Rejected for credit card despite credit score of 1000/1000 - !!!!!!?!

ripofflondon

Hi all

The title says it all - I have a Barclaycard Platinum Visa credit card that I took out some years ago as it offered commission / currency conversion fee-free overseas purchases / ATM withdrawals - these are the only times I ever use the card - am not really a credit card person.  

This got withdrawn a couple of years ago but I never got round to doing anything about it.  Now I am going abroad shortly so, after searching on MSE and other fora, tried to apply for a new one that DOES still allow this.  

I am employed F/T and own my property (mortgaged) for >20 years x2, plus 5 other BTL properties.  I have never missed a mortgage or credit card payment and my ClearScore credit rating is 1000 - yet I have been turned down 5x.  

As you can imagine, I've tried asking the providers but all I've got is 'computer says no'.  

Anyone have any idea why?

la531983

Stopped reading after the thread title. The three (or in this case, four) digit score is a meaningless metric, not seen by any lender, and is not used in any lending decision. It is merely used to cross sell credit cards and loans on credit reference sites.

grumbler

ripofflondon said:

am not really a credit card person.  

Apply for a current account (debit card) then. There are many offering no-fee spending and withdrawals abroad.

eskbanker

ripofflondon said:

I have been turned down 5x

This will become self-perpetuating, after numerous hard searches in quick succession, this will look like desperate behaviour to subsequent prospective lenders.

Have you checked all three of your credit files and tried eligibility checkers?

Brie

Maybe easier to get one of those foreign payment cards?  The sort you load or link to a bank account and then use like a debit/credit card when overseas.  No credit as such as they know how much is loaded and you can add more online.  Apparently.  Never had one myself.  

ripofflondon

eskbanker said:

ripofflondon said:

I have been turned down 5x

This will become self-perpetuating, after numerous hard searches in quick succession, this will look like desperate behaviour to subsequent prospective lenders.

Have you checked all three of your credit files and tried eligibility checkers?

ESK - I had the same thought as you about desperation - TBH I was so surprised I didn't think at the time.  But some of the searches said they would NOT show up on my history.  

I know about Experian but what are the other 2 credit files?  I will check them.  Not sure what you mean about eligibility checkers?

Otherwise thanks all of you for your responses.  Preloaded debit may be the way forward.  

prettyandfluffy

I use Revolut when travelling.  Ignore all the credit reports and go to the MSE credit card section, see which you are guaranteed (pre-approved) to be accepted for and take out one.  Use it regularly and pay it off in full every month.  That will make you more attractive to credit card providers in the future.

eskbanker

ripofflondon said:

eskbanker said:

ripofflondon said:

I have been turned down 5x

This will become self-perpetuating, after numerous hard searches in quick succession, this will look like desperate behaviour to subsequent prospective lenders.

Have you checked all three of your credit files and tried eligibility checkers?

ESK - I had the same thought as you about desperation - TBH I was so surprised I didn't think at the time.  But some of the searches said they would NOT show up on my history.

In which case they presumably wouldn't have been full applications?

ripofflondon said: 

I know about Experian but what are the other 2 credit files?  I will check them.

https://www.moneysavingexpert.com/loans/check-free-credit-report/

ripofflondon said: 

Not sure what you mean about eligibility checkers?

https://www.moneysavingexpert.com/eligibility/credit-cards/search/

cymruchris

ripofflondon said:

am not really a credit card person.  

This.

If you're trying to get all the big name big bang big feature credit cards expecting them to come knocking your door down, it won't happen.

You say your only credit card was withdrawn some years ago, so that means you have a very 'thin' credit file with very little visible active 'credit' history.

When applying for cards, providers look at your history, credit limits, credit utilisation, numbers of accounts, defaults, payments - you name it - a whole jumble of data.

When, like you, there's very little data to look at - the automatic response will usually be 'computer says no' as you've found out.

This isn't because you're not a decent person - it's because there are no numbers to crunch - no data to look at - no risk factor to consider - the systems can't profile you as an 'acceptable risk'. (Any money you have in savings or investments or bonds or whatever don't count - as none of the card providers can see that).

If you want the big cards with the big limits, you'll likely have to start with a credit builder card such as Vanquis, Capital One or Aqua. Then over time, use the card, pay in full and start populating your history with data. Then as the positive history improves, it will translate into better offers from the big names.

It should be worth mentioning that you may be lucky getting a card from your existing current account provider, as they'll see a bit more of your data than can be seen at the credit reference agencies, but no guarantee.

The chances are with 5 (potential) hard searches hitting your file, you'll likely struggle to get any credit card for the moment. You'll need to wait 6 months until they begin to fade into history.

Try eligibility checkers on the card providers websites to see the chances of success before making any full applicaiton.

As has been mentioned - score is a magical made up number. Means nothing. You see it - they don't.

Barkin

Brie said:

Maybe easier to get one of those foreign payment cards?  The sort you load or link to a bank account and then use like a debit/credit card when overseas.  No credit as such as they know how much is loaded and you can add more online.  Apparently.  Never had one myself.  

I used to use a  Fairfx card for spending abroad. Still got it in fact, but haven't used it in ages. As you say, just load it up, then use it like a regular debit card. The only time I recall having any problems was at petrol stations in the USA, but I don't recall exactly what or why... 

Nowadays I use a Starling debit card for overseas spending. 

[Deleted User]

ripofflondon said:

Hi all

The title says it all - I have a Barclaycard Platinum Visa credit card that I took out some years ago as it offered commission / currency conversion fee-free overseas purchases / ATM withdrawals - these are the only times I ever use the card - am not really a credit card person.  

This got withdrawn a couple of years ago but I never got round to doing anything about it.  Now I am going abroad shortly so, after searching on MSE and other fora, tried to apply for a new one that DOES still allow this.  

Why don't you ask Barclaycard to convert your old Platinum Visa (if still open) to their Reward Visa?
Overseas it basically does everything your Platinum used to.

If not, the Aqua Advance might be an option if you have no credit cards at all.