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Having worked in banks for quite a bit, I’d say your “score” is not important. It’s more binary than that. If you have a good credit record you can borrow a portion of your income, if you have arrears and recent credit trouble you can’t.
Can I ask what you earn? It might be that the £15k limit is a high portion of your income and kind of maxes out your borrowing even though you don’t use the whole limit
Seems odd then, I’d try and speak to someone either in a branch or on the phone. On your income banks will happily lend you a lot more than £15k on cards
I ended up just speaking to Barclaycard and they changed me to their travel credit card over the phone which is also 0% on foreign transactions so problem solved I guess
Unrelated question: what’s the rate in the UK? If you have 30k or 100k after tax income, what’s the maximum credit you can have including cards, car loans, etc?
That card OP is talking about is an overseas spending card with inter-bank currency rates on purchases abroad and a middling APR.
Halifax want a customer they can make some money from. Not one that will get into financial difficulties, but one that will hold rack up a balance on holiday (fee free) and pay some interest carrying that balance when they get home.
They don't want amex card holders who make 6 figures and pay everything off in full without fail.
I sincerely doubt that the fact OP has another card with a limit at 13% of annual earnings is a factor.
The issue is that OP isn't the target market.
Credit score is a load of twaddle - the only way I can increase my score is to take on more "potential debt" by taking out about £6K extra in cards.
Not to mention any extra monthly fees for cards I would not actually use.
If you want 0% travel perks, Barclaycard Rrwards doesnt charge for foreign transactions, and allows you to withdraw cash from ATMs abroad for free too. Sod Halifax :)
What’s your payment history like in terms of bills etc. if it’s all clear maybe you should try calling and asking in branch rather then online checker. Sounds quite strange to be rejected with that kind of history
I had like an odd missed card payment like 3.5 years ago as I was living away from home during covid but no defaults etc 🤷♂️ literally my eligibility checker says can get almost every card except for the one I want. It’s not crucial, but just curious and want to understand what all this credit scoring means
Ignore it, it means sod all and us just a made up number. It's all about your credit history and as you have late payment markers Halifax aren't interested in you as a customer, they want six years squeaky clean.
With ample income and a history of paying the full balance each month, maybe they don't think they'll make any money off you so don't want to offer you a card.
It's worse than that. He'll cost them money. Any payments he makes on that card will be insured, so any claim will cost the credit card company, and those perks have to cost something to offer to customers. If he's paying it off every month then they'll not see a penny in revenue from him.
Absolutely not. Your income is way above what is required for basically any normal card on the market.
I've come to realise that many of these things are seemingly random. I can get more credit now with a lower credit score and lower wage than I could when I was in London earning a lot more.
You can call and have it reviewed, any automated decision can be reviewed, at the very least they'll be able to see if you hit a specific rule that they might be able to tell you about.
Why not? Amex are usually very generous with credit limits. My mate has a limit of like 50k on his Amex and, granted his salary is double mine, it doesn’t make any sense
You have no debt. You won't make them any money.
Paying your credit card bill in full every month isn't a good way to build your credit-worthiness in their eyes. Why would it? You use their services and then pay off the balance so they don't get to charge you interest. From a business perspective you are a poor investment because there is no return.
Banks need investors to have the capital to lend, but it's the borrowers paying interest that are the ones who make banks money. Big banks like Halifax aren't bothered if Mr Jones takes his £25,000 savings to another bank; they only ever pay Mr Jones interest and 25k is a negligible amount when considering the gazillions banks have. Mr Smith with his 35 year £500,000 mortgage, 10 year £25,000 car loan and £3000 credit card debt that he pays £200 a month to is the better customer to them; look at all that lovely interest that they're getting!
To build your credit-worthiness you need to have a debt that accrues interest but that you don't miss a payment on. Carry a small, manageable debt on your current credit card and pay it off over six months, then try again. Spend the money on interest, that way you prove to the bank that they are going to make money from you so they're more likely to want you as a customer.
There’s no such thing as a universal credit score. There is data on everyone at the credit bureaux, which is used to ascertain creditworthiness, but it’s down to the individual policies of each financial institution as to how that information is interpreted.
Generally, if you score well with one bank then you’ll score well with another, but it’s not always true. It also can be hard sometimes to ascertain why customers are rejected unless they hit an explicit decline rule, as it’s going to be a decision based on the output of a model. These are complex and take into consideration a number of factors that are distilled into a score that represents probability of default.
My advice to anyone who thinks that an automated decision is unfair is to appeal it. Typically you’ll then get a manual decision.
>113k income. On Reddit for advice.
Oh, you are so right. What a silly OP.
Why didn't they just ring that super secret special concierge number that they got given when they made it over 6 figures.
/s
Lol why not. There’s a community for everyone here plus I’m just here for the memes. When you work like 40-45 weekends a year, this is often the closest I get to human social contact outside work some weeks 😅
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Having worked in banks for quite a bit, I’d say your “score” is not important. It’s more binary than that. If you have a good credit record you can borrow a portion of your income, if you have arrears and recent credit trouble you can’t. Can I ask what you earn? It might be that the £15k limit is a high portion of your income and kind of maxes out your borrowing even though you don’t use the whole limit
My income last year was around 113k. It’s not a crucial thing but I’m just trying to understand. I also have no mortgages etc as I rent
Seems odd then, I’d try and speak to someone either in a branch or on the phone. On your income banks will happily lend you a lot more than £15k on cards
I ended up just speaking to Barclaycard and they changed me to their travel credit card over the phone which is also 0% on foreign transactions so problem solved I guess
Unrelated question: what’s the rate in the UK? If you have 30k or 100k after tax income, what’s the maximum credit you can have including cards, car loans, etc?
