Excellent credit score but poor options

33days

Over the years I've tried hard to build up a good credit file never missed payments electoral roll etc, I've had great credit cards and loan offers in the past but now when I'm looking and my credit file the best it's ever been I am only being offered credit builder credit cards or high high interest cards and searching for a decent loan just getting back "No can't help now"... Is it something to do with what is going on in the world at the minute or is there something I'm not understanding ?

Thanks for any input

[Deleted User]

You're not understanding that your excellent credit score isn't used in lending decisions.

Check your three files to see what actually appears on each.  Then you can see what the problems may be.

Carrot007

Who know, without seeing you full credit report (not the score), its anyones guess.

But yes things are probably ascricter at the moment. But again without knowing what accounts you currently have and balances and history and what you are applying for. Meh, roll a dice.

33days

I did not mention anything to do with a "Score" you've just made that up! I know my "credit Files" are in excellent shape! yes all of them, like I said I have over year built it up and now it's at it best shape I am being offered what not even worthy rubbish offers. Is your response just a generic response when people ask "Why can't I get credit even though my score is rubbish"

[Deleted User]

33days said:

I did not mention anything to do with a "Score" you've just made that up! 

Are you absolutely sure about that?

33days said:

Excellent credit score but poor options

Is your response just a generic denial of a fact?

33days

For the wider community that see the score as the main thing when talking about situations  such as this will be drawn to the thread, and now when you get in to the, I guess details of the thread can see I have some idea behind credit files, so I guess yes you did just give a generic response after only reading the title rather than the thread itself but admittedly I can see why you would give such reply!

[Deleted User]

I read your post.  But you mentioned a credit 'file', not three, and your excellent score.

There was nothing in there to lead me to think you had actually looked at all three files, hence my advice to do so.  I can only go by what you say, not what you might have wanted to say but forgot to.

So now you've looked at your files - what appears?  ER, age of accounts, missed payments, debts, limits, associations, address accuracy.  And how does that stack up with your income and employment?

33days

My apologies I may have come across a tad belligerent but not meaning to! My 3 credit files experian equifax and call credit are in really great shape, no late payments in 6 year also no missed payment, I have a healthy income no CCJ's using less than 25% of credit utilisation for over 2 years I have one bank loan with 1.6 years to go from a 3 year loan, everything couldn't be better. I wanted to buy a new piece of furniture but thought I'd get it on finance but I was turned back and told check with the CRA's With the credit agencies they want to show you your eligibility of new and better deals and yesterday I wanted to know why I was rejected I had a look for a new credit card and as said I was offered a credit builder card and a guarantor loan  

[Deleted User]

Are you clearing your cards in full each month? If so, the loan is the only thing that may cause a problem from what you've said. No associations with financial incompetents?

The other area that may be worth investigating is National Hunter or CIFAS.  It's possible, though not common, that any warning signs on those could be deterring mainstream lenders. But always worth a check when you've eliminated the usual suspects.

33days

My 2 cards have a few £'s over the minimum payments on them every 2/3 months to keeps them alive and paid off so as not to been see on my CF as making only just the minimum payments, so all avenues tested I guess bar NH & CIFAS, I think I will be best to leave applying for anything for 6 month and see where we go then and hopefully it is just down to difficult time we're all having.. 

Fighter1986

From what you've explained it could be the presence of the loan additionally atop the current CoVid issues.

There are other factors that could contribute:

Any accounts under 6-12 months old?
Do the credit limits on your credit cards add up to a high percentage of your annual income?
Does your loan take a sizeable chunk of your surplus monthly income taking into account your salary, mortgage / rent payments, how many children you have, etc?
Have you recently changed bank, moved, or got a new job?
Have you had more than one or two credit search footprints left on your credit file in the last 6-12 months?
Have you ensured you don't have any financial associates on your credit file?
Have you checked the credit history of anyone who you hold a joint account with?

All of these factors can play into your creditworthiness.