Help!: PostOffice credit card application process is driving me mad!

Moggles_2

PARIS_5000 wrote: »

I just apply for the post office credit card and got the message that they will let me know in 5 days. I have no adverse and i am on the ER. What do you guys think yes or no?

Most credit decisions are computerised and the Post Office gives instant decisions and credit limits without the need for documentation, provided that you have a good credit history and your details can be verified electronically via the CRAs, which in turn collate data from public records.

That said, these messages are not uncommon and, as often as not, recipients get accepted a few days later

Very best
M

never-in-doubt

PARIS_5000 wrote: »

I just apply for the post office credit card and got the message that they will let me know in 5 days. I have no adverse and i am on the ER.

What do you guys think yes or no ?

Its normal, they rarely give a yes at online stage - but then again even after signing agreement they can come back with a sorry!

Just hold fire (2-3 weeks) and see what they say..... :j

Going on from Moggles' post above, they do say yes if you pass qualifying criteria but bear in mind it is classed as a top mainstream card meaning the scoring is harder than say a Halifax or MBNA card.

It could also be the fact the time you applied. Instant decisions are rarely given outside the following times:

Mon-Thurs 07.00 - 20.00
Friday 07.00 - 18.00

If you apply after these times then you'll almost certainly (with all lenders) get the message on screen that they'll get back to you. have a read of my next post to see how it works....

never-in-doubt

nbr wrote: »

PARIS 5000,
as YorkshireBoy said earlier, it could be that they were in doubt when you applied, which is why they will let you know in 5 days. In my case what I received in 5 days was the request for all the paperwork I listed in the first post on this thread. Quite a hassle.

Let us know how it goes, just to understand whether it is now a general policy that the PostOffice is applying given the current climate?

Its not so much a case of them being in doubt, its all computerised and works as follows:

You apply and each piece of data is given a score. The higher the score, the more likely you'll get approved. So once you have clicked submit, the following will happen:

1. Accept (shows limit etc)
2. Refer (you get a 'we'll be in touch' message)
3. Decline (you failed scoring/credit search or identity/fraud checks)

Now, to work the above options out you need to understand how credit works as a whole. So;

Option 1.
This means you've passed and will get the account - terms/pin/card will follow in a few days.

Option 2.
This means that it has been sent for manual underwriting. The reasons for this will be one of the following reasons:
- a) Failed computerised score
- b) Computer picked up adverse data from CRA
- c) Computer picked up conflicting data from CRA
- d) Cannot verify your identity/no electoral register data present
- e) Fraud warnings / Notice of Corrections
- f) You applied outside instant decision hours

Option 3.
This means you've failed. It will be because of one of the following reasons;
- a) Credit Score (you do not meet their minimum requirements)
- b) Credit Search (late payments/too many searches/not on elecoral roll/no credit accounts etc)
- c) Adverse Data (fraud warnings/N Hunter/CIFAS/Defaults/CCJ's etc)

Hope that helps to explain credit to you, in laymans terms.......

PARIS_5000

Thank you everyone for the information. I think i got that message because I apply out of hours because my credit files are good and have been on the ER for nearly 4 years. I also have a HSBC ,Argos and Capital one credit cards. I will wait the five days and see what they say.

nbr

Just one thing about E/R, which I was not aware of. I changed 3 different local councils in the last 4 years and the first 2 of them sent me the E/R form, without asking, i.e. I guess they saw someone was new at the address (via council tax?) and sent out the form.

With the last council, though, I have not receivd anything from them and had to call them to get them to send me the form.

I guess it could be that at some point each year they sent out the form anyway, and spring is not when they actually do it...

PARIS_5000

The ER does not add people automatically you have to request to be put on the ER. I alway made sure that my name was added to ER right away when i moved to a new address.

Moggles_2

nbr wrote: »

I changed 3 different local councils in the last 4 years and the first 2 of them sent me the E/R form, without asking. With the last council, though, I have not received anything from them and had to call them to get them to send me the form.I guess it could be that at some point each year they sent out the form anyway and spring is not when they actually do it.

That's right.

Forms are sent to all residents and borough-wide audits are undertaken annually in August. The register is then updated in October.

It's also possible to enrol each month from early December until mid-August, using the rolling register procedure.

If you type "electoral roll" and the name of your council into google, you'll be directed to the relevant pages on your local authority website. Most council websites are set up so you can register online or download a form. The majority include an explanation of how the register is compiled and when your name will appear.

Once done, you may have to contact your local electoral services dept, to ask when the CRAs are next updated, as frequency varies between boroughs

nbr

am not saying that ER add you automatically, but in the past they sent me automatically, after I moved in, a form that I then filled in with my details.

Again, it could be that they send this forms automatically once a year and I was lucky to move in straight before they sent this forms.

never-in-doubt

Better to simply use this link: http://www.aboutmyvote.co.uk/

Does it for you then...

YorkshireBoy

Moggles wrote: »

The register is then updated in October.

Should that be 1st December Moggles?