What's changed so drastically?

Hi all, just after a bit of insight if anyone could help? 

I've spent the last 15 years surfing CC 0% offers. I always pay off at the end of the 0% term and hop onto the next card to start again. I'm a pretty savvy saver with a lot of savings, but use a credit card to put all my big purchases on and average out the repayments over the term, without touching savings. I've also been unemployed/a 'homemaker' for the last 10 years, my only income is disability benefit/carers allowance for my disabled son & child benefit. My partner earns enough to sustain the whole household, whereas I buy the odd big purchases and put the rest of the money into savings & kids savings. I have NEVER ever had an issue getting a credit card, even though on paper I'm unemployed and my income is very little, i have always been able to pick and choose from what's on offer at the time. My credit score is 999, I've never missed any payments, our mortgage is small/I don't pay towards it anyway. I always get lengthy 0% terms with fairly decent credit limits. 

I applied for a new one today using the soft checks on MSE and experian and I'm getting offered practically nothing. 0% chance of eligibility on all but 1, and that 1 isn't useful as I have an imminent wedding to start putting the spending on plastic for and the term offered isn't great. 

So my question is, has something within my circumstances changed my eligibility so drastically, or is it just how it is now? Guessing the unemployment status might be the culprit, but it never was in the past? 

Comments

  • Brie
    Brie Posts: 9,305
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    things have tightened up a fair bit in the last few years.  Alternatively is it possible that you have too much credit hence them not wanting to grant you more?  
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,912
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    edited 5 October 2023 at 4:27PM
    Non profitable customer in a difficult economy with a low income.

    It also worth you checking your files to see if there is a by bad on there. The 999 score says nothing about your risk. 
  • Thanks guys, just combed through the credit reports and can't see anything too obvious other than a cross over of 2 months of statements/balances on a back up non-0% card which has been part cleared now but not updated on the credit report. Clearscore have me at 863, and experian 999 so still can't see anything I've done to harm my chances. Guessing you're right in that on paper I'm just not a customer they want or need at the moment which is annoying! Didn't realise they'd become so picky or I might've applied for one before now! 
  • born_again
    born_again Posts: 13,665
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    How many cards do you have open?
    Life in the slow lane
  • 1 Halifax Clarity card, cleared every month, and 1 closed (but not closed on the credit report yet) Tesco expired 0% CC
  • MEM62
    MEM62 Posts: 4,675
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    Thanks guys, just combed through the credit reports and can't see anything too obvious other than a cross over of 2 months of statements/balances on a back up non-0% card which has been part cleared now but not updated on the credit report. Clearscore have me at 863, and experian 999 so still can't see anything I've done to harm my chances. Guessing you're right in that on paper I'm just not a customer they want or need at the moment which is annoying! Didn't realise they'd become so picky or I might've applied for one before now! 
    Your scores are meaningless numbers produced for entertainment purposes only.  

    Credit has tightened a lot in recent times and you were probably lucky to ride the wave for as long as you did given your circumstances.  Things may change again in the future but there are many reporting that interest free deals are becoming more difficult to find.       
  • Altior
    Altior Posts: 595
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    Are you closing the accounts after the initial promo has ended, OP? If not, the existing accounts would ordinarily have offers on your account. You don't need to open a brand new account each time. 
  • mem62 is spot on, deals are not as good many lenders tightening criteria due to cost of living

    i am nearing the end of a promotion with tesco, looking at eligibility checkers there is not a lot appealing thankfully I am not carrying a balance.
  • DullGreyGuy
    DullGreyGuy Posts: 9,182
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    In addition to the above there is also a big push on affordability, you cannot rely on history alone when deciding if someone is a good risk but show you are being responsible and not allowing customers to borrow more than their income will allow them to afford. 
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