Nationwide Soft-Search

goaroundnow

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)

simax

They accepted me for the card at 19.9% and a 2k limit. I think £500 with that APR would be a decline.

thegoodman

How do you get the soft search?

[Deleted User]

its on the application page

goaroundnow

Simax

Is this the same APR and limit you were quoted before proceeding to the "hard" search?

Cheers?

Cash_Flow

I wish more lenders would make use of the soft search.

simax

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.

Cash_Flow

So am I right in saying that the only two lenders who offer the soft search option for credit cards are Nationwide and Barclaycard?

Dr_Cuckoo3

Cash_Flow wrote: »

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/

Venusflytrap

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).

Scarpacci

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 would think you have a very good chance, yes. 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.