'Good' credit rating, cannot get a credit card

amyob

I'm very concerned, please can somebody advise me.

I applied for a credit card three months ago and been turned down (by Santander, my bank of more than 10 years).

I have now done a check with Experian and had a rating of good, with a score of 944. I have 4 credit accounts, no outstanding balances, no late payments.

I am 24, a teacher and have been teaching for 2 years, I am on very good money and I am paying back my student loan. I rent privately and have done for 6 years.

Can anybody please let me know why I can't get a credit card.

BugsyBrowne

Here we go. Experians worthless scores strikes again.

Hazzinho

Scores mean very little, are you on the electoral role? How much debt do you have as a percentage of your income? If you have no credit history then this will be another reason, you may need a starter card to build up credit. Also check all 3 files as different lenders use different agencies From now on get the £2 reports with experian and equifax and the free one with Noddle.

Gromitt

Have you tried Aqua or Vanquis?

A score of 944 seems very low considering that there are people on here with multiple BR's with a higher score. Or maybe it proves how useless the score is.

BugsyBrowne

Gromitt wrote: »

Have you tried Aqua or Vanquis?

A score of 944 seems very low considering that there are people on here with multiple BR's with a higher score. Or maybe it proves how useless the score is.

Lol my exact thoughts.

Anthorn

BugsyBrowne wrote: »

Here we go. Experians worthless scores strikes again.

Yes lol: Everyone is obsessed with the credit score which is meaningless except as a very general guide. How many times must we say that it's what's on your credit report and the criteria applied by individual lenders that matters?

BugsyBrowne

Anthorn wrote: »

Yes lol: Everyone is obsessed with the credit score which is meaningless except as a very general guide. How many times must we say that it's what's on your credit report and the criteria applied by individual lenders that matters?

Not sure mate but it's getting beyond the joke even MSE's latest boost credit score link has said don't ever pay for a CRA score as its what's on your report is what matters.

Now MSE have sniffed out the CRA's scoring system is worthless maybe a sticky should be put in place.

ses6jwg

Make sure you are on the voters roll, avoid going into your overdraft.

Anthorn

amyob wrote: »

I'm very concerned, please can somebody advise me.

I applied for a credit card three months ago and been turned down (by Santander, my bank of more than 10 years).

Don't feel too bad about Santander. I've been with the bank for over 30 years since it was National Girobank, only one default for one month in 2008 for being over limit and 1 bounced direct debit in all of that time and they wouldn't give me one either! However currently I don't blame them for not giving me one.

I can come up with three possible reasons for being refused: You have already maxed your available credit according to your income and liabilities; You do not have enough credit history over the last 6 years; You have one or more defaults over the last 6 years.

It's a lot tighter these days to get credit and that includes credit cards due to the economy and the restraints put on banks by government. In short, the banks are being more responsible than they have been in the recent past.

amyob

Thanks very much everyone for your replies.

I think that similarly I went over my overdraft limit once 3 years ago and perhaps am paying for that.

I have found out how useless credit expert is, but it was worth it for the 30 day free trial (which has now been cancelled ).

I am on the electoral role so no issues there.

I have no credit at the moment beside my enormous student loan, would this contribute to the reason why I cannot be given any credit? Otherwise I think being young with little credit history may be the issue, however I was rejected even a store card recently so I am concerned.

I am worried that the more I apply for the credit the more affect it will have on my score.

The whole banking system seems like a joke to me. Santander are happy to give me an ISA for my savings but not give me credit .

Scarpacci

That you have four credit accounts but no outstanding balance could be a concern for Santander. The concern being you could have five credit accounts and then max them all out. What are the combined limits on these accounts? Available credit is used to assess credit worthiness and it's possible you have too much credit available right now.