- I have an Experian account via the MSE Credit Club. My "score" there is 999 and all the indicators are green/very good etc.
- I have had 3 different credit cards for years/decades, which I use for all my day to day spending, paying them all off in full every month.
- My income is also significantly higher than my (generous) combined credit limits; and I have no debt apart from the mortgage (low % of income)
- I'm on the electoral roll, no shared/negative credit histories with anyone else, nothing untoward on my credit search history etc etc.
Basically I am boringly textbook Foolish (if we are still using that terminology!).
Yet I have the following "Amber" in the profile summary and I am stumped as to why, because none of the reasons apply! Anyone got any ideas?
I am irrationally narked by this non-green :
Amber: Debt to income ratio
This amber rating could be for one of two reasons – your debts are either quite high compared with your income, or 'too low'. If you have quite high debts compared with your annual income, this could be a red flag for lenders as they may have doubts about your ability to repay if they lend to you. Consider whether you’re able to pay off any of the debt you already have before applying for more.
If this doesn’t sound like you, then this amber status may be because you have little or no credit. Bizarrely, this can put lenders off, because if you don’t have any credit, they don’t have a reliable indicator of whether you handle it well. Without this, you may be declined – even if you’re able to easily repay. See our, How to build a credit history guide.
PS. I know the Experian rating is not a hard fact of any kind, I am more curious why their "opinion" has a random Amber for no reason!