Why does MSE eligibility checker say 0%

cheshire_lass

Hello,

I previously had 3 credit cards but have paid off 2 of these in the last 2 years, I always pay off a little more than the minimum payment and have never missed a payment, I would love to apply for a 0% interest card/balance transfer card to help me pay off the rest but the eligibility checker says 0% chance.

I do not understand this as my credit score on experian is very good 949, I'm on the electoral role and have a history of credit, I'm also in full time work. One of my card facilities was stopped last year as I was made redundant but I kept up with all the payments, could this be what is stopping me getting a better credit card? I'm scared to apply as MSE eligibility says 0 for everything, but I've a proven history of paying off / clearing debt, I don't understand can anyone help?

Thanks!

forgotmyname

949 is approx the equivalent of 5 custard cream biscuits.

Its a number the credit agency give you but nobody else uses that number and the fact that the different agencies score you differently shows what a useless number/score it is.

Each lender will have their own ideal customer. If you dont match that then they may turn you down.
If you apply and get turned down then dont apply for 3 - 6 months, The longer the better. Too many searches in a short time looks like your desperate.

thebritishbloke

As forgotmyname has said, you don't have a credit score, it's just a made up arbitrary number. My friend who has never even had a phone contract or any form of credit checked his recently and his said 999, it means nothing.

Double check your report, any missed/late payments? Defaults? What's your current financial situation? If you have £20,000 of debt to a £10,000 income, nowhere will want to lend to you.

yangptangkipperbang

forgotmyname wrote: »

949 is approx the equivalent of 5 custard cream biscuits.................. shows what a useless number/score it is.

..........and the MSE eligibility checker too ??

thebritishbloke

yangptangkipperbang wrote: »

..........and the MSE eligibility checker too ??

I've had the checker give me a 0% chance for cards that I already own before now. Whether that's on purpose or not, I don't know.

QuietOne

I would try your bank, I applied for Cap1 and they gave me a really low limit with high interest. Went to my bank and they offered me a much higher limit with a much lower interest.

What's with the biscuits anyway? It's funny but I see it a lot on here. Maybe sweeten the deal with some chocolate digestives?

cheshire_lass

Thanks everyone, hmmm I don't have direct debit set up as a pay by standing order (so I can easily vary the amount I pay every month) maybe this makes a difference, I've never defaulted, I've not missed a payment in last couple of years either, my balance was £6500 4 years ago it's now £950, thanks again!

phona

It is strange that you get 0% chance... I've only seen it give 0% for a Saga card, and that's because I'm so youthful!
Does any card come back with any chance at all?
I wonder if it's having trouble getting your details. You mention your score on Experian but have you seen your CallCredit report? This is the agency MSE uses. You can view your CC report free via Noddle.

Stereo

I don't think it's an exact science. I was looking at the Barclaycard Initial for 0% on purchases for 3 months (since I'm currently trying to rebuild my credit file), MSE checker told me that I wasn't eligible but having ignored that and applied anyway, they've given me a card...

forgotmyname

yangptangkipperbang wrote: »

..........and the MSE eligibility checker too ??

Any soft check or score that doesnt have ALL your data is going to be limited. Its a flip a coin or best guess scenerio.

Mentioned in a post above if you have borrowed more than 50% of your earnings then they are less likely to lend you more.

Some may see you as a good risk but may charge a higher interest.

thebritishbloke

phona wrote: »

I wonder if it's having trouble getting your details. You mention your score on Experian but have you seen your CallCredit report? This is the agency MSE uses. You can view your CC report free via Noddle.

MSE actually uses Equifax for searches. I've never had a soft search show up from MSE on Noddle, but I have on Equifax.