0% chance of getting certain credit card-why?

paramedicjen

I have an excellent credit rating as per expedian and the other one. I am looking at getting a new 0% credit card for some home improvements. When i do the checker most of the decent ones are coming back with 0% chance of getting them. Does anyone know why? I earn a good salary. I have moved house and got my first mortgage in the last year, could this be why?

[Deleted User]

You have a 0% chance as Experian's magical rating system means nothing, no lender ever sees it. Unless you told experian what you earned, they have no idea what your salary is.

Do a check on the website of the company you want a card for

Your new debt might well impact the amount of credit someone lends, but experian don't lend so what they think of you is moot

Vinknut

Experian don't know what your salary is.  They just know that you have a mortgage.
Best guess is that most people after getting a first mortgage don't have much in the way of savings, as the assumption is that you've spent all your savings on the deposit.  They'll also assume that you are spending more on your mortgage than you were before, either renting or house share, or living with parents.

Everything they do is based on massive assumptions, including assumptions about what criteria individual lenders are looking for. You are MUCH better off using a specific lenders eligibility checker than you are using the generic assumption riddled one from credit agencies.

cymruchris

Do you have any existing cards with balances - or that have had balances running over several months or longer recently? That can also be a negative factor in any application.

As has been mentioned - find the card you're interested in - and see if that provider has their own eligibility checker on their own website - and then try there. 

You might also want to ensure that as you've recently moved house that your credit history is up to date and accurate. Have you checked your CRA files recently to make sure it all looks good?

[Deleted User]

Vinknut said:

Experian don't know what your salary is.  They just know that you have a mortgage.
Best guess is that most people after getting a first mortgage don't have much in the way of savings, as the assumption is that you've spent all your savings on the deposit.  They'll also assume that you are spending more on your mortgage than you were before, either renting or house share, or living with parents.

Everything they do is based on massive assumptions, including assumptions about what criteria individual lenders are looking for. You are MUCH better off using a specific lenders eligibility checker than you are using the generic assumption riddled one from credit agencies.

If using the free Experian version from MSE, they do ask for your salary in the sign-up process, though whatever you feel like telling them is your business - just ensure you are always honest with any firms you apply for credit with directly or indeed, via MSE Credit Club in case they pass on that data (so best just apply direct)