Nick Clements

Special for USA TODAY

Just because you have an 800 credit score doesn’t mean your credit card application or loan will be approved by your bank. Although important, your score is just one indicator in a bank’s lending decision.

Here are five reasons why your near-perfect score might not be enough.

First, which score are you looking at? There are hundreds of generic credit scores out there. More importantly, most banks create their own custom scoring models. While you might have an 800 VantageScore (viewed on Credit Karma), your lender might be using their own model — one that places a much bigger emphasis on different variables. Banks build their models using proprietary data, and they don’t share those models publicly.

Take these steps to improve your credit score

Second, banks create rules that override credit scores. You might have a very high credit score but a short credit history. Some banks might only want to deal with someone who has at least three years of credit history, regardless of their score. Sometimes rules are used to block “gamers” who go from one lucrative sign-on bonus to another. Credit card companies regularly reject people who have high scores but a history of opening credit cards, getting sign-on bonuses and then moving on to the next card.

Third, credit scores don’t know if you have a job or how much money you make. Scores like FICO use credit bureau information, which includes items like your payment and balance history. Credit bureaus do not capture your income or employment status. If you have too much debt relative to your income, you could be declined.

Fourth, you might have recovered from a previous negative event. It is possible to have an excellent score even if you filed bankruptcy in the past. For example, you could have filed six years ago and have behaved perfectly ever since. However, some lenders might still have a rule that prohibits anyone with a bankruptcy on their record from being approved, regardless of their score.

Fifth, and finally, which credit bureau is the bank using to generate the score? Bad or incorrect information can often appear on only one report. As consumers, we need to be vigilant and keep an eye on all three reports. You can get all three reports for free at AnnualCreditReport.com.

A good credit score means you pay your bills on time and do not use all of your available credit. While important, that isn’t everything.

Nick Clements is the Co-Founder ofMagnifyMoney.com, a price comparison and financial education website.