credit score too good

ProperBo

hello, i think my card tarting days are over as i've been refused a virgin and natwest so i checked my credit score with equifax and my score may be too good so they've spotted me as non profitable. what are my options now. has anyone had any joy with the martin lewis credit card search?

BoGoF

There's no such thing as too good a score, the CRA one's are meaningless.

Your debt to income ratio is probably the thing putting any new CC provider off.

ProperBo

not according to martin lewis, i've read on his advice that if your spotted as not profit worthy, companies will refuse.

chanz4

I work on the rule always have under 75% of the limit , has martin got proof of this claim its like the daily mail with their stories

YorkshireBoy

jjbell7 wrote: »

what are my options now.

That will depend on certain ratios. Could you provide figures for the following:

Income
Total debt (credit cards and overdrafts)
Total available credit (the sum of your credit card limits and any overdraft facilities)

BoGoF

jjbell7 wrote: »

not according to martin lewis, i've read on his advice that if your spotted as not profit worthy, companies will refuse.

So to put my theory to the test, what is your income and what level of debt (in total) do you have?

From what I have read here lately anything above 50% increases the risk.....maybe not a refusal at 50 odd % but not the best rates/deals will be got.

bris

Credit cards are always profitable, even if you pay them off in full every month, the CC get a 2 or 3% fee for every penny spent on a card from the merchants. There is no such thing as a non profitable card holder.

arcon5

bris wrote: »

Credit cards are always profitable, even if you pay them off in full every month, the CC get a 2 or 3% fee for every penny spent on a card from the merchants. There is no such thing as a non profitable card holder.

Are you sure?

The retailers merchant account bank (usually streamline) charge roughly that per transaction (depending on industy/transaction value/turnaround/etc), but never heard of the card issuer getting a percentage

Tremour-88

bris wrote: »

Credit cards are always profitable, even if you pay them off in full every month, the CC get a 2 or 3% fee for every penny spent on a card from the merchants. There is no such thing as a non profitable card holder.

No, thats the payment processor who gets that charge not the company who issue the card.

Bravehearted_2

Keep dreaming. Credit file too good, how ridiculous.

You were rejected for something else so quit flattering yourself. Done the same thing for years & never been rejected.

opinions4u

bris wrote: »

Credit cards are always profitable, even if you pay them off in full every month, the CC get a 2 or 3% fee for every penny spent on a card from the merchants. There is no such thing as a non profitable card holder.

Except those who spend money and don't pay it back perhaps.