97% on Experian, but refused credit card switch

stmoritz1960

Hi, Experian rates me as excellent, I have been paying off a credit card debt for a few years by switching to 0% cards, the time has come for a change but I tried 3 cards (Barclaycard twice, because when I tried my approval rate with them it had a 97% chance of success) but was turned down all times.  I had changed bank account about 3/4 months prior, after being with Halifax forever, changed for the cash back.  I have no idea why and what to do, I have now gone into my interest period and it's doubled the amount I pay, any advice please?  Tyia.

ItsComingRome

97% chance means 3% get rejected.  What Experian think of you is neither here nor there, they don't lend money.

Given you now have two hard searches on your file (why did you apply to the same lender twice?!) you might want to knock it on the head for at least 6 months.  Applying and applying isn't likely to help, and will most likely make things worse.

Go to the DFW board for help on reducing your expenditure so you can pay the card down faster.

Ebe_Scrooge

As the previous poster says, ignore your score from Experian, it's totally meaningless.  There is something in your credit files that is putting lenders off.  Have you checked all 3?  Having said that, all lenders have become much more stringent in their criteria since Covid reared its ugly head, so it only takes a small negative on your file to make them discount you.

It could be something as simple as affordability - what are your current debts compared to your income?

And, again agreeing with the previous poster, more than a couple of applications in a short space of time is definitely a red flag to lenders - the implication being that you're desperate for credit.

My stock advice to anyone doing a balance transfer is always "Have plans in place to repay in full when the promotional period expires - you can never bank on being able to BT any remaining debt".  In the past you had a fair chance of being able to do another BT, these days it's increasingly difficult.

So yes, bite the bullet, make some short-term sacrifices, and throw every spare penny at the debt to clear it ASAP.  You future self will thank you for it.

Thrugelmir

Have your reduced your overall indebtedness , or merely switched the balances from one account to another for a while now?  The pattern on your credit file will be very apparent. Excellent only relates to your ability to repay the money you owe.  As far as finance companies are concerned it's tomorrow that matters not yesterday. As much can change very quickly. 

bazzyb

stmoritz1960 said:

 I have no idea why

Because you only had a 97% chance of being accepted rather than a 100% chance. 

stmoritz1960

Thanks guys, after coming on here again after the initial shock of being turned down, it was about 3 weeks ago, I tried for an M&S card and got it, I can only think it was my change of bank account, as I always pay off anything I owe and have been steadily but surely paying off my debt, I did the calculator on here which again have me 93% chance, so I went for it and pleased I did!