999 credit score but keep getting rejected!

Jeniwilliams

Help

I have a 999 score from Experian but i have recently applied to extend a current loan i have with Sainsbury's bank and i have applied for a 0% on purchases credit card as i am trying to clear my £2,000 overdraft but both have rejected me.

They tell me it is becuase i have a high amount of borrowing against me for my salary yet my score is 999. I earn just below £30k and have a mortgage with a tied in secured loan with my partner. I have a 15K loan which i have been paying off for two years and never missed a payment.

Why do i keep being rejected, what do i need to do!!!! Surely if i have reached my credit limit my score should not be 999????

Caz3121

Each lender will have their own lending criteria so the Experian score has little meaning, it demonstrates how you manage your debt which is good but you still need to meet other criteria as defined by the lender. What is your total debt ratio as a % of your salary...sounds like it is excess of over half your annual salary which is possibly more than the lenders allow

NeverEnough

You are already at your credit limit with a loan of 15K and other credit besides that, as it is over 50% of your income - that is why you are being rejected, not because you are a bad payer. You are unlikely to get more credit than you already have because of that - and don't waste your money paying for credit scores from CRAs who do not lend money.

BugsyBrowne

Jeniwilliams wrote: »

Help

I have a 999 score from Experian but i have recently applied to extend a current loan i have with Sainsbury's bank and i have applied for a 0% on purchases credit card as i am trying to clear my £2,000 overdraft but both have rejected me.

They tell me it is becuase i have a high amount of borrowing against me for my salary yet my score is 999. I earn just below £30k and have a mortgage with a tied in secured loan with my partner. I have a 15K loan which i have been paying off for two years and never missed a payment.

Why do i keep being rejected, what do i need to do!!!! Surely if i have reached my credit limit my score should not be 999????

Thats why you should not take one bit of notice of a credit score from a company that do not lend money.
There is no way you will ever know your true credit score ever.

Fruit_and_Nut_Case

Have a look at what Google pulls out when searching these forums for experian and 999. You will see that you are not alone.

http://www.google.co.uk/search?q=site%3Aforums.moneysavingexpert.com+experian+999

Paul_Herring

Jeniwilliams wrote: »

I have a 999 score from Experian

Experian "credit scores" are a waste of money, and are totally misleading. They don't even take into account basic things those actually lending do, such as "do you even have a job?"

tigerlily44

Jeniwilliams wrote: »

Help

I have a 999 score from Experian but i have recently applied to extend a current loan i have with Sainsbury's bank and i have applied for a 0% on purchases credit card as i am trying to clear my £2,000 overdraft but both have rejected me.

They tell me it is becuase i have a high amount of borrowing against me for my salary yet my score is 999. I earn just below £30k and have a mortgage with a tied in secured loan with my partner. I have a 15K loan which i have been paying off for two years and never missed a payment.

Why do i keep being rejected, what do i need to do!!!! Surely if i have reached my credit limit my score should not be 999????

Listen to what they are telling you ie your ratio of borrowing to income is too high - this is a warning to lenders that you may be in danger of being overcommitted.

Also as other posters have told you, credit scores are worthless as CRAs don't lend money

tiger

Experian_company_representative

We may not lend money but we build credit scoring systems for many major UK lenders, so we are experts at measuring credit risk and helping lenders manage it. How we rate your credit report is very relevant.

However, as I've just said in another thread, you can be legitimately refused credit with an excellent credit history because lenders look at other things too. Our score just rates is your credit history.

James Jones

BugsyBrowne

Experian_company_representative wrote: »

We may not lend money but we build credit scoring systems for many major UK lenders, so we are experts at measuring credit risk and helping lenders manage it. How we rate your credit report is very relevant.

However, as I've just said in another thread, you can be legitimately refused credit with an excellent credit history because lenders look at other things too. Our score just rates is your credit history.

James Jones

Agree it just rates your history, but the funny thing is that you can be on job-seekers alllowance join experian and get a credit score of 999 then join their lower my bills and it will then tell the job seeker to apply for a nationwide gold card.

Paul_Herring

Experian_company_representative wrote: »

We may not lend money but we build credit scoring systems for many major UK lenders,

No, you provide a centralised data store whereby legitimate lenders may form an opinion on a potential borrower based on, among other things, that data you provide - which originated at other lenders.

(Absent any systems you may sell to lenders, but then again those systems will (should!) include stuff you don't put into the scores you sell.)

so we are experts at measuring credit risk and helping lenders manage it.

By your own admission previously, the data you use is only a subset of the overall data a lender may use in forming that lender's opinion. How you can manage/measure risk based on only a proportion of data available eludes me.

How we rate your credit report is very relevant.

To yourselves, maybe. To 3rd parties not so much.

For a borrower, how you rate someone is misleading in the extreme as the numerous threads about "999 scores" shows.

For heaven's sake, you've been giving "999" to those without a job! Without savings! There's no way a main-stream lender, of any stripe, would lend a significant amount to such a person.

All anyone appears to have to do to get 999 is (simplistically) is be on the electoral roll, have some borrowing and have never been late with a payment in the past 6 years.

For a lender, your "score" may be a shortcut for them to whittle out the chaf from the wheat, so to speak, but if the numbers you give to lenders are anything like those you dish out to potential borrowers, I think those companies solely using that short-cut are either missing a lot of wheat, or getting lot of chaff.

However, as I've just said in another thread, you can be legitimately refused credit with an excellent credit history because lenders look at other things too. Our score just rates is your credit history.

But that's not how you promote it.

It is inevitably seen (see all the threads about 999'ers getting refused credit) as a cast-iron promise that anyone getting 999 will never be refused credit.

You either need to
1) address that assumption. Clearly, and explicitly say, for example, that

getting a 999 does not give you an automatic right to credit. Factors that may bring this number down in credit companies' opinions are:
short time in your current employment
not in employment at the moment
etc.
etc.

2) stop handing out 999s.


How your company (and the others) can get away with advertising the sale of a "credit score" to the gullible when the credit score in question bears little relationship to any internal credit score a legitimate lender might come up with escapes me.

[Deleted User]

^^^
Post of the month. Brilliantly put. Congratulations!