Rejected for a credit card and not sure why

financialnewcomer

@Emmia thanks, to be honest it wouldn't cross my mind not to pay the debt - it's the right thing to do and even if I didn't care about the morality, it's a lot cheaper in the long run to be amicable with each other than start having financial disputes. Happily the Natwest application has been successful (probably due to having a mortgage with them).

@400ixl I've checked the Clearscore report and it doesn't have any missed payments or judgements listed. It does appear to simply be a lack of credit history as far as I can see. I've taken out Monzo Flex so hopefully over time I can use that for some routine purchases and pay it off in full each month, which will hopefully up my score a bit.

CliveOfIndia

financialnewcomer said:

I've taken out Monzo Flex so hopefully over time I can use that for some routine purchases and pay it off in full each month, which will hopefully up my score improve my credit history a bit.

Fixed that for you.

Seriously, as has already been said, lenders don't even see your score, it's your credit history they're interested in.

The only possible useful purpose of your score is to alert you to changes in your credit circumstances.  It'll fluctuate all the time - indeed, you'll almost certainly see it go down now because you've opened 2 new credit card accounts.  It doesn't mean that that's a bad thing, it just the way these gimmicky scores work.

Really, the only time you should be concerned is if you see a big drop in your score for no apparent reason.  This might indicate that someone has opened up a fraudulent line of credit in your name, or you've had a negative marker recorded against you that you were unaware of - in which case, check your files to see what's what.  But in terms of your "creditworthiness" or whatever you want to call it, the score in itself is completely meaningless.

400ixl

@400ixl I've checked the Clearscore report and it doesn't have any missed payments or judgements listed. It does appear to simply be a lack of credit history as far as I can see. I've taken out Monzo Flex so hopefully over time I can use that for some routine purchases and pay it off in full each month, which will hopefully up my score a bit.

Thats good then. Its the history to keep an eye on regularly to make sure it is accurate. With a lack of history, start with your current providers to look for credit cards as they will have the most history about you.