Loan and balance transfer refused by my bank

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Despite having an excellent credit score with Experian, almost full marks, I've been refused a zero balance transfer on my card as well as a loan by my bank. 
They couldn't tell me why. No idea what to do.

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  • Vinknut
    Vinknut Posts: 93 Forumite
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    What else is on your credit report with Experian? Have you checked your credit report with the other two CRAs to make sure that all the information is correct (Equifax and TransUnion)?

    Your credit score is meaningless

    Your credit report and credit history are what count.
  • Perksy5
    Perksy5 Posts: 141 Forumite
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    Despite having an excellent credit score with Experian, almost full marks, I've been refused a zero balance transfer on my card as well as a loan by my bank. 
    They couldn't tell me why. No idea what to do.
    The numerical value sadly means nothing.
    Any history of bankruptcy or IVAs? Could be historical, not necessarily recent.
    It could also be something like employment and income details out of date.
    Banks also have internal scoring so the way you run your accounts play a significant part. 
    You may have a 'good score' but do you already have access to significant credit?
    Is the new lending affordable? Could be declined on affordability if you're already committed elsewhere.

    There's a lot of factors why you could be declined, sometimes we don't have to share why.

    If its not urgent, give it some time and try another lender.
  • born_again
    born_again Posts: 14,786 Forumite
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    Sounds like your income to debt ratio is not large enough. 

    Each lender has their own criteria & risk appetite. Clearly your main bank, has more data on you & you are too much of a risk to them.

    If you are in a situation you are struggling to get out of, then head to the debt section & post a statement of affairs & people will advise you.
    Life in the slow lane
  • 400ixl
    400ixl Posts: 2,928 Forumite
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    Another thread on pretty much the same topic at https://forums.moneysavingexpert.com/discussion/6406298/no-0-balance-transfer-offers-from-my-bank#latest

    OP, best to keep things into single threads else it gets very confusing and repetitive.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 16 January 2023 at 8:15PM
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    saturdaychild said:
     I've been refused a zero balance transfer on my card 
    I've never heard that an existing customer can apply for a zero BT. Normally it's the bank that either offers it or not.
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