Rejections

RandomUser923759

Not really sure whats happening lately. I have applied for a few balance transfer credit cards. I have never had a problem getting credit in the past. I tick all the boxes for electoral role etc. And my experian rating is always above 930. Seems strange with such a good rating to keep getting rejected?

eskbanker

Unfortunately this just reiterates the fictitious nature of credit scores, but in terms of what's happening lately, it shouldn't be too much of a stretch to figure out why lenders aren't so keen to offer credit so widely in the current climate!  It's self-perpetuating too, in that the more applications you make, the less likely it is that one will be accepted, and if you're currently carrying debt then that will count against you.

RandomUser923759

I do have a moderate amount on card, but also 3-4 times that amount in savings.

[Deleted User]

If you're paying interest on the debt just, get it paid off.

RandomUser923759

I am not paying interest.

[Deleted User]

Then pay it off before you do.

RandomUser923759

Thats my point, I have always had a cycle of moderate amount and moved money around for years. Frustrating to not get offered credit when my credit rating is fairly immaculate.

[Deleted User]

Your credit rating isn't relevant to lending decisions though.  It's about indebtedness, risk and lending criteria.

Credit is becoming more restricted to the lower risk currently.

D3xt3r5L4b

You don’t have a universal “rating”.

cymruchris

If you’ve applied several times in quick succession to different financial institutions - you might want to wait a few months before trying again. With several hard searches now on your file, the next lender to look will likely be spooked off by the ‘desperation for credit’ that it appears you have (although you haven’t) 

COLMACC

For information. I was accepted by TSB for a credit card transfer as my current 0% was due to run out. Received everything, credit agreement, pin number, card only to receive a letter to say that everything has been cancelled and i had failed further checks. After speaking to TSB on the phone, I was informed that because of COVID, people could not go into the branch to confirm identity. At no time was this mentioned previously and as i stated in this day and age most things are done electronically.
If this is the case, why are they still accepting new applications only to cancel them?