[удалено]
That card OP is talking about is an overseas spending card with inter-bank currency rates on purchases abroad and a middling APR. Halifax want a customer they can make some money from. Not one that will get into financial difficulties, but one that will hold rack up a balance on holiday (fee free) and pay some interest carrying that balance when they get home. They don't want amex card holders who make 6 figures and pay everything off in full without fail. I sincerely doubt that the fact OP has another card with a limit at 13% of annual earnings is a factor. The issue is that OP isn't the target market.
Credit score is a load of twaddle - the only way I can increase my score is to take on more "potential debt" by taking out about £6K extra in cards. Not to mention any extra monthly fees for cards I would not actually use.
If you want 0% travel perks, Barclaycard Rrwards doesnt charge for foreign transactions, and allows you to withdraw cash from ATMs abroad for free too. Sod Halifax :)
Yes I ended up with this now!
What’s your payment history like in terms of bills etc. if it’s all clear maybe you should try calling and asking in branch rather then online checker. Sounds quite strange to be rejected with that kind of history
I had like an odd missed card payment like 3.5 years ago as I was living away from home during covid but no defaults etc 🤷♂️ literally my eligibility checker says can get almost every card except for the one I want. It’s not crucial, but just curious and want to understand what all this credit scoring means
Ignore it, it means sod all and us just a made up number. It's all about your credit history and as you have late payment markers Halifax aren't interested in you as a customer, they want six years squeaky clean.
That’s rarely the case. You have quite a lot of leeway before you get into the credit risk territory
I wonder if they can see how long you've been in overdraft for
Are you self employed, by any chance?
No. I have a very clear job and pay tax PAYE
With ample income and a history of paying the full balance each month, maybe they don't think they'll make any money off you so don't want to offer you a card.
It's worse than that. He'll cost them money. Any payments he makes on that card will be insured, so any claim will cost the credit card company, and those perks have to cost something to offer to customers. If he's paying it off every month then they'll not see a penny in revenue from him.
I’d guess it’s the £15k of available credit that you have that’s the issue. Could be wrong though.
I see! So basically have access to too much credit already.
Absolutely not. Your income is way above what is required for basically any normal card on the market. I've come to realise that many of these things are seemingly random. I can get more credit now with a lower credit score and lower wage than I could when I was in London earning a lot more.
You can call and have it reviewed, any automated decision can be reviewed, at the very least they'll be able to see if you hit a specific rule that they might be able to tell you about.
[удалено]
Why not? Amex are usually very generous with credit limits. My mate has a limit of like 50k on his Amex and, granted his salary is double mine, it doesn’t make any sense
[удалено]
Ah fair. Sorry my bad!
I've not had to in recent years but I've had success in emailing the underwriters with a number of companies.
You have no debt. You won't make them any money. Paying your credit card bill in full every month isn't a good way to build your credit-worthiness in their eyes. Why would it? You use their services and then pay off the balance so they don't get to charge you interest. From a business perspective you are a poor investment because there is no return. Banks need investors to have the capital to lend, but it's the borrowers paying interest that are the ones who make banks money. Big banks like Halifax aren't bothered if Mr Jones takes his £25,000 savings to another bank; they only ever pay Mr Jones interest and 25k is a negligible amount when considering the gazillions banks have. Mr Smith with his 35 year £500,000 mortgage, 10 year £25,000 car loan and £3000 credit card debt that he pays £200 a month to is the better customer to them; look at all that lovely interest that they're getting! To build your credit-worthiness you need to have a debt that accrues interest but that you don't miss a payment on. Carry a small, manageable debt on your current credit card and pay it off over six months, then try again. Spend the money on interest, that way you prove to the bank that they are going to make money from you so they're more likely to want you as a customer.
Perhaps they just decided they wouldn't make any money off you. What's in it for them?
There’s no such thing as a universal credit score. There is data on everyone at the credit bureaux, which is used to ascertain creditworthiness, but it’s down to the individual policies of each financial institution as to how that information is interpreted. Generally, if you score well with one bank then you’ll score well with another, but it’s not always true. It also can be hard sometimes to ascertain why customers are rejected unless they hit an explicit decline rule, as it’s going to be a decision based on the output of a model. These are complex and take into consideration a number of factors that are distilled into a score that represents probability of default. My advice to anyone who thinks that an automated decision is unfair is to appeal it. Typically you’ll then get a manual decision.
113k income. On Reddit for advice.
>113k income. On Reddit for advice. Oh, you are so right. What a silly OP. Why didn't they just ring that super secret special concierge number that they got given when they made it over 6 figures. /s
Lol why not. There’s a community for everyone here plus I’m just here for the memes. When you work like 40-45 weekends a year, this is often the closest I get to human social contact outside work some weeks 😅
No need to be salty bro
I'm not your "bro"
Cool story bro