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Application for credit card
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djclarke1987
Posts: 2 Newbie

in Credit cards
Hi
I currently have CC that I am paying interest on and want a new credit card with a big enough credit limit to do a balance transfer, so that i can pay the balance and and not the interest. however everywhere i go, even my bank, say I am not eligible for a new card.
Has anyone got any tips or ideas about what to do?
thanks in advance
Dave
I currently have CC that I am paying interest on and want a new credit card with a big enough credit limit to do a balance transfer, so that i can pay the balance and and not the interest. however everywhere i go, even my bank, say I am not eligible for a new card.
Has anyone got any tips or ideas about what to do?
thanks in advance
Dave
0
Comments
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Presumably you're looking at balance-transfer cards? What's your credit history like? Ignore the meaningless score, what do the underlying data say? If you have very little history, or any negative markers (late payments, defaults, CCJ etc.) then that could be the cause of your problem. Lending criteria across the board have become a lot stricter since Covid first hit.When you say "They say you're not eligible", what are you checking? A lender's own eligibility calculator will tend to give slightly more accurate predications than generic calculators, though they are of course no guarantee of whether or not you'll be accepted.2
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Ah i see. I have no CCJ or defaults etc.
my credit score is excellent, how do i check the underlying data?0 -
djclarke1987 said:Ah i see. I have no CCJ or defaults etc.
my credit score is excellent, how do i check the underlying data?
You can check the data on your files by using MSE Credit Club, Credit Karma and Clear Score, look for any negative markers like late or missed payments, defaults and so on
It is also quite possible that lenders see your existing debt and don't want to run the risk of you running up another load of debt so don't want to lend to you.0 -
Financial Associations, and their credit history, can also have an impact on baja decision making, as well as time on electoral roll at addresses.
Just go through each segment of your report, piece by piece and make sure that there is no negative or incorrect information.
That's a start anyway 😊0 -
Deleted_User said:djclarke1987 said:Ah i see. I have no CCJ or defaults etc.
my credit score is excellent, how do i check the underlying data?
Why then do they often refer to it?
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The problem is that individuals have multiple "credit scores' each produced by a different source. The "credit scores" produced by the CRAs in the UK are not the "credit scores" used by lenders when evaluating applications. UK lenders may use in-house scoring system for the financial profile of an individual or may use a commercially available model for that purpose but they don't use the retail "credit scores" offered by the three CRAs.
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alfred64 said:Deleted_User said:djclarke1987 said:Ah i see. I have no CCJ or defaults etc.
my credit score is excellent, how do i check the underlying data?
Why then do they often refer to it?
Some (usually smaller) lenders do use a score from the CRAs - but that is a score generated based upon specific criteria supplied by the lender, tailored to the lender's requirements. Again, this will bear little, if any, resemblance to the "general" score that you can see on your credit report.
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alfred64 said:Deleted_User said:djclarke1987 said:Ah i see. I have no CCJ or defaults etc.
my credit score is excellent, how do i check the underlying data?
Why then do they often refer to it?0
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