Refused initial credit card with excellent score

eetherington

Hi,

I am a student with a part time job bringing home about 4-5k per annum. I have a Excellent credit score of 968 and I keep getting refused credit, I applied for Barclaycard and Aqua but they both rejected me on their first credit card scheme. What has gone wrong? I have a phone contract and a mobile broadband contract. So how am I meant to get my first credit card to build up a history if the issuers won't issue me a first credit card?

Fruit_and_Nut_Case

eetherington wrote: »

Hi,

I am a student with a part time job bringing home about 4-5k per annum. I have a Excellent credit score of 968 and I keep getting refused credit, I applied for Barclaycard and Aqua but they both rejected me on their first credit card scheme. What has gone wrong? I have a phone contract and a mobile broadband contract. So how am I meant to get my first credit card to build up a history if the issuers won't issue me a first credit card?

Welcome to MSE. :hello:

I hope you didn't pay for your "score". Card providers don't see this when they check you out. The credit reference agencies don't know how much money you earn so their "scores" can't take this into consideration.

eetherington

thanks, no i didn't pay as i'm on the free trial thing from experian as I was interested in seeing why there may be a problem but my report is clean as a whistle therefore indicating that there may be something wrong

CLAPTON

what do your credit files say

how many credit applications have you made in the last 6 months

your income is low and would preclude many CCs

however, if you have a student bank a/c they are probably your best bet

BugsyBrowne

I think posts like these just put in perspective how experian exploit people with their credit scores as shown from the OP's post with experian giving him an excellent so called credit score With only a phone contract.

I think James jones needs start holding the white flag up and surrender and admit these scores are in no way any indication of credit worthiness whatsoever.

eetherington

CLAPTON wrote: »

what do your credit files say

how many credit applications have you made in the last 6 months

your income is low and would preclude many CCs

however, if you have a student bank a/c they are probably your best bet

I've made 2 applications and my report says i've been searched 3 times, 2 accounts (the contracts) and nothing else

opinions4u

Are you on the voters roll at the address used for the application?

How long have you lived at your address?

How long have you been working for your current employer?

All relevant in offering credit.

eetherington

opinions4u wrote: »

Are you on the voters roll at the address used for the application?

How long have you lived at your address?

How long have you been working for your current employer?

All relevant in offering credit.

I am supposed to be on the roll as I handed my application in a couple of weeks ago and I've lived there for 18yrs and 1 month and i've been working for the same employer for 5 years although I did take up a second job last summer

CLAPTON

if you have only just put yourself on the electoral roll then it's unlikely to be showing on your credit files yet

have you checked?

wiseshark

The posters have providesd you with most of the reasons for your declines, most notably not on the electoral roll is in most cases a resounding NO. Your low income won't help either and as you applied for a Barclaycard (Initial I presume), it's minimum income is £10K.

I would suggest that you wait 3-4 months and when on the electoral role, apply to Vanquis as I believe their minimum income requirement is just £4K. Best of luck.

JohalaReewi

eetherington wrote: »

I have a Excellent credit score of 968

No you don't.

When you go to Experian (Equifax, etc.), the score they give or sell to you is not a credit score. It is just a guess at what your credit score might be if you applied to a typical lender based on the data Experian (Equifex, etc.) hold about you.

When you apply for credit, lenders will calculate a credit score for you based on various data. This data comes not only from credit reference agencies (like Experian), but from other sources. For this reason, Experian are not able to calculate definative scores because they don't have all the data the lender will have.

If you search this forum, there are many threads along the lines of "my score is 999 but I get refused credit".