Turned down and surprised

rhyswal

Probably a straightforward one for some of you but just been turned down for 0% balance transfer when I felt it would been straightforward. My experian score is high (is it worth anything?), secured a decent mortgage last year and I just want to crack on. What's the general rule on trying again? Do i need to wait months to re-apply or is that just with the same lender?

BugsyBrowne

rhyswal wrote: »

Probably a straightforward one for some of you but just been turned down for 0% balance transfer when I felt it would been straightforward. My experian score is high (is it worth anything?), secured a decent mortgage last year and I just want to crack on. What's the general rule on trying again? Do i need to wait months to re-apply or is that just with the same lender?

Unfortunately Experian's score is very much meaningless and has no bearing on your credit worthiness whatsoever as its just a money making tool.

Have you any credit history of managing a credit card and if so what are you total balances and available credit?

rhyswal

Have had two for ages got £1000/£2250 on one £4500/£7000 on the other and tried to lump them both with a cash transfer £2k for an overdraft which was one of the options they offered. Any advice grateful.

[Deleted User]

Essentially, it looks like you already have a lot of debt and lenders aren't keen on letting you have even more credit.

Time to start paying back some of the debt before thinking about getting more.

MrSilk

Deleted_User wrote: »

Essentially, it looks like you already have a lot of debt and lenders aren't keen on letting you have even more credit.

Time to start paying back some of the debt before thinking about getting more.

+1

The cycle has to come to an end at some point, doesn't it?... Time to start paying back what you owe rather than juggling it between 0% interest cards, which as you now know, you aren't always accepted for if you already have too much debt.

InsideInsurance

The score is fairly pointless, it uses the CRAs scoring mechanism where as each lender has their own and whilst there are some general rules their exact weights vary massively.

Secondly, the CRA is missing key information such as your income. £10,000 of unsecure credit may be a lot for someone earning £20,000 but isnt much for someone earning £320,000


Cards are generally harder to get that they used to be but also there can be times that for some almost unexplained reason a certain lender simply doesnt appear to like you. I have high limited cards, 2 I keep all the time due to the benefits and the others I churn. Most the time I apply for a new card I get a limit of circa £7,500 however even when I have been down to my basic two MBNA always flat out decline me, even for their subprime offering, doesnt even go for a referral.

paulfoel

Check your available credit. Thing like old credit cards...

My income is pretty high and credit score excellent but I couldn't get a loan.

Then I found out total available credit on credit cards (some not used for years) was almost £100K. Scary.

BugsyBrowne

paulfoel wrote: »

Check your available credit. Thing like old credit cards...

My income is pretty high and credit score excellent but I couldn't get a loan.

Then I found out total available credit on credit cards (some not used for years) was almost £100K. Scary.

You wouldn't know your credit score old mate as its private only to a lender when scoring an application.

InsideInsurance

BugsyBrowne wrote: »

You wouldn't know your credit score old mate as its private only to a lender when scoring an application.

No, each organisation generates its own score for you and Experian, Credit Expert and Equifax all sell you access to their score that they generate for you.

Those three will be different as they will be different to each lender you approach hence it being worth as much as a chocolate teapot but it is a credit score

BugsyBrowne

InsideInsurance wrote: »

No, each organisation generates its own score for you and Experian, Credit Expert and Equifax all sell you access to their score that they generate for you.

Those three will be different as they will be different to each lender you approach hence it being worth as much as a chocolate teapot but it is a credit score

Credit scores are calculated when making credit applications where you even pass or you don't as no one has an individual score.

paulfoel

BugsyBrowne wrote: »

You wouldn't know your credit score old mate as its private only to a lender when scoring an application.

Sorry I meant via experian and credit expert of course.