These can pay 5pc cashback on spending, or offer valuable Nectar points or Airmiles.
But a source at one major provider told The Sunday Telegraph that because these cards were not as profitable for lenders, applicants were even more unlikely to get one.
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This can put a spanner in the works where, for instance, applicants have multiple sources of income.
Graham Donald of Pancredit, a firm that sells decision-making software to banks, told The Sunday Telegraph that each lender was targeting a “niche”.
Credit card providers are rejecting “perfect” borrowers because they don’t fit secret scoring profiles designed to filter out unprofitable customers.
My name is Fast Freddy and I have selected the best free to play car games, racing games and other online games for you.One 50-year-old reader from Surrey, who wished to remain anonymous, was turned down by Sainsbury’s Bank for a Nectar Credit Card even though he scored 999 out of 1,000 – the maximum score ever given – on the Experian credit rating website.He had a perfect borrowing history, stable address and job.For example, some lenders reject landlords, older customers or the self-employed.
Lenders create a secret formula based on the type of customer they want.The applicants’ details, including credit scores obtained from referencing agencies such as Experian, Equifax and Call Credit, are fed into the formula to produce a “yes” or “no”.