MSE eligibility checker - how accurate?

Just wondering on what basis this works, and how accurate it is?

I have done it to see what credit cards I could apply for and for most it comes up with 0% accepted, with just a few of the low credit ones coming up with higher percentages. I just can't figure out why. I've checked my credit rating with the credit agencies and it's good, I have a good salary, no missed payments etc, on electoral roll, loads of credit history... I do have a fair bit of credit card debt but I haven't had a problem getting cards before (to move around 0% deals). I'm just not sure why this time around it is coming up as 0%. I've selected my address on the checker - is it possible that it's based on the postcode or another flat in the building?

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It sounds as if it's your debt. Looks at it in relation to your income - wold it worry lenders?

    Have you also check all the data on your files (not the ratings)? Anything you weren't aware of?
  • Nope, nothing on there that I'm not aware of.

    Have the lenders collectively changed their criteria in the last few years? I can't remember when I last had a new card, but in the past my debt was much higher in proportion to my income than it is now. Right now it's about 1/3 of my pre-tax income. I have really low rent and no dependents.
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Please list all credit card limits along with outstanding balances.

    Do you have any other loans / overdraft / car finance etc?

    Do you have any late payments / defaults / CCJs?

    What is your annual salary?

    Are you on the electoral roll (does it show on all 3 files?)

    Do you have any other closed / settled accounts in your history?

    Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.?

    Have you made any credit applications in the last 12 months?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Criteria are constantly under review. There's a level of cautiousness across a lot of lenders with the current climate.

    Your debt is fairly high - I'd work on getting it down a little before making too many applications.
  • I'm a little hesitant to give exact details on here, however some answers below.

    My total debt on the cards is at just under 50% of total credit limits. This is not including one card that is about to be closed due to inactivity as the account is so old. if you include that I'm at 38% of available credit.


    Clearscore shows me as above local and UK average with nothing to improve.


    Do you have any other loans / overdraft / car finance etc? No. I have 2 overdrafts total £600 that are not in use.

    Do you have any late payments / defaults / CCJs? No

    What is your annual salary? Would rather not give, however it's in the higher tax bracket

    Are you on the electoral roll (does it show on all 3 files?) What are all 3 files?

    Do you have any other closed / settled accounts in your history? Yes, quite a few, all on £0. Insurance, broadband, mobile, energy and 2 current accounts.

    Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.? New mobile phone account as of last month.

    Have you made any credit applications in the last 12 months? One coming up for Capital One last month (not sure what it is as I don't remember doing this), then just previous credit score searches, insurance ones from March and previous Dec, and then a credit quotation for RBS last September.





  • Candyapple
    Candyapple Posts: 3,384 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I'm a little hesitant to give exact details on here, however some answers below.

    My total debt on the cards is at just under 50% of total credit limits. This is not including one card that is about to be closed due to inactivity as the account is so old. if you include that I'm at 38% of available credit.

    Clearscore shows me as above local and UK average with nothing to improve.


    Do you have any other loans / overdraft / car finance etc? No. I have 2 overdrafts total £600 that are not in use.

    Do you have any late payments / defaults / CCJs? No

    What is your annual salary? Would rather not give, however it's in the higher tax bracket

    Are you on the electoral roll (does it show on all 3 files?) What are all 3 files?

    Do you have any other closed / settled accounts in your history? Yes, quite a few, all on £0. Insurance, broadband, mobile, energy and 2 current accounts.

    Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.? New mobile phone account as of last month.

    Have you made any credit applications in the last 12 months? One coming up for Capital One last month (not sure what it is as I don't remember doing this), then just previous credit score searches, insurance ones from March and previous Dec, and then a credit quotation for RBS last September.







    There are 3 credit reference agencies in the UK and you need to access all 3 files to see what info they hold on you to get the true picture. The free versions to check your credit files are below:
    Experian: https://www.moneysavingexpert.com/creditclub
    Equifax: https://www.clearscore.com
    TransUnion (formerly Call Credit): https://www.creditkarma.co.uk


    OK because you haven't specified your level of debt, there's really not that much else anyone can help you with as it's all guesses.

    I will say one thing though, if you are in the higher tax bracket, why are you struggling to clear your debt? Unless of course your debt is really high.....
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • I just wanted to come back on and say thanks. I went on and looked at my credit history and nothing dreadful etc. Still can't figure it out. Maybe too much available credit? One of my cards is getting closed down shortly due to not having been used in years so that will decrease my available credit drastically, not sure if that will make a difference.

    However, in the meantime I went onto my MBNA card and it allowed me to apply to switch my existing £0 balance MBNA card to a long 0% offer, which I did and was accepted, so I'm transferring to that now :)
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