Excellent Credit Score but cant get Credit??

buckolfc

Hi,

I have an excellent credit score of 506 with all the indicators Green (Equifax).

I have no credit cards, store cards etc.. only credit I have at the minute is my mortgage and the usual bills, household, insurance, phone etc. I am in Full-time permanent employment (15 years).

I tried a soft search for a credit card with my bank and it told me I was unlikely to be successful. Not wanting to affect my score I did not pursue a full application, instead I done a second 'Soft search' with a second bank and got the same response.

I am not sure what to do next. Making and getting refused applications will only harm my rating, so what should I do in this circumstance?

Thanks for the help.

[Deleted User]

The problem is probably because you have very little credit history, meaning you wil be viewed as high risk.

Your credit score, as you have found out, is worth less than an England team wallchart. Unfortuantely, Equifax don't lend money, so their opinion is irrelevant.

You may want to try someone like aqua or vanquis for your first card.

The_Boss

buckolfc wrote: »

Hi,

I have an excellent credit score of 506 with all the indicators Green (Equifax).

I have no credit cards, store cards etc.. only credit I have at the minute is my mortgage and the usual bills, household, insurance, phone etc. I am in Full-time permanent employment (15 years).

I tried a soft search for a credit card with my bank and it told me I was unlikely to be successful. Not wanting to affect my score I did not pursue a full application, instead I done a second 'Soft search' with a second bank and got the same response.

I am not sure what to do next. Making and getting refused applications will only harm my rating, so what should I do in this circumstance?

Thanks for the help.

The Equifax credit score is a bogus random made up number not used by lenders in making any decision about credit applications.

You don't have a credit score/rating.

Tixy

Are you looking to borrow a comparatively large amount (compared to your income)?

Are you financially associated with anyone else on your credit files (e.g. if your mortgage is joint) and might then have any issues on their credit files?

Might also be worth checking your credit file with experian and callcredit/noddle just to ensure there is nothing wrong with those files.

Edit - sorry just realised you referred to applying for a credit card not a loan so ignore first point.

What type of credit card were you applying for? was it a top-end card (such as one with cashback or deals such as 0% on purchases?
Have you tried the MSE eligibility checker to get an idea from that if there are lenders that would be more likely to accept you?

thebritishbloke

You could try the MSE Eligibility checker as Tixy said, you could also try the BarclayCard soft check. You have a payment history with your mortgage, so I wouldn't expect you to have to get a Vanquis or Aqua card.