Declined but perfect credit rating

[andyedinburgh]

I don’t understand this. I have a £150k income and perfect credit score and the “eligibility checker” has just told me I’ll be declined if i apply.

Any ideas of how to approach. This doesn’t make any sense?

[AJA]

How much are your credit limits with other credit cards you alreasy hold? Even with a “perfect credit score” which frankly doesn’t mean much you are unlikely to be approved if you already have £150k of credit. Barclays also has a habit of giving ridiculously low credit limits even when they do approve you for their card. But if that’s all OK and you can stand the credit check on your files why not ignore the pre-checker and just apply?

[AndrewT]

These sort of questions come up regularly because people attach far too much significance to credit scores. While lenders look at many of the same factors as the agencies which offer credit scores, the latter have no knowledge of income, rent or other contractual outgoings which lenders factor in.

Barclays are also known to be particularly hesitant about self employment and other forms of income which they perceive as ‘less secure’.

[Rob]

Yes, if that’s £150k from self employment then you will struggle.

I also don’t understand why you believe you are ideal for this card from their point of view?

Are you going to pay a penny of interest? No

Could you spend serious sums, churning through your credit limit multiple times per month? Yes

Given that Barclays loses (at a guess) 1p for every £1 spend on the card and needs to make that up via FX and interest charges, you are probably less attractive than you think.