Knocked back by Barclaycard

downhiller

Looking for some advice or suggestions following a knockback from Barclaycard for a balance transfer card.

I've already checked my Experian report and my rating is "fair" with 870 points (apparently 880 would place me in the "Good" category).

EDIT: Just updated my score and I'm now at 907 points so definitely in the "Good" category

All my accounts are satisfactory. I have

Mortgage
1 credit card
1 overdraft
1 loan
Using 60% of my available credit

At current address for 4 years and 10 months

I'd used the Experian site to match me to a suitable balance transfer card based on my actual credit report so I'm disapointed to get a knockback. I'm looking to transfer £950 so hardly a massive sum.

Any ideas as to why I was refused? Any suggestions for alternative balance transfer cards?

James129

Credit scores given by credit reference agencies don't mean anything and are less than useless. Each lender use their own scoring method to asses their customers.

Ps, Barclaycard use Equifax, not Experian.

[Deleted User]

Looks like you're using a lot of your available credit, which is going to put lenders off.

DominicJ_2

Credit Card Companies (or anyone else for that matter) dont use a "Credit Score".
They use a "Profitability Score"
Exactly what that entails isnt clear, and varies from company to company, and product to product.

For example, I always struggle to get a good contract phone.
I rarely use it, so although 3 could sell me an Iphone on a £20 a month contract, they'd rather sell it my GF on a £40 a month contract.
Despite the fact that she has a sub 100 credit score, and both phones are paid for out of my bank account.

Whatever BarclayCards target market was, you werent it, unfortunate, but there you go.

downhiller

Just checked my Experian score. Rated as "Good" on there too.

DominicJ_2

But its not "Good" if Barclaycard are not looking for "good".
Its very bad if barclaycard are in fact looking for "people who take up 0% transfer offers and forget to transfer them again once the 0% period ends".

downhiller

True. Just a pain that I was matched to that specific card based on my credit rating etc.