-
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?
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?
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’.
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.
It’s all employment income and I don’t havev huge credit limits on other cards
I’m not sure I understand Rob’s point – this site is all about churning cards after all. Most of us on this site aren’t going to be paying a penny in interest!
And they are charging £20 a month
@andyedinburgh – years ago when I took out my first credit card, the moody eligibility checker said ‘no’ but for some reason I just ignored it (maybe youth and at the time I wasn’t too bothered about the consequences of the decline perhaps) I went ahead and applied, the computer said ‘yes’ 🙂 🙂
Your application hasn’t been declined as of yet, so maybe just apply (caveat: obviously you take the risk you’re comfortable with)
If you do apply and if it is declined, you can find out why you were declined.
And if you apply and it is accepted, then all is well!
It’s all employment income and I don’t havev huge credit limits on other cards
I’m not sure I understand Rob’s point – this site is all about churning cards after all. Most of us on this site aren’t going to be paying a penny in interest!
And they are charging £20 a month
What Rob is pointing out is that you are under the false impression that Barclaycard are assessing you on affordability. The truth is we have no idea what their criteria is.
Barclaycard are notorious for their approval approach. They are known to be very different to other card companies. It seems they don’t think they can make money from you they won’t accept you. Doesn’t mean you need to like it, but there is enough evidence on this site that suggests that is Barclaycard’s approach.
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?
I have been trying for barclaycard Avios for over two years now, always get told NO despite perfect credit history, no problem getting other cards, Amex, Lloyds, RBS, etc at the same time…..
Barclaycard are an utter joke. They wrote to me in Nov a couple of years ago telling me they intended to increase my credit limit, then wrote again in Jan saying that they weren’t going to increase it due to my circumstances when nothing at all had changed.
The following year they did the same but gave me the increase.
Recently I’ve had no access to the transactions page in my online account, and it took 3 calls to register a complaint, and in total 5 weeks for them to understand and resolve the issue.
The biggest issue I have with them is their utter disregard for basic security procedures. Despite their website saying you must never give an SMS code to someone who calls you, the only way to pass their security is for them to send you an SMS code which you have to repeat back to the caller.
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?
You clearly don’t have the “perfect credit score” for Barclays. If you live in Scotland as your name suggests, and you are PAYE, your monthly take home salary will be £7,500. How does that compare to your spending and commitments?
How about all the other little things that influence the risk appetite of the lender?
Are you a company Director? Has your company or employer submitted all of its returns on time for the last six years? Similar if you live in an apartment with a residents association or share of Freehold, or if you are a charity Trustee – is everything up to date? Any public data can be used in the assessment of risk.
Does what you do for a living meet with the lender’s risk or ethical appetite? Are you politically or celebrity exposed?
Not forgetting, if you bank with Barclays or you’ve given them access to your transaction history through Open Banking, and there are transactions that red flag, then it’s going to be a decline.
Puzzle solved – it turns out I actually have a Barclaycard and had forgotten about it – hadn’t used it for years but technically its still there.
I guess this is a good reminder and prompt to do some financial housekeeping and actually close dormant accounts!
Also a reminder all the “guesses” people put here were wrong. Barclays wouldn’t reject you because you are “too wealthy” and neither do they look at too detailed information. In this case, as you expected your credit score was perfect but it was some “dormant account” flag that triggered the rejection.
Also a reminder all the “guesses” people put here were wrong. Barclays wouldn’t reject you because you are “too wealthy” and neither do they look at too detailed information. In this case, as you expected your credit score was perfect but it was some “dormant account” flag that triggered the rejection.
which happens way too often actually…
The OP asked for opinions and they were provided. Clearly no one could ‘know’ what the answer was so he was either asking for guesses or expecting no response.
I admit it never crossed my mind to ask ‘are you sure you don’t have an account with them already’, I guess we can all file that one away for next time!
- You must be logged in to reply to this topic.
Popular articles this week:
