Excellent Score yet rejected..? HELP PLEASE

ludoctro79

So myself and husband tried to get a credit card with Santander and both were rejected

So we bought both agencies credit checks and our scores were

977 and 998 with credit expert (which Santander use)

Both Excellent

Are also excellent with Equifax

I took the report along to the Santander manager and he tried again and I was rejected again and the manager cannot understand why

We are registered at address etc, we have checked everything I have been through the report with the agencies and no one can seem to give us a reason why..?

We have zero debt and totally income between us both is over £10k a month after tax,

On paper is appears they should be throwing money at us but we cant even get a credit card, we are very worried as our just about to start applying for mortgage

Please can anyone shed any light on what could be the problem..?

Has anyone else had excellent scores yet be refused..?

gb12345

ludoctro79 wrote: »

So myself and husband tried to get a credit card with Santander and both were rejected

So we bought both agencies credit checks and our scores were

977 and 998 with credit expert (which Santander use)

Both Excellent

Are also excellent with Equifax

I took the report along to the Santander manager and he tried again and I was rejected again and the manager cannot understand why

We are registered at address etc, we have checked everything I have been through the report with the agencies and no one can seem to give us a reason why..?

We have zero debt and totally income between us both is over £10k a month after tax,

On paper is appears they should be throwing money at us but we cant even get a credit card, we are very worried as our just about to start applying for mortgage

Please can anyone shed any light on what could be the problem..?

Has anyone else had excellent scores yet be refused..?

First off, the credit scores are just irrelvant random numbers that the credit agencies chare people for to make them feel all warm and fuzzy. As you have found out they have no relation to your ability to get credit as lenders use a lot more information to make their decision.

What is important is what is on your credit history - is there anything negative on there?

Also, you mention that you have zero debt - have either of you ever had any credit (cards, loans etc.)? If not then this is possibly the problem as there is no history for the underwriters to assess you on.

Cycrow

people with excellent scores get refused all the time, also people with bad scores get accepted all the time.

the scores are meaningless

The_Boss

Very disappointed that a Santander manager couldn't understand why when they would know that the data from the application form was scored too.

As others have said, the scores are an utter waste of time. Don't waste any more on them. You don't have a credit score. Different lenders and financial products are scored differently.

ludoctro79

ok so my husband has never had a loan or CC

only things on his is mobile phone , gas , electric etc

all payment are green , nothing has ever been late

I have a little more history , I have the normal phones, gas etc

but I also have a CC which again no payment was ever missed and the account as settle in 2011

so when you look at the reports they are all green, as you know they are colour coded

so what else could be the issue..??

The_Boss

The lack of a credit HISTORY would count against you both. Also some lenders would not like the fact you have so much income and therefore do not really need a credit card. They wouldn't make any money out of you, so what's the incentive?

How long have you both been in your current job? How long at current address?

ludoctro79

The_Boss wrote: »

The lack of a credit HISTORY would count against you both. Also some lenders would not like the fact you have so much income and therefore do not really need a credit card. They wouldn't make any money out of you, so what's the incentive?

How long have you both been in your current job? How long at current address?

He has been in his job 5 years, me 18 months

current address since Jan 2012

The reason for the credit card was because we thought it would make us look better , we were only going to spend like £30 a month on each then pay balance in full

just to give us some current history

do you think we will struggle for a mortgage..???

shortcrust

From what you've said, neither of you have an active credit account at the moment and lenders don't like to see that. Getting an Aqua card or something like that may help. Use it, pay the balance in full and try for the Santander again after six months.

The_Boss

You possibly could struggle for a good mortgage but these applications are scored differently to credit cards. Affordability is a clear factor and if you have so much income should not be a problem. Also the mortgage is secured debt as opposed to an unsecured credit card.

Cycrow

a mortgage shouldn't be too difficult as you should be able to save for a large deposit which would help.

but it might be an idea for both of you to get a basic credit card to begin with to build up some history then replace that with a better version (ie a cash back or rewards card)

ludoctro79

hi ok yes we do have a decent deposit

and we are going to apply for a CC with capital one as im lead to believe they are easy to get one with.

So if we get with them and just do as id said before, spend say £30 a month on each card and pay off balance in full each month

That should help strengthen us to lenders yes..?