Loan and balance transfer refused by my bank

saturdaychild · 16 January at 5:45PM

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.

Vinknut · 16 January at 5:51PM

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 · 16 January at 7:31PM

saturdaychild said:

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It could also be something like employment and income details out of date.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 · 16 January at 7:36PM

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.