Perfect credit score, but unable to get credit

Justinab

Morning all

I currently have 2 loans amounting to approx £14k and a credit card at about £3k.  My total payments on these three are quite high each month so I have been looking into ways of reducing my monthly expenditure to make it more affordable for me (I have no other debts, no previous CCJ's, IVA's or anything like that).

A few months ago I applied for an consolidation loan but was turned down.  And today I applied for a 0% balance transfer credit card with Nat West (who I bank with) and was also declined.  This is all despite having a very score that is almost at the maximum level.
So I dont really understand why I keep getting declined, does anyone have any ideas?  Also, does anyone have any further ideas on how to reduce my monthly payments on these debts?
Many thanks.

D3xt3r5L4b

Your score played no part in the decision. Lenders do not see or care about them.

What's your salary?

You have £17k of debt currently so bear that in mind. 

MovingForwards

Ignore the credit score and rating as it's not seen or used by any UK financial institution, it's the credit history they see.

You will not get a consolidation loan as lenders add your current debts to the required loan amount and assess you on that total balance; 99% of the time the loan is not used to pay the existing debt off.

Head over to the debt free wannabe board for help getting your debts cleared 

Justinab

Thats intertesting, were lead to believe its all about the credit score!
I earn 28k.

MovingForwards

Your income will not be enough, to support £34k of debt.

The_Boss

Justinab said:

Thats intertesting, were lead to believe its all about the credit score!
I earn 28k.

It's a deliberate ploy. I used to challenge James Jones (does he still post on here?) from Experian on this and their misleading advertising that played on the myth of everyone having a set score. Didn't ever get a sensible reply though. At least managed to get MSE to provide more clarity though.

Justinab

Thank you all for the advice

Justinab

Out of interest where did MSE post the advice?

The_Boss

Justinab said:

Out of interest where did MSE post the advice?

About CRA credit scores being worthless? In several places, but there is also a sticky thread at the top of this board.

cymruchris

Before applying for any credit cards - use the banks own eligibility checker to see the likelihood of acceptance. Bear in mind  that if they say 100 percent approved - there's still an outside chance of them saying no - but you could explore options on other cards that offer a zero percent transfer offer. If approved you may find you get a relatively low limit - but utilise anything you're given to reduce the interest you're paying. You've already had one hard search - another one won't harm - but too many will have a short term detrimental affect as you'll look desperate for credit. Your main focus should be how you can pay down your balances more quickly. Can you get a cheaper deal on your broadband? Do you have a pricey tv package that could be reduced for a year? Are you on a high monthly mobile phone tariff that could be dropped a peg or two? Do you have a starbucks every other day and buy lunch from pret? (None of these are assumptions - but the kinds of questions you have to ask yourself - where can you cut your spend to help pay your debts faster?)

D3xt3r5L4b

Justinab said:

Thats intertesting, were lead to believe its all about the credit score!
I earn 28k.

Lead by who?
The talking dog on the TV?