What's up with Credit Club Eligibility Chance ratings?

Arfa__

I needed a small £6k loan for some desperate house renovations, went through the motions of eligibility checks etc. The MSE one gave me a 90-95% chance on top loans at 2.8 - 3.5%. But, on my CreditClub Expirion account, I ran their eligibility checker and it came back saying I had 0% chance of any loans and any 0% cash transfer cards!

I have a rating of 990 though I do have a fair bit of credit card debt, but lowish utilisation of available credit as it's spread over four 0% cards. I have a decent wage and thus a reasonable disposable income, so was very surprised I had zero chance of borrowing a bit more.

Anyway, I applied for a RateSetter loan with a little trepidation as I saw a mention it wasn't good for those with high debt. Initially, with their free quote/pre-approval that doesn't touch your credit history and what do you know, I got accepted at the low 2.8% rate. So, why is CreditClub saying I have 0% chance of getting any loans?! Is there some bug here?

[Deleted User]

No.  It's that the credit ratings, the affordability scores and the eligibility ratings are all, at best, ropey, and in most cases, nonsense.  

Use lenders' own eligibility checker if you want a more accurate view.

Notnewnotold

MSE has a deal with Experian to get you your credit file for free. The quid pro quo is that you have to accept all the marketing nonsense about credit scores and eligibility, when in reality Experian isn't a lender and doesn't know lenders criteria for lending. In other words they are guessing.