Nationwide Soft-Search
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goaroundnow
Posts: 95 Forumite
Hi Guys
I recently did a Nationwide "soft" (i.e. only to point of quote) application - for both a credit-card (potentially want a 0% card) and loan (just out of curiosity).
I read on another thread that if you got quoted 24.9%APR for their loans, you would be declined once the "hard" (i.e. fully scored) check was done. This was because 24.9% was the highest APR the system could quote and meant a too low score. My loan quotes varied between 8-12% (depending on amount and term), so seem "ok".
When I did the credit card application, however, it quoted me a limit of up to £3800 but at 19.9% APR - their highest. Do you think this is an indication that the credit card would be ultimately declined?
As a kind of self-test, my partner (with an awful credit rating) put in soft applications and also got quoted 19.9% but a £500 limit on a credit card. This, I think, would be more indicative of their default setting for low scores on credit cards. They were quoted 24.9% on loans - which I would have expected (if the above is correct).
What do you think?
p.s. I have access to my credit reports and all is fine to the naked eye (all green, no late payments, not heavily indebted, electoral role, old and new accounts, few/no recent searches etc)
I recently did a Nationwide "soft" (i.e. only to point of quote) application - for both a credit-card (potentially want a 0% card) and loan (just out of curiosity).
I read on another thread that if you got quoted 24.9%APR for their loans, you would be declined once the "hard" (i.e. fully scored) check was done. This was because 24.9% was the highest APR the system could quote and meant a too low score. My loan quotes varied between 8-12% (depending on amount and term), so seem "ok".
When I did the credit card application, however, it quoted me a limit of up to £3800 but at 19.9% APR - their highest. Do you think this is an indication that the credit card would be ultimately declined?
As a kind of self-test, my partner (with an awful credit rating) put in soft applications and also got quoted 19.9% but a £500 limit on a credit card. This, I think, would be more indicative of their default setting for low scores on credit cards. They were quoted 24.9% on loans - which I would have expected (if the above is correct).
What do you think?
p.s. I have access to my credit reports and all is fine to the naked eye (all green, no late payments, not heavily indebted, electoral role, old and new accounts, few/no recent searches etc)
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Comments
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They accepted me for the card at 19.9% and a 2k limit. I think £500 with that APR would be a decline.I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0
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How do you get the soft search?0
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its on the application page0
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Simax
Is this the same APR and limit you were quoted before proceeding to the "hard" search?
Cheers?0 -
I wish more lenders would make use of the soft search.0
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goaroundnow wrote: »Simax
Is this the same APR and limit you were quoted before proceeding to the "hard" search?
Cheers?
Indeed. What I was quoted was what I got.I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
So am I right in saying that the only two lenders who offer the soft search option for credit cards are Nationwide and Barclaycard?0
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So am I right in saying that the only two lenders who offer the soft search option for credit cards are Nationwide and Barclaycard?
Fluid card offer soft search
https://card.fluid.co.uk/form.aspx
Start your application to fluid here. We'll check if you're likely to be accepted without affecting your credit profile
http://card.fluid.co.uk/
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I just used the Nationwide soft search for their CC (i'm also a flex account holder) and was offered £2k @ 9.9% (after 6 months). Do I take it that I have a good chance of being accepted? We have a wedding trip coming up next summer which we may want to use the 0% purchase offer for (instead of losing 6 months' interest on our savings).0
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I would think you have a very good chance, yes.Venusflytrap wrote: »I just used the Nationwide soft search for their CC (i'm also a flex account holder) and was offered £2k @ 9.9% (after 6 months). Do I take it that I have a good chance of being accepted? We have a wedding trip coming up next summer which we may want to use the 0% purchase offer for (instead of losing 6 months' interest on our savings).
I was quoted the same APR and a similar limit and so applied and everything went through fine. The application was accepted instantly and the credit agreement turned up two days later. By soft-searching your report, I think they've pretty much got all the information they need, so I think it would be unlikely for a quote like that to be later declined. This is everybody's fault but mine.0
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