NatWest Premier application - rejected based on credit score?

sfrom123

I tried to apply for NatWest Premier account (mainly for the switch bonus) but got rejected due to "credit score". Trying to understand why as I seem to have a pretty normal/good credit score:

Experian shows 994/1250 -- "very good" starts from 1001
TransUnion shows 618 -- excellent starts from 628

I don't have any debt (~8% credit card limit utilisation). The only recent thing I did with credit checks was I applied for a new credit card ~3-4 weeks ago. Is that a red flag?

Is it worth going to the branch and appealing — thoughts?

Ayr_Rage

NatWest don't even see the made-up scores from Experian and TransUnion.

They do however see your credit history which is a lot more than the CRAs show you.

NatWest will not tell you their criteria so there is no point in asking them for further information.

sfrom123

They do however see your credit history which is a lot more than the CRAs show you.

I never had/used any sort of credit though. Only have 2 credit cards that I always pay on time, with minimal utilisation. So it feels odd that I am rejected on the basis of credit score. Not sure what I am missing.

etienneg

Your minimal use of credit won't have helped. If there's little history of using credit to go on, they can't easily assess how responsibly you use it.

NatWest will have taken your credit history from one (or more) credit reference agency(/ies) together with any information about you that they already hold from any time in the past. They then use their own algorithm to calculate their own credit score for you, and it is this they mean when they say 'rejected due to "credit score"', not a score from anywhere else.

What goes into their algorithm, and how much weight each factor is given, is entirely up to NatWest, and is highly confidential. There is no way you can find out anything else. So, unless you can think of anything adverse from the past, it probably just means that you do not fit their profile for a Premier account customer. Don't forget, for this account they are looking for wealthy individuals from whom they are likely to be able to make significant money!

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/82128970#Comment_82128970

Isn't that using credit?

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/6682497/natwest-premier-application-rejected-based-on-credit-score

Do you meet the threshold for a Premier account with your income (£100k)?

sfrom123

https://forums.moneysavingexpert.com/discussion/comment/82129118#Comment_82129118

Yes, I do.

Thanks all, given the suggestions here I am inclined to let this go. Guess there would be different switch offers in the future that I can try.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82129018#Comment_82129018

“Don't forget, for this account they are looking for wealthy individuals from whom they are likely to be able to make significant money”

Are they hoping that someone on a £111k+ salary would be paying credit card fees? If so, the OPs scant credit history would be relevant, but I doubt that’s the reason.

flaneurs_lobster

"Don't forget, for this account they are looking for wealthy individuals from whom they are likely to be able to make significant money”

Are they hoping that someone on a £111k+ salary would be paying credit card fees? If so, the OPs scant credit history would be relevant, but I doubt that’s the reason.

Not so much CC fees, big part of these "Premier" accounts is your own "Personal Wealth Manager" (or whatever NW call them) whose job it is to flog you stuff advise you of the benefits of investing in one or many of the fine Natwest financial products, and to collect the fees that such advice and purchases generate.

eskbanker

https://forums.moneysavingexpert.com/discussion/6682497/natwest-premier-application-rejected-based-on-credit-score

Have you looked into the detail underlying those scores? As always highlighted on here, the scores themselves can generally be ignored and aren't seen by prospective lenders, but those numbers suggest that those agencies consider you to be some way short of perfect and they may offer commentary about negative factors influencing their rating and/or suggestions of things to try to improve them?

flaneurs_lobster

….they may offer commentary about negative factors influencing their rating and/or suggestions of things to try to improve them?

…which might well be to take advantage of one of the offers for credit products handily available on the same site….