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I live in the UK, where credit referencing agencies are seen by many (myself included) as the devil. They hold a lot of life-critical information about me but they don't want to share that info, not for free. And even if I do pay for their services they only serve me the tip of the iceberg. I find it really frustrating how there's so many people that know why I'm financially hamstrung, except me.

Anyway, here's the scenario: in 2012, I had a CIFAS marker put on my name because I was dumb, young and irresponsible. Fast forward to the start of 2018 (still on the blacklist, but soon to be off) and I was looking at credit cards so I can start building my credit score. I get loads of offers from my Noddle credit report (based on CallCredit referencing). These offers have a 'chance of acceptance' which at this point was 90%, I even had some with a 100% chance... bear in mind I'm still on the blacklist so I think to myself there's no way this can be right... Just to be sure, I applied for one of the cards which I had 100% chance of acceptance, sure enough it was unsuccessful.

Then, in the middle of May 2018 was when I finally got off the Blacklist, I don't know why but it felt very liberating like I had been released from a cruel prison. Not that anything's improved for me, I looked on Noddle today for my chance of acceptance for any credit card and now I am only shown 2 possible cards with a 20% chance of acceptance. A few months ago I was seeing 30+ credit cards all with much higher chances.

I don't understand how leaving the blacklist can be detrimental to my chances of getting accepted. Is this a flaw in Noddle's system? Is there a whole new criteria of 'borrower' that I fit into now that I'm off the blacklist? What do I have to do to finally get a chance to build my credit?

  • I take it the UK doesn't have a "free credit report from each reporting agency per year" rule like the US has? – cHao May 25 '18 at 12:17
  • Does more of your credit history than just being in the black list age out at 7 years? – Eric May 25 '18 at 15:05
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    @cHao In the UK, Experian, Equifax and CallCredit all offer free access to information including past addresses, linked people/addresses, forms of credits/loans and balances/repayments of these and registered court judgements in connection with any defaults. The hard thing is correcting any errors. Some lenders on the other hand have opaque rules, where perversely being more responsible and/or having little or no credit card/overdraft/loan use can easily make you "unattractive to their automated systems". – nsandersen May 26 '18 at 8:55
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    @nsandersen my former mortgage officer (now bank VP explained this to me. Credit scores are a metric derived from your past behavior with a complex set of algorithms that indicate the likelihood that tell the banker how likely they are to make money off of your business. People who are ultra responsible with their money don't borrow, and pay back early, so they receive a lower score. The banks make the most money off of people trying to repair their credit, because they can charge exorbitant interest to cover the additional risk. – pojo-guy May 27 '18 at 11:50
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There seems to be two things going on here your credit and this fraud indicator. Credit checks and fraud checks are separate things hence your % chances based on your credit report does not reflect the impact of your fraud flag.

The answer to why you are now not being offered so many cards will be found in your credit report. Your credit score may have been effected by you being refused credit. The general advice is to stop applying.

Things that may be affecting your credit rating

  • applying and being refused credit
  • lack of a credit history in the last few years
  • Errors in your credit report

Things you could try

  • According to the money advice service here you could try asking the lender why you were refused but they may not answer in detail
  • Check you credit report for errors you should be able to access reports form the three main agencies for free
  • if you credit rating is low you could try various products aimed at improving your rating a short list can be found at money saving expert
  • waiting, many of the items in the credit report will have diminishing impact but you may have to wait for a long time and it may be worth trying the other options first

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