Good credit rating, so why cant i get a credit card?

Question

Hi, just wondering if anyone can shed some light on credit scores and what they actually mean. I recently checked my credit score and it was 944 out of 1000, which was in the 'good' category. I decided to apply for a credit card to transfer a balance of a card i already have (to get the 0% rate)... but have been declined by every company i have tried. ive never missed a payment so i dont understand! i am only 20 though, and live in a rented house... i am a student but work 20 hours per week and my income is over £1000, can anybody suggest any card companies that might accept me? thanks

Answer 1

There's a possibility that you don't have enough credit history lines or your credit hasn't been established long enough. Since you're only 20 now, that means you've only been able to access credit since your were 18...which means only 2 years max. This may not be good enough for them.

Another thing is you're also a student. This doesn't mean you're irresponsible but you're only pulling in part time income.

You may want to stop applying all willy-nilly and call one of the places to where you applied and speak to a real person.

Answer 2

Jenny, do you have any existing credit? Companies like to see that can keep regular payments - if you have no existing credit, then how are they to know?

If this i the case, then to build up a credit rating, go for something inexpensive on hire purchase where they will be more ready to accept you. Your credit check will them show that you make regular payments.

Answer 3

you must have been watching the news sometime in the last month and have heard aboot the credit crunch.

most c/c companies are cutting back on their credit limits for existing customers and refusing new customers (no matter how good your rating is)

Plus every c/c application you make gets recorded and if you make too many in a short period of time this will not look good to the c/c companies who are more likely to think that your up to dodgy deeds(it the way these people think).

your best bet is to do what they are doing, consolidate and bin any unnecessary expenses.

mayby u can try vanquis, they don't do credit checks but they have got a very high apr and a very low credit limit

Answer 4

As someone else said, because you have so many credit cards already, there is the potential you could max them all out and not be able to afford to repay them. Hence, why you can't get any further credit.

However, most card companies will offer deals to existing customers. Contact the card companies of the cards you have now and explain that you have a debt you want to transfer, they may be able to offer you a better deal than those on offer to new customers.

Good luck

Answer 5

You will have to cancel some of the cards you are not using .. even though you may owe nothing on them, the point is you COULD max out all 7 cards (eg buy a BMW spread over the 7 cards) and not be able to afford to pay back number 8 ...