999 Credit Score but cant get new card!

vickster31

Really hoping for some advice here, im going banana's trying to sort something out.
I have 2k on Tesco Card and 3k on Santander Card, 0% interest just finished on the Santander Card, been with Tesco for years.

Tesco card is 22.9% and Santander 23.9% ....

Credit Expert says my credit score is 999, yet when i apply for a 0% balance transfer with a new card i get refused. (only apply once every 6 months or so).

I have been on to Tesco asking for their existing customer deal to transfer a balance at a reduced rate (which is listed on this site) and they say no deal for me. They say there is no department that would be able to offer any kind of deal.

Arrrrgggh this is driving me mad! Please help ... somebody

lisyloo

Your credit score is pretty meaningless.
It's given by Experian/Equifax and not by any comapny that actually lends money.

What's your income?
Have you moved house recently?
Any late payments?
Are you on the electoral role and your current address?
Have you chceked your credit reports recently to see if there are any errors?
Do you have any other unsecured credit?

vickster31

thank you for your reply ...have answered as below, probably the car debt causing issue?

What's your income? 22k
Have you moved house recently? 3 years at this address
Any late payments? None
Are you on the electoral role and your current address? have always been on electoral role at correct address
Have you chceked your credit reports recently to see if there are any errors? all looks good
Do you have any other unsecured credit? i have my car on a pcp deal - so could show as around 12k debt

drewwhonumba2

Hi Vickster,

could be a couple of things

Firstly you cannot trust the experian score, it simply is false...I have 2 ccj's and a default, im not on the electoral register....yet it gives me 752!!!!

Equifax is probably a better indication, my equifax file doesnt show my default and gives me a score of 255..but still cannot be trusted as companies use their own internal scoring system which will be based on income, debt to income ratio, outstanding deb to available credit ratio etc etc

Basically, check other details to eliminate things like if you are still on the electoral register, no defaults, no late payment etc etc

If all of it is ok and you do in fact have an excellent credit fiie which you probably do, then tesco may consider you to have too much credit available, too much debt to credit/income ratio. It may also be tesco policy to only allow customers to hold one tesco card.

Why don you try the barclays pre application tool that will do a soft search on your credit file and tell you if you are likely to be accepeted? google 'apply with confidence barclays' and you should find the online tool, id be really interested in how you get on with that as i was decline...but obviously for the reasons i told you above lol

MorrisonsEmployee

If you car 'debt' is showing on your credit report along with your 5k in credit card balances then they could be declining due to the amount of credit you have of 17k versus 22k income.

lisyloo

I suspect it's the unsecured debt vs income ratio (nearly 80%).

vickster31

I think that might be it ... although i only tend to keep my car for around 2 years and put it in for a new one .. it obviously shows as a debt for the full cost of the car.

Drew ... Barclays pre-application "computer says no!"

Looks like i will have to persevere for a while - maybe try leasing a car instead of signing up for a PCP

Thanks all for help

drewwhonumba2

Vickster, almost certainly debt to income ratio....because if your credit file is clean you would have at least been offered the barclays initial i would suspect.