Perfect U.K. Credit Score Could Lead to Credit Card Rejection
We all strive for the excellent credit score, something into the high 700s that we feel will get us any loan that we want. According to new research though, having that perfect credit history in the United Kingdom may actually hinder your chances of getting a credit card in the future.
Indeed, it turns out that many credit card providers are rejecting perfect borrowers because of the stipulations they have set out in their application approval programs.
Will Becker of TotallyMoney.com said more than 70% of people with good credit scores are now turned down for the best cards.
The companies refuse to say why this is happening, but some people believe it is because credit card issuers won’t make much money from people who manage plastic properly. If you make all your payments on time and never have an outstanding balance, issuers will not earn any interest. That cuts into their profits.
If you have a stable income and a great credit score, consider calling the credit card company after getting rejected. Confront them about the problem and see if they will reconsider your application. With the right approach, you might be able to have your high credit score work to your benefit–which it should!