsensical feeling than I will be luckier.

izools

There's a cool guide here by UNDERGROUND with a list of who searches who:

https://forums.moneysavingexpert.com/discussion/2419785

Experian_company_representative

As others have said, you have to remember that the scores you can get from the CRAs are a guide for you based just on your credit report. While they are very useful, they are not the scores lenders use, which also look at income, your partner's credit history (if you're financially linked) and so on.

Good luck!

James Jones

torrenter

I understand now. Thank you James.

torrenter

izools wrote: »

Those scores bear JACK ALL relevance to how Halifax will rate you.

Just apply already and see what they say BTW, Halifax search Experian, not Equifax, so waiting for Equifax to change won't change a thing

I got accepted, provisionally. Should I be nervous? I have to wait for the forms. £2100 Limit at 17.9%. Quite disappointed that I didn't get it at 12.9%. Thankful that I didn't get it at 21.9%, and that I got at least a 1k limit.

Really would've liked cash withdrawals at 12.9% but this card still beats the HSBC card quite comfortably.

I'm guessing that two of my current accounts at both a year old shows that they're still not mature enough. That there must be some level of risk and that this could be the reason why I got it at 17.9%.

[Deleted User]

You're looking to use the card for cash? Expect your rate to rise if you start doing this. Cash withdrawals are a sign of a higher risk customer.

torrenter

Yeah? What's the point of advertising 12.9% as one rate for all transactions then? What you're saying is that they don't mind taking high risk customers. The card is pretty much designed to attract travellers using the card so that they can withdraw cash cheaply. That's the impression I've been given anyway. I'm sure it's the same with others.

[Deleted User]

Ah - overseas. Gotcha.

torrenter

You have me worried. Thinking about what you've said, cash withdrawals on credit reports don't seem to be marked differently if you've withdrawn abroad, or at home. So, if you're not missing payments why would a lender frown at you?

This is an anticlimax. Spent a whole year, getting my CRA score up hoping to get this card and then being told that maybe, it's been a waste of time. Has it? Can anyone tell me with confidence that withdrawing cash on a CC will mess me up with the CRAs and lenders? Or am I safe using the Clarity card.

Apart from the above I think getting this card has been an improvement on what I had at my disposal.

izools

torrenter wrote: »

You have me worried. Thinking about what you've said, cash withdrawals on credit reports don't seem to be marked differently if you've withdrawn abroad, or at home. So, if you're not missing payments why would a lender frown at you?

This is an anticlimax. Spent a whole year, getting my CRA score up hoping to get this card and then being told that maybe, it's been a waste of time. Has it? Can anyone tell me with confidence that withdrawing cash on a CC will mess me up with the CRAs and lenders? Or am I safe using the Clarity card.

Apart from the above I think getting this card has been an improvement on what I had at my disposal.

Your credit file will reflect the fact that you've used the card to make cash withdrawals. It will note how many, and totalling how much, for each month you use the card for cash.

If you make a habbit of using the card for multiple withdrawals each month for years on end this may put certain lenders off, it may attract others, it depends on their target customer profile.

I would highly doubt that using the card for cash withdrawals abroad for a holiday or such for one or two months would have a long term effect, especially if the repayments are a high percentage of the statement balance each month.

Don't worry.

I'm still keen to see what they offer you