MSE News: Barclaycard pre-application check could prevent credit woe

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Barclaycard will allow potential customers to check their chances of acceptance before formally applying for a credit card.

Even if you don't plan on getting a Barclaycard, you could use the result to estimate your chances of being accepted elsewhere ..."

Read the full story:
Barclaycard pre-application check could prevent credit woe

Lokolo

After saying I have an 80-90% of getting a card it then stopped me later on because of my age (have to be 21 for most of the cards)

Even though it asked me my age before I started the pre-application check....

*doh*

brownbabygirl

I passed the pre check but then when i went for the real thing (80% chance of acceptance), was told they need more info and would let me know the outcome of my application. i am peeved. this is just a sneeky way of luring us to apply with them.

jonesMUFCforever

Most banks will do this just ask in a branch and wait for the vultures (sorry sales staff) sorry (personal account manager) to tell you.

Paul_Herring

Barclaycard, which says it is the first card lender to offer this service

It's about time the banks started using this; it's been around for ages. They're also known as 'quotation checks.'

Lets see, a quick google brings up this article from 2006:
http://www.mortgageintroducer.com/mortgages/13893/5/Industry_in_depth/Footprints.htm

A second type of footprint, known as a ‘soft footprint’, is used by lenders if they want to credit check a customer in order to produce a detailed price quotation for a mortgage. Other lenders can also see these soft footprints, but as they only reflect a quotation rather than an actual mortgage application, they are viewed very differently to hard footprints.

Tixy

Interesting - from Barclaycard's own website - terms & conditions -

Your details will be shared with the relevant credit reference agency to carry out the quotation search and will not be used for any other purpose. Your personal data will not be stored for longer than necessary or passed to any third parties. We will not store the information you supply to us for the quotation search on our systems and the result will not be available from Barclays at a future date. This service will not affect your ability to obtain credit in the future or be seen by any other lenders. We take data security seriously and as such, any personal information you give us is protected over the Internet using secure web server technology.

If it does appear to other lenders (even as just a quotation search) then their legal terms & conditions are incorret). Also presumably if there is a raft of people using this new service then any visible search, even a quotation search, could impact on any credit application where the credit file data is analysed by a person rather than a computer.

never-in-doubt

To be fair the soft search is done at CallCredit and only if you proceed to full application does it then search the real CRA (Equifax). Not many lenders check CallCredit when assessing credit so its really no big deal.

Cash_Flow

Tixy wrote: »

Interesting - from Barclaycard's own website - terms & conditions -

Your details will be shared with the relevant credit reference agency to carry out the quotation search and will not be used for any other purpose. Your personal data will not be stored for longer than necessary or passed to any third parties. We will not store the information you supply to us for the quotation search on our systems and the result will not be available from Barclays at a future date. This service will not affect your ability to obtain credit in the future or be seen by any other lenders. We take data security seriously and as such, any personal information you give us is protected over the Internet using secure web server technology.

If it does appear to other lenders (even as just a quotation search) then their legal terms & conditions are incorret). Also presumably if there is a raft of people using this new service then any visible search, even a quotation search, could impact on any credit application where the credit file data is analysed by a person rather than a computer.

Quotation searches are not visible to other lenders.

Barclaycard's legal terms and conditions are correct.

PROLIANT

It is a waste of time unless they check they data of the CRA they will use for a full application and search.
This way it will give people a true picture of their chances of being accepted.

So all in all it is a waste of time, data and money unless they use Equifax.

savagej

Indeed, as my two current accounts show up on Callcredit and Experian but not Equifax, apparently the Co-op only report their loans and credit cards to them. So the quotation they came up with was based on more data than they would see with Equifax and I would probably get declined.

[Deleted User]

just for interest is there anyway of linking approx eligibility from barclaycard to credit scores.

ie could be useful to have those who know their credit rating (very good, good, poor etc) state which cards they were offered and the percentage chance.

That way it might enable people to quick check (obviously proper credit files would be better, but rough and ready is better than nothing).

I managed to get a 12.4% Platinum 60 70% chance. I am assuming that I am medium-poor, but it would be good to link up.

Very strange as I am currently with Barclaycard and I am 6.9%apr on all purchases, hope this isnt an indication that my rate is going to get hiked....gulp