Ineligible because credit score too high?

oldsinger

Is it possible (or even probable) that those of us with high credit scores can be ineligible for 0% interest with no fee balance transfer cards (such as the new Barclaycard offer) because we are almost 100% certain to repay on time before the end of the 0% interest period?
The logic would be that there is (effectively) 0% chance of the lender making any money from us, and so we are rated as 0% chance of being eligible, and so can't apply.
If this hypothesis is correct (or probable), would MSE please consider making this clear on the website, to save raising the hopes of people in this position?
Just a note saying "You may be found 0% eligible due to too high a credit score, and thus too poor a business prospect for a card supplier" or similar.
I must have done a dozen of these over the years (all paid back on time of course) and never been refused.
I can't really object to the practice, as everyone has to make a living (even credit card suppliers!)

Emmia

As is often repeated, credit scores, whether high, low or indifferent are meaningless... Credit card companies also make their money on transaction fees which are due on every transaction, irrespective of whether the bill is paid in full. 

Some companies just don't want certain customers.

DullGreyGuy

Unlike the US there is no universal credit score. What the CRAs show you is a marketing gimmick that no lender sees. Each lender instead has their own scoring mechanism which they apply to the data supplied by the CRA, NationalHunter and their internal data. Whilst there will be common trends, no one outside of subprimes are going to like to see multiple unsatisfied CCJs but in the more nuanced details they can vary considerably from each other.

It sounds more like MSE has to better educate people that think the CRA scores mean anything than put a nonsense message about "you may be too good for this". For a start its unlikely that MSE have any idea of the internal scoring system Barclays use nor the target market and are simply making educated guesses that its not a sub-prime, that if you apply for the Amazon card your likely an amazon shopper etc.

You are much better using Barclays own checker https://www.barclays.co.uk/credit-cards/check-your-eligibility/ than a third party's if you are interested in one of their cards.  

MEM62

oldsinger said:

Is it possible (or even probable) that those of us with high credit scores can be ineligible for 0% interest with no fee balance transfer cards (such as the new Barclaycard offer) because we are almost 100% certain to repay on time before the end of the 0% interest period?

Basically, no, as you do not have a credit score.    

prowla

A credit score is a useful indicator of creditworthiness and signing up with one of the providers also helps you keep track of your finances.

However, as many will say, the credit scores are not an official reference and lenders may have their own criteria for approving loans.

For example, I have excellent scores, but can't get a loan from Barclays, so I just don't bother if they're the loan provider.

I'll happily do an interest free credit; I would frequently do Amazon's 3 month interest-free offering on checkout, but they switched to Barclays and I was refused.

I've repeatedly been refused at 3-yearly intervals at Apple Stores, by Barclays.

TheSpectator

prowla said:

A credit score is a useful indicator of creditworthiness.

It really isn't. Discharged bankrupts can have a 999 score but someone else pays off their mortgage and score goes down.

However, as many will say, the credit scores are not an official reference and lenders may have their own criteria for approving loans.

There is no 'may' about it

For example, I have excellent scores, but can't get a loan from Barclays, so I just don't bother if they're the loan provider.

Which just proves that a credit score bears no relation to credit worthiness

MEM62

prowla said:

A credit score is a useful indicator of creditworthiness randomly generated number produced to encourage to your sign up to a CRA's subscription services and signing up with one of the providers also helps you keep track of your finances.

However, as many will say, the credit scores are not an official any kind reference and lenders may will have their own criteria for approving loans.

Corrected that for you.