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MSE Leaders' Debate: Credit Cards
Former_MSE_Wendy
Posts: 929 Forumite
This thread is specifically to discuss the Credit Cards question in the guide:
To discuss or ask a question about the guide: click reply
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What about credit searches? When will banks be made to conduct quotation searches rather than full searches which ruin a consumer’s otherwise perfect credit record?
They don’t need to leave a footprint in order to tell you whether or not you have been accepted and at what rate of interest!Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
What about credit searches? When will banks be made to conduct quotation searches rather than full searches which ruin a consumer’s otherwise perfect credit record?
They don’t need to leave a footprint in order to tell you whether or not you have been accepted and at what rate of interest!
If you apply for something it should always be a full search. Otherwise you'd never have any full searches."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
No it should not, only if you accept the offer then they leave a footprint, that way lenders will know when you have been approved a credit line.;)If you apply for something it should always be a full search. Otherwise you'd never have any full searches.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
I would like to see the CRA's held responsible for the erroneous information held on some files. Mine? I found two aliases recorded, they did the search when I applied for mortgage. These aliases were variations of my name and inckluding my maiden name. i drew this to the bank's attention after getting my credit file. The bank apologised and said these should have been removed after the search,. I wonder how many other organisatioins saw these aliases and considered I was a dishonest person using these other names. I have never used these names and it was the bank which created them. i complained to my then MP at the time. his reply was cavalier and more or less told me, he thought the lenders should be able to do what they want and why worry about my credit files? Needless I didn't vote him again.
The bank did pay me compensation and paid for my next copy of my files. I am good at making these complaints.
My files had footprints all over them and made by companies I had never heard of. it's still taking time to clean these up. yes I was victim of ID acquistion and the consequent purchases.
I do agree with a footprint being left after credit has offered and accepted, but not before.0 -
No it should not, only if you accept the offer then they leave a footprint, that way lenders will know when you have been approved a credit line.;)
Wouldn't work though.
If you were of a devious mind .....
..... then all you would need to do is blitz a dozen applications. If they only left a soft-search not visible to others then each lender would think that you hadn't applied for anything. Suppose all 12 make you an offer based on that information, which you duly accept. If they only record the search when you accept their offer then you've just obtained 12 lines of credit that wouldn't have been offered otherwise.
That's why searches are recorded in real-time.
EDIT: The possibility of them removing the search if they decline your application might have some merit though. That way it wouldn't disadvantage you for applying elsewhere."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
Good idea Jock.EDIT: The possibility of them removing the search if they decline your application might have some merit though. That way it wouldn't disadvantage you for applying elsewhere.
Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
I would suggest that the amount of information held is not the issue. The problems arise from how the lenders interpret and what decisions they make based upon it.0
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What did they do pre-1998? Oh yes thats right, the bank manager sat you down and worked out your affordability and looked at your current account activity and pay slips etc.I would suggest that the amount of information held is not the issue. The problems arise from how the lenders interpret and what decisions they make based upon it. Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
Even if full searches continue to be made, it would be useful if the applications themselves were more transparent in respect to which products are suitable for the applicant. If a credit card provider offers say three different types of credit card, rather than applying for one in particular hoping you fall within the lenders criteria, an application assess which of the three products would be suitable for the individual taking into consideration their circumstances under one search. This would allow the consumer to get the best possible deal and not force people to apply for cards with a high APR, just because they feel they may not be accepted for a card with a lower rate.0
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Thankfully we now have this wonderful service from the Lending Wizard www.thelendingwizard.com who do a quotation search and tell you if you will be accepted for a personal loan as they hold the underwriting criterion for their panel of lenders.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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