Excellent credit score refused a credit card

Morg

Hi there,

This is my first post, my partner has worked really hard to improve his credit score and has improved it from 300 to 969 on experian. He has a £1400 balance on a a vanquis card and in view of his now excellent score applied for a 0% card with Santander. His application was refused, any idea why? We are going to applying for a joint mortgage in the next 6 months and this rejection is worrying me. Any insight/advice greatly appreciated.

[Deleted User]

Congratulations.

You've learnt that credit scores and ratings are meaningless and made up.

He needs to check the data and history on all 3 credit files, not the made up numbers.

Though it could just be that Santander don't want him as a customer, so try elsewhere.

Also tell him to stop trying to improve a mythical number

[Deleted User]

Morg wrote: »

Any insight/advice greatly appreciated.

He may have been mismanaging his credit in trying to change the pretend score as the scores tend to reward the wrong behaviour. Certainly carrying a balance on a high interest card is an extremely bad idea.

His strategy should be to use a credit card or three regularly and clear it in full each month when he gets the statement.

Other than that, make sure he's on the ER and pay his bills on time.

Time will do the rest.

Morg

Thank you, he has checked his report held with experian there are no negative factors held and he is showing as on ER.

[Deleted User]

Remind him to check all three files, not just Experian.

National_Debtline

Hi Morg


As not all creditors use and report to the same credit reference agencies, it is important your partner checks the other 2 as the information held could be different to Experian. He will need to look at Equifax and TransUnion (formerly CallCredit), or their associated websites Clearscore and Noddle.




Your partner should be cautious about applying for another credit card too soon, as the application to Santander will have left a footprint on his credit file. Too many of these in a short space of time can go against someone obtaining credit. He could try using the MSE credit card eligibility calculator before making another application https://www.moneysavingexpert.com/eligibility/credit-cards/.


Best wishes


Susie
@natdebtline

foxy-stoat

Credit score means nothing, folk on here will not be able to tell you why Santander refused the application but you have every right to apply to another lender.

Having a 4 figure balance on a credit card with an interest rate of 39.9% would worry me more than a rejection of a credit card application.

Ben8282

I would guess that he has applied for one of the Santander cashback cards and that they just don't want him as a customer for this product especially if he does not bank with Santander.
I don't know what the credit limit is on this Vanquis card or if he has any other credit cards or loans etc and as has already been said carrying a balance of £1400 on which is probably a low limit card and therefore probably showing a quite high utilisation may not have helped.
Suggest you repay the Vanquis card ASAP then apply for a card elsewhere. Try a less fussy lender.

jimbo26

Do an eligibility check to see the likelihood of being accepted for a 0% balance transfer card to move the Vanquis balance to a 0% deal and get it paid off asap.

binaryuniverse

Having one card, with up to date payments, may not be enough some providers, especially the 0% ones. And especially a card, not in a promo period, with a large balance.

I've mentioned on here before that Tesco are a bit more lenient, in this regard, and they may grant an 0% card. If not, then I'd suggest taking out a second sub prime card (even without a 0% deal) and using that each month.

Having 2 cards, with good repayment history puts you in an even better place to apply for better deals.

Morg

Thank you for all your replies. We will check all 3 CRA's and focus on paying the vanquis card off.