retired_linton_justin

Slight spin off from Kym's thread i guess but meh....

I recently applied for one of these credit cards which gives you 0% on balance transfers & purchased for 12 months or whatever (it was the Halifax One Credit Card) and I specifically applied for this card because my missus’s brother, who by his own admission had an appalling credit rating have consistently missed payments on previous credit cards and purchases etc had managed to get one.

Now I’ve had a credit card for about 10 years now and don’t recall ever missing a payment, in fact for the last 4-5 years I’ve been paying my full monthly balance by direct debit. Well that was up until about 3 months ago when I had to change it so only the minimum monthly payment came out (have just bought a place and furnishing it has cost a fortune etc) and I currently have about a £2k balance.

So I applied for said Halifax card wanting to transfer my £2k balance and got rejected, why? What sort of checks do they carry out? And is it possibly because my credit rating is too good?

I mean they’ll see me and know there’s every chance I’ll have paid off my balance before any interest gets charged, and even if I stick with them after that I’ll more than likely continue to pay off my monthly balance in full and never pay any interest. So whats the point in them giving me a card? Whereas im guessing they'll look at my missus's brother and go hey we can earn a fortune out of this guy.....

So it that how it works?

retired_cmr051480

i was told by hsbc that mine was too good and they denied me a student account and a normal account a year later.

retired_justin05

Doubt it. You can have too little credit but that doesn't look like the problem. Have you tried the experian thing?

retired_globalmall

Nationwide won't give me a debit card even though I have >10k in my account and 2k goes in every month. Dont understand why.

retired_linton_justin

whats the experian thing?

retired_princesspouty

Credit scoring isn't only based on your credit history, it's based on a profile collated from your personal information.

Each institution uses it's own criteria to assess your information. The criteria is based on data they've collected about customers over the years - so if they find that customers without a landline phone tend to default on loans, then that will be used in their credit scoring (they won't research as to why this criteria is relevant). All of this criteria is applied to your data, and you will recieve a score based on it... if your score is above the cutoff you get your credit card... if it isn't you don't.

They don't have to tell you what criteria they use either.

I have worked on a credit scoring system for two loan companies btw.

retired_selvinel

They want to make money off you. If you're perfect at repaying debts, they might not actually make it off you.

Really depends on what type of person the product is targeted at.

retired_linton_justin

But i've never taken any loans before, other than my student loan which i pay £100 a month for by DD and have never missed a payment on.

retired_princesspouty

Was that to me or FBT?

retired_cmr051480

instead of opening a new fred - Can anyone recommend or know of any deals with regards to current accounts?