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Original poster

anyone been refused credit because their credit rating is too *good*

22 replies

brimfull · 25/01/2007 13:18

We just received our credit rating from experian after applying for a halifax credit card and being refused.It turns out our credit rating 997/1000 ! Obviously we are not considered good customers as we won't make them any money.Anyone else experience this?

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Heavenis · 25/01/2007 13:20

Have you had much credit in the past ?
Sometimes they refuse if you haven't got much of a history.

Carmenere · 25/01/2007 13:23

I have heard that the best kind of credit is gotten by borrowwing a lot and paying back regularly. As you have rightly identified that it is all about them making money out of you!

Original poster
brimfull · 25/01/2007 13:24

well we have a mortgage and a few credit cards that we pay off every month.Have had car loans on the past aswell.

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essbee · 25/01/2007 13:29

Message withdrawn

Original poster
brimfull · 25/01/2007 13:30

We do have an excellent credit rating,that's why they are refusing to give us a credit card.

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janinlondon · 25/01/2007 13:36

Are you sure its not to do with available credit? I've never heard of having a rating too good to get credit, and I have a fair amount of experience with cards. There is a ratio of available credit to income that you cannot overstep. Your available credit includes all the cards you have not actually cancelled (might there be some you thought were cancelled that are not?) and all the credit available to you (whether or not you are using it). Also not sure if Halifax use experian or equifax, but your rating may be (probably is) different with equifax?

lazyline · 25/01/2007 13:41

Isn't your credit rating different from the credit score that lenders use to determine whether to take you on or not?

They give certain points for things such as living at the same address for three years, time with bank account, stuff like that. Halifax are notoriously stringent and put more importance on things that other lenders don't care about.

Original poster
brimfull · 25/01/2007 13:43

well we have two credit cards,we only use one regularly ,the other very rarely.We have no others.We have a mortgage ,no other loans.
Halifax use experian.
Would you suggest we get our rating from the other ...equifax?

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Original poster
brimfull · 25/01/2007 13:45

We've lived at tha same address for 15 yrs and have had the same bank account for 15yrs aswell.

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Original poster
brimfull · 25/01/2007 13:46

maybe it's because it was a 0% credit card

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janinlondon · 25/01/2007 15:29

I would look at experian too, but as LG says, the score is not the same as the rating. If you're sure your total available credit is not the problem, you can always ask Halifax why. They do sometimes come up with a reason that means you need to sort out a report somewhere.

Original poster
brimfull · 25/01/2007 17:41

jan it's the experian report we've just received back,it gives us an excellent rating of 997/1000.Can't understand why they've refused us.

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ProfYaffle · 25/01/2007 17:53

Try asking Halifax. I once got turned down when I tried to open a current account, got my credit records, all fine. It turned out the bank f*cked up and had lost some paperwork which led to me being turned down. Funnily enough I didn't bother re-applying!

janinlondon · 26/01/2007 10:55

Sorry Ggirl - meant equifax (doh!). I would definitely ring Halifax and ask for a reason.

MissGolightly · 26/01/2007 11:09

I would ask Halifax for an explanation - there might have been a mix up. My friend was refused a credit card and investigated and it turned out she had been confused with a previous tenant at her address who had a similar name. I know you've lived at your address for 15 years but all it would take would be them typing in the wrong house number or something and it would come up as "no such record" and all the alarm bells would go off.

squiffy · 26/01/2007 11:24

ridiculous, but this does happen. You will not get a credit card or loan if you don't have 'history' of loans etc: I've had mortgage with same company for 22 years and recently remortgaged to their sister company for better rate and that meant my history disappeared on mtgg side. Then because I don't have any loans or hp and I pay my credit cards in full, my rating got too clean and now I can only get really poor rates on loans becauase of this. Basically the computers give you loads of points for having debt and being seen to pay it regularly. Had very long discussion with senior customer services manager about this. You can request a 'manual assessment' if you think you might be caught in this trap but I found that such requests get ignored (although all banks are supposed to do this if you insist).

Original poster
brimfull · 26/01/2007 23:58

Bloody hell,so you think we'd be refused a loan aswell if we applied for one!Madness!

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DelGirl · 27/01/2007 00:13

I was refused a card for the same reason a few years ago. They won't make any money out of me, that's why they refused. I think I had the same problem applying for a loan but added late dh's name to it, it was fine . He had lots of debt!

DelGirl · 27/01/2007 00:13

DH was alive at the time I hasten to add!

Original poster
brimfull · 27/01/2007 00:16

crikey dh will be pissed off if you're right.

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janinlondon · 31/01/2007 13:26

Just noticed this article on MSE website and thought of you ggirl.

Original poster
brimfull · 04/02/2007 10:53

aaaah,thanks janinlondon,thought very interesting.They did in the end relent and offer us credit but dh told them it was too late .

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