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Affordability score
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It definitely asks for the rent amount. Not sure if it asks for anything else though.
Interesting, my "rent" i.e. money I give to my partner who owns the house, is 1/5 of my salary. I think mine is skewed because our monthly supermarket spend is around 1/3 of my take home pay which I put on my card but she pays for so I guess it all looks like I don't have much spare cash with the other cards I have. Good job I don't need loans or anything
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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My pretend score is 883 but i'm in the very good for affordability and 95% for cards, my pretend score is up and down like a yoyo because i'm constantly bank switching and card swapping, i private rent, no debt, ive just put 5k on a 0% card and got offered 7k on a halifax clarity card yesterday so no doubt my pretend score will dip again next month, but do i care........nope0
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I have 95% on a top card and 90% on a bad card.
It's madness.
No it isn't, because they have different criteria. Bad cards are for people with defaults or a slim credit history whereas top cards are for people with less problems.Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
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To be fair to them they don't know how much you have in savings. They ask if you have any additional household income, how many dependents you have and how much you pay for rent/mortgage. Based on that and I guess some calculations based on average household spending they create an affordability estimate that is probably way off in reality. No point taking it too seriously.0
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How would they have a clue what your disposable income is? Credit agencies don't know how much you get paid or indeed if you have a Billion £ stashed away in stocks and shares or under the bed. They only know how you have handled previous accounts.
Credit agencies won't know but when you fill an application - even just an eligibility check - you are asked how much you make, how much your rent/mortage is, etc. It's part of the "responsible lending" thingy.Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
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No it isn't, because they have different criteria. Bad cards are for people with defaults or a slim credit history whereas top cards are for people with less problems.
Someone with good credit history should really be more likely to get a bad card than a good card though? Something like the Aqua card with cashback might actually be more useful to someone who isn't a big earner, with reasonable credit and if you're 95% to get a top card, makes no sense to only be 90% for a card that expects applicants to have poorer historySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Someone with good credit history should really be more likely to get a bad card than a good card though?
No, because they pick their target users with different criteria. If you are too much of a good payer you aren't likely to pay the high interest they charge. And, if you are too good, they can't legally charge higher interests. Usually, the lowest interest end of subprime cards is around 34.9%.
I'm experiencing this right now... my credit history is still slim (2 years) but too good, so my eligibility for those subprime cards is dropping consistently.:eek:
However, I'm still in no man land so to speak (below 34 but above 25) so I now don't qualify for many cards. I want a second one and it's a struggle.Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
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That doesn't matter at all. They make money from everytime you use the card.No, because they pick their target users with different criteria. If you are too much of a good payer you aren't likely to pay the high interest they charge.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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