Help me understand this please….

rothchick

I have logged into my MSE credit club account and my score is 982, all happy green faces, 95% chance on getting top credit card but on affordability it’s very weak! So for loan or mortgage it says I would be most likely declined. I don’t understand how this can be!! I have no mortgage, no loans, nothing apart from 2 credit cards that I use and pay off in full each month. 

I’m not looking for a mortgage or a loan but this has baffled me.

Thank you 

Vinknut

They simply don't have enough data to even begin to work out whether you will be accepted for a loan or not.

Just ignore the score, and any affordability scores - if you need a loan or a mortgage, or any other form of credit, it's your credit history which matters, a credit history showing sensible patterns is the most important thing.  And using a specific eligibility checker from whichever provider you choose is a far better indicator.

phillw

rothchick said:

I have no mortgage, no loans, nothing apart from 2 credit cards that I use and pay off in full each month. 

 

They probably just think you don't earn enough for a mortgage or unsecured loan, either that or you haven't enough credit history.

rothchick

Thanks, that makes sense . As a household we definitely have enough income to cover both loans and mortgage

Nebulous2

CRAs know a great deal about your debt. Much less so about your income. 

Often what they do know is what you tell them yourself, or give them access to. 

When I log into credit club there is a box pops up, or there used to be, with a brief summary including income. They ask me to confirm that is still the same.