We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Excellent Credit Score but cant get Credit??
Options

buckolfc
Posts: 11 Forumite
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.
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.
0
Comments
-
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.0 -
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.0 -
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?
A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
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.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards