95% Chance but rejected?!

Steelduck86

Hi guys. I got my latest credit score through the credit club and saw on there that I had a 95% chance of getting an interest free balance transfer card. When I applied, I was rejected.

Is there a certain amount of credit (maybe vs my income) that a person can have? Additionally, does that mean if I reduce my limit on another card, will that allow / give me a better chance with a new card?

[Deleted User]

There's always a maximum, but it will vary across lenders.

If you have a large amount of unused credit in relation to your income, consider closing some down.

However, also consider whether there are any other factors on your file which may be pertinent.

bazzyb

The eligibility checkers generally look at your credit file alone, submitting an application means the lender will look in more detail. Even if the eligibility checker is very accurate then with a 95% chance, 1 in 20 people will still get rejected.

If you know what your credit history is like and feel everything is ok then you could always try applying for another card that gives a good eligibility as the criteria will vary from lender to lender.

T-G-C

bazzyb wrote: »

The eligibility checkers generally look at your credit file alone, submitting an application means the lender will look in more detail. Even if the eligibility checker is very accurate then with a 95% chance, 1 in 20 people will still get rejected.

If you know what your credit history is like and feel everything is ok then you could always try applying for another card that gives a good eligibility as the criteria will vary from lender to lender.

That is good advice. Please also remember OP that each application will leave a hard search, which is one of the various factors taken into consideration by a lender.

If you decide to take a chance with another provider and are again declined, my advice would be to avoid applying further for a few months, whilst in the meantime toothcombing your credit file (CRA score is not relevant).

This is because too many hard searches in a short period will only work against your chances of acceptance.

Good luck with your next application!

Steelduck86

Thanks for the advice guys!

amstel2

Other side of the coin here. In Martin's money show this week their was a guy who wanted a cc & the only one he could get on the eligibilty checker was an Aqua card with a 10% chance of acceptance & he got it. Obviously it's always a gamble applying.

redpete

95% is quite a long way from 100%, 10 % is even further from 0%. Neither result should be surprising.

PixelPound

amstel2 wrote: »

Other side of the coin here. In Martin's money show this week their was a guy who wanted a cc & the only one he could get on the eligibilty checker was an Aqua card with a 10% chance of acceptance & he got it. Obviously it's always a gamble applying.

True, and it all comes down to why you want a CC and been aware of interest charges. If you want a CC to build credit, its irrelevant of the APR if you will bay each statement balance in full, so long as you don't go over limit.

pd52

I’ve been declined a Barclay platinum card and I was preapproved on the eligibility checkers! Infact it still says I’m preapproved now when I check