MSE Credit Club eligibility query

Fletchasketch

Hello,

Have a query relating to the MSE Credit Club. For some reason my eligibility for a credit card is only showing as 'fair' but my rating for a loan is 'excellent' the overall score is 741. I'm looking to apply for a mortgage later this year, can anyone offer any guidance as to whether the CC rating or the loan is more reliable factor?

Thank you!

[Deleted User]

Neither really reflect how lenders will score you for a mortgage.

Fletchasketch

Mortgage applications aside, does anyone know why the CC and Loan ratings would be so vastly different?

Thanks.

[Deleted User]

Because both are rough guesses, based on approximated info rather than accurate data or lender criteria. The ratings aren't anything you should rely on.

An eligibility checker should give more accurate results for cards and loans, but a mortgage will need a broker if you're unsure where to place your application.

Fletchasketch

Why would one's eligibility for a credit card be so massively different than for a loan though? It doesn't make sense, especially given that a loan is typically for more money than a credit card.

[Deleted User]

Many reasons. For example, loans are for fixed sums and purposes, with fixed repayments.

Cards can be used much more flexibly, with a less certain repayment structure.

It's not all about the sum borrowed.

Fletchasketch

Okay, thank you.