Eligibility Checker

Bodhi_

Hi,

I was hoping to make a one off payment with the help of a credit card, either a card payment, or cash more preferably. I saw the guides on 0% purchase cards and 0% money transfer cards and so used the money saving expert eligibility checker to see which was best to go for ~

My credit history shows that i don't often use credit other than the occasional purchase or with Mobile phone and internet companies. And that I have a very good almost unblemished especially in the last 5 years repayment history.

Everything else is above board. Experian places me 999 credit score.

I was surprised to see my eligibility for any 0% cash transfer card as 0% probability. I used my status as part-time employed as I am and added in the income from my self-employment, which i also am but went with part time employment.

So I then started tweaking things to see what I could change in my lifestyle before I continue. After a lot of heartache I ended up tweaking everything, by the 10th soft search going into extremely well off full time employed homeowner earning 60,000 per year and still it came back as 0% chance for that status as well and all else in-between for any money transfer card.

Whats going on? Is it a bug, what do i need to be eligible
at any point in my life?

* Im wondering if its because i did more than one search with different terms?

* Or if my original status was 0% chance and all else didn't match the stats on my experian report so came back 0%

* Or if there is a particular niche of customer that these companies want and I just don't fit it from my history

~ Would love to know what status does make one eligible?
~ Whether I would be better off going for a loan?
~ Whether its a bug and I should just apply and see because the gains outweigh the losses (i'm concerned about tarnishing a 999 score)

Anyone think they may be able to help please?

MrSilk

Bodhi_ wrote: »

Hi,

I was hoping to make a one off payment with the help of a credit card, either a card payment, or cash more preferably. I saw the guides on 0% purchase cards and 0% money transfer cards and so used the money saving expert eligibility checker to see which was best to go for ~

My credit history shows that i don't often use credit other than the occasional purchase or with Mobile phone and internet companies. And that I have a very good almost unblemished especially in the last 5 years repayment history.

Everything else is above board. Experian places me 999 credit score.

I was surprised to see my eligibility for any 0% cash transfer card as 0% probability. I used my status as part-time employed as I am and added in the income from my self-employment, which i also am but went with part time employment.

So I then started tweaking things to see what I could change in my lifestyle before I continue. After a lot of heartache I ended up tweaking everything, by the 10th soft search going into extremely well off full time employed homeowner earning 60,000 per year and still it came back as 0% chance for that status as well and all else in-between for any money transfer card.

Whats going on? Is it a bug, what do i need to be eligible
at any point in my life?

* Im wondering if its because i did more than one search with different terms?

* Or if my original status was 0% chance and all else didn't match the stats on my experian report so came back 0%

* Or if there is a particular niche of customer that these companies want and I just don't fit it from my history

~ Would love to know what status does make one eligible?
~ Whether I would be better off going for a loan?
~ Whether its a bug and I should just apply and see because the gains outweigh the losses (i'm concerned about tarnishing a 999 score)

Anyone think they may be able to help please?

Could I ask a Question if I may?, If on the last soft search it came back as 80% eligible, would you have applied for the card with the tweaked details?.. I don't really see the point in tweaking details tbh. If you're not eligible for any cards, accept it and move on.. or am I missing something?

thebritishbloke

I'm going to go ahead and guess that you don't already have a credit card? You probably don't have an extensive enough history for lenders to want to lend to you.

Are you over 21? A lot of places will automatically deny you because of your age.

Bodhi_

Hi,

So I have had a credit card in the past, since I was 16. I recently closed it about a year ago as I hardly ever used it. I'm actually 28. I've very recently been re-assessing my chosen life path from 24/7 meditating, love will save all, ashram/monastery life, towards love or no love in this era I need to play the game and get some financial smarts and assets if I'm to make use of sharing any of the good that came from contemplating the source of life as most prioritised passion for the last 10 years.

If I had got an 80% I would have known what direction to begin building my life towards now I'm reaching my thirties. Taken a year or however long towards that direction where I would be recognised as financially viable and then gone for it with stoozing, 0% purchases, savings, investments, stocks, slowly building the whole shabang. with plenty of planning and research of course!

I'm still in the research stage, assessing, long-term planning etc

Bit scared I've left it too late to ever build any kind of wealth right now... Where to start.

thebritishbloke

Maybe you don't have enough recent history for a lender to want to take you on. Who do you bank with?

guesswho2000

Bodhi_ wrote: »

Hi,

So I have had a credit card in the past, since I was 16....

Are you sure? Fairly certain there's no issuers who will give credit to someone below the age of 18, as they won't be able to enforce the debt!

Bodhi_

Maybe you are both right. I thought I got it when i opened my bank account when i was 16, maybe it arrived later on my 18th birthday. I bank with HSBC, only ever have.

So if that is the case then i guess i should start with a bad score credit card and build a history from scratch...

guesswho2000

Bodhi_ wrote: »

Maybe you are both right. I thought I got it when i opened my bank account when i was 16, maybe it arrived later on my 18th birthday. I bank with HSBC, only ever have.

So if that is the case then i guess i should start with a bad score credit card and build a history from scratch...

Lack of use of the existing card could have rendered it dormant anyway, so of no benefit credit file wise. I'd definitely say that your lack of use of credit is your issue, rather than anything else.

The eligibility checker soft-pulls your credit file (it searches, but does a search other lenders won't see, so doesn't harm it) - so, in addition to whatever you enter, it uses the info it gets from there. So far, it should be fine, but whatever you do, don't try entering incorrect info on any applications - a hard pull with wrong info could result in fraud flags (CIFAS) or all sorts.

Anyway, moving forward, you're right - start at the bottom with a credit builder and once you've got some history (I'd say at least a year, but it may be possible sooner) with that credit card, you shouldn't have a problem getting a better one, with the 0%, reward points or whatever it is you're after at the time .

EDIT: Do your HSBC products show on your credit file? Reason I ask, we're the same age and I have a HSBC current account which has never reported to any CRA. Might not be relevant, as I opened it in 1999 (Midland Bank Livecash originally!), but it's still open and still doesn't show up anyway - if they don't report, that could explain your lack of history? Just a thought!

Bodhi_

Well I got my credit-builder credit card application approved. Looks like Credit-Life begins at 28 for me. Thank you all.

Now just a case of reading through the guides online again and the cc summary terms, making sure I understand every last word.