Credit score is high but still cannot borrow

victorialouise2018

Hi all, I'm new to forums so bear with me.
I have an excellent Experian score (995) and above average Equifax score (490).  Both say I am doing well in the credit score area and I have always been quite proud of this.
However what really confuses me is that despite these scores, and at the age of 40, I have barely ever been able to get finance on anything .... cars = NO!, mortgage = NO!, sofas = NO!, caravans = NO! .... nothing! I have even been turned down for phone finance.
I have 4 credit cards but they are low balances, I think the most is £2200 credit.  They are almost always under 50% in use and I pay them on time, every month without fail and either the minimum amount or I over pay them.
I am earning more than I have ever earned and, on paper, I have a good disposable income each month.
Why am I so unattractive to lenders?
I have recently been super upset as I had my heart set on a static caravan, which I have a good deposit for, a gift from my nans will, but I have just, once again, been turned down for finance on the remaining amount
Does anyone know how come some people can get given finance left, right and centre and for allsorts but I cant?

[Deleted User]

Your scores aren't used in lending decisions.  They're issued by the CRAs only for your own entertainment.

You need to check the data on each of your files which is what lenders will be looking at.  Are there any negatives?  Not clearing your cards in full every month is not going to do you any favours as it tells lenders you have no disposable income, unless they are all on 0%.

Ebe_Scrooge

Proof, if any were needed, that the scores are as much use as a chocolate teapot.  As ZX81 says, check the data in your files - but ignore the fictitious score.  And I agree, carrying a balance on your cards for more than a few months doesn't look good to a prospective lender - you really do want to be paying them in full every month.

Assuming there's no nasties lurking on your credit files, it may simply be down to affordability.  Take the amount on your credit cards, add that to the amount you're looking to borrow.  If that figure is more than about 50% of your annual income, that may be the reason.  The "half your salary" thing is a very rough-and-ready rule of thumb, and is by no means used by every lender, but it's a good starting point to guesstimate your likelihood of being offered unsecured credit at a reasonable rate.

Malkytheheed

victorialouise2018 said:

Hi all, I'm new to forums so bear with me.
I have an excellent Experian score (995) and above average Equifax score (490).  Both say I am doing well in the credit score area and I have always been quite proud of this.
However what really confuses me is that despite these scores, and at the age of 40, I have barely ever been able to get finance on anything .... cars = NO!, mortgage = NO!, sofas = NO!, caravans = NO! .... nothing! I have even been turned down for phone finance.
I have 4 credit cards but they are low balances, I think the most is £2200 credit.  They are almost always under 50% in use and I pay them on time, every month without fail and either the minimum amount or I over pay them.
I am earning more than I have ever earned and, on paper, I have a good disposable income each month.
Why am I so unattractive to lenders?
I have recently been super upset as I had my heart set on a static caravan, which I have a good deposit for, a gift from my nans will, but I have just, once again, been turned down for finance on the remaining amount
Does anyone know how come some people can get given finance left, right and centre and for allsorts but I cant?

so, I really do hate being "that guy" but the truth has to be said. 

You can't afford this caravan. If you don't have to money for something. Don't buy it. (Other than a house). It really is that simple. You have a good deposit - check. You have an inheritence towards it - check. So you just need a little more. Well then save up till you have enough. 

I know thats not what you want to hear but it needs said. We shouldn't be living from one line of credit to the next. 

I know I have ingnored your actual question about being rejected for credit, but for me thats a moot point. The bigger issue is borrowing on things you dont need. 

MinuteNoodles

victorialouise2018 said:

I have recently been super upset as I had my heart set on a static caravan, which I have a good deposit for, a gift from my nans will, but I have just, once again, been turned down for finance on the remaining amount
Does anyone know how come some people can get given finance left, right and centre and for allsorts but I cant?

You've dodged a bullet. I live near two popular seaside resorts. Lots of people buy these thinking they're a fantastic idea however it is barely more than a year before they start to get bored of going to the same place all the time and realise they've made a big five figure mistake. Some try to mitigate that by renting them out as holiday lets but with rose tinted glasses on until the bills start to hit for site management bills, the costs of cleaning and especially the repair bills. My lad used to be on the maintenance team at one Haven site and to put it bluntly most visitors treat the statics like a rental car.

When it comes to selling statics they're worthless on the used market. The market is flooded with them, holiday parks put thousands a year on the market when they're rotating stock. Transporting them isn't cheap.