Unsubstantiated refusals for credit cards.

Scimitar

I have recently applied for a new credit card and have been refused twice. There is no valid explanation as to why they are refusing me as my Experian credit score is 961. I am employed as an engineer earning what I consider to be a decent income and have no previous history of debt or bad credit. Does anyone know why I am apparently such a poor prospect?
My concern now is that if I continue to apply for credit cards and get refused this will have a detrimental effect on my credit score.

Tixy

Your credit score is not seen by the potential lenders you are applying to - all they see is the raw data from your credit report of whichever credit agency they use (could be experian, may not be). The other things they consider (which your score does not take into account) include how much you earn, how much existing debt and unused credit you have compared to how much you earn, whether they think you are likely to make them a profit, whether you are financially associated to anyone and what their credit history is like and other things as well.

Whilst your score is not worth worrying about (most people would say its pretty irrelevant) if you make too many applications in a short period of time this can make you look desperate for credit and in the short term can make it harder to be accepted elsewhere.

chanz4

credit isnt a right, it will just be that you dont fit their target customer. For posting here I jsut lowered your score to 500. Have you ever had a credit card? if not apply for a capital one progress

InsideInsurance

Ignore the "score" as that is a meaningless figure.

Without actually seeing your report there is nothing anyone can really say, check your on the electrol register, check what your debt -v- available credit ratio is, check the applications within the last 6 months count, check both salary to debt and salary to available credit ratios. How long have you been in your job/ home/ bank?

Scimitar

I am on the electoral register, I have had a credit card previously and use it for my work which involves a lot of travel. I own two houses and earn good money that should allow me to use a platinum card. I have been working with my current employers for three years. I stopped using my previous card as it wasn't particularly good for travel and gave no insentive back. I was looking for one that more suited my needs and gave rewards. What frustrates me is that if they gave a reason I could perhaps work to improve my situation but the fact is I can't think of how I could be in a better position?

scottishblondie

If you haven't had an active CC for a while then you don't have a recent history of managing credit - this would be my guess as to why you have been refused.

Were the cards ones that might be considered hard to obtain?

In any case, your main bank is usually the best place to get a card. Try that, if you get one than use it for 6 months-1 year, then apply for another card which has more benefits.

CLAPTON

when did you stop using the credit card
which one was it

which ones have you applied for?

Scimitar

I had HSBC's credit card. They only do the one. I had it for about ten years. The cards I have applied for are Barclaycard and Amex as they seem to suit my business circumstances best with all of the travel i do. I only stopped using HSBC about three months ago at the same time I first applied to Amex.

RobertoMoir

Scimitar wrote: »

I am on the electoral register, I have had a credit card previously and use it for my work which involves a lot of travel. I own two houses and earn good money that should allow me to use a platinum card. I have been working with my current employers for three years. I stopped using my previous card as it wasn't particularly good for travel and gave no insentive back. I was looking for one that more suited my needs and gave rewards. What frustrates me is that if they gave a reason I could perhaps work to improve my situation but the fact is I can't think of how I could be in a better position?

You have to remember: "Because we don't feel like it" is a legitimate reason.

If you've applied for more than one card and got a refusal then that would suggest that there either is a potential problem with your credit history or that you don't fit the customer profile of the cards you are applying for.

izools

Scimitar - have a look at the "Accounts" section of your credit file.

How many are listed?

How many are open, and how many are "Settled"?

Is your HSBC Credit Card actually listed there?

Do you have anyone listed under the "Financial Associates" section?

lee1985

See this thread, it explains almost every reason why one might be rejected for credit.

https://forums.moneysavingexpert.com/discussion/3461183=