Nationwide Soft-Search

butterbeanmash

BugsyBrowne wrote: »

Have you anything on your credit files that you see as a negative defaults,missed/late payments,past credit history,etc...

Well 25 searches in the last 12 months probably doesn't look great! But all my accounts are green-ticked and up-to-date.
I just wondered if the interest rate offered was plucked out of the air and the credit limit was the true indication of the likelihood of success, or if they're actually offering a reasonable starting point.
I guess there might be only one way to find out...

jpb77

notmyrealusername wrote: »

Thanks, when you say that "Nationwide like to see you having a CC elsewhere to see how you've managed this account" do you mean having credit cards with other providers? I have three credit cards - two creation and one Vanquis with 6k limits between them. Only ever spend about £300 on each one every month and pay the bill off in full on receipt.

If it's looking more likely to be a decline that a pass I'd rather leave it as don't think I could cope with the rejection - six years of hard graft since I started my IVA and I am now a saver rather than a borrower but would still like a mortgage in the future so trying to go mainstream with the cards to help with that.

I was meant to say without defaults in my previous comment. Yes, if the other CC accounts are showing as clear of missed payments and do not show any over limit balances. Also less than 3 credit searches in the last 6 months, you should be okay. £1800 with 19.9% seems to be more promising than £500 / £1000 19.9%. If you decide to go for the quote and apply let us know how you get on.

RichL74

25 searches in 12 months? Full searches? You might want to hold off from applying if they are full credit searches.

notmyrealusername

jpb77 wrote: »

I was meant to say without defaults in my previous comment. Yes, if the other CC accounts are showing as clear of missed payments and do not show any over limit balances. Also less than 3 credit searches in the last 6 months, you should be okay. £1800 with 19.9% seems to be more promising than £500 / £1000 19.9%. If you decide to go for the quote and apply let us know how you get on.

RichL74 wrote: »

I dont think £1800 at 19.9% is a decline, £1000 at 19.9% would be - but please dont take my word for it, decision is yours!

Well, I decided to go for it as like I said I don't need the credit so no great loss if I went for it.

Soft search today (two days after getting £1800 / 19.9%) was £1800 still but the APR dropped to 15.9% so I was even more hopeful... instant decline!

I then applied for a Lloyds TSB card as according to the moneysupermarket soft search I had an 8/10 chance of being accepted... instant decline!

When credit card companies search a credit report do they get an instant search ie what data shows NOW or id it a snapshot from the recent past? As at now my credit report is glowing with no defaults, low credit used/credit available ratio etc

RichL74

I'm sorry to hear that.

BugsyBrowne

notmyrealusername wrote: »

Well, I decided to go for it as like I said I don't need the credit so no great loss if I went for it.

Soft search today (two days after getting £1800 / 19.9%) was £1800 still but the APR dropped to 15.9% so I was even more hopeful... instant decline!

I then applied for a Lloyds TSB card as according to the moneysupermarket soft search I had an 8/10 chance of being accepted... instant decline!

When credit card companies search a credit report do they get an instant search ie what data shows NOW or id it a snapshot from the recent past? As at now my credit report is glowing with no defaults, low credit used/credit available ratio etc

Oh we'll that's smacked this thread right into pieces as exactly what I've said before don't rely on Soft searches.

jpb77

As I said before it looked liked a decline. 25 searches in 12 months is deffo a no. As I stated less than 3 credit searches in 6 months you should be fine, if not then this could be one of the causes for the decline!

So you now need to hold off until 12 April 2013 before applying for another card, bank acc or any other credit facility.

notmyrealusername

jpb77 wrote: »

As I said before it looked liked a decline. 25 searches in 12 months is deffo a no. As I stated less than 3 credit searches in 6 months you should be fine, if not then this could be one of the causes for the decline!

So you now need to hold off until 12 April 2013 before applying for another card, bank acc or any other credit facility.

I think you are getting two posters situations mixed up! The person with 25 searches didn't go through with the application from the sounds of things. I had zero searches and a seemingly good credit history (no defaults, lots of green dots, low credit available/used ratio, 30k salary, on electoral roll at same address for nearly 5 years, in same job for 7 years.

My situation was:

May 2012 (with defaults on credit report) - £1000 / 19.9%
9th Oct 2012 (defaults no longer on report) - £1800 / 19.9%
11th Oct - £1800 / 15.9%

Instant decline! Am just pleased that this isn't something that is needed, just testing the water but disappointing all the same

jpb77

notmyrealusername wrote: »

I think you are getting two posters situations mixed up! The person with 25 searches didn't go through with the application from the sounds of things. I had zero searches and a seemingly good credit history (no defaults, lots of green dots, low credit available/used ratio, 30k salary, on electoral roll at same address for nearly 5 years, in same job for 7 years.

My situation was:

May 2012 (with defaults on credit report) - £1000 / 19.9%
9th Oct 2012 (defaults no longer on report) - £1800 / 19.9%
11th Oct - £1800 / 15.9%

Instant decline! Am just pleased that this isn't something that is needed, just testing the water but disappointing all the same

Didn't realise - all getting confusing when you read just the last poster.

OK what is your total credit limits available to you that appear on your report? And total balances.

notmyrealusername

jpb77 wrote: »

Didn't realise - all getting confusing when you read just the last poster.

OK what is your total credit limits available to you that appear on your report? And total balances.

Total credit limits spread over 3 x credit cards and 1 x Argos card = approx 9k

Total amount of credit used is something like £1300 over all cards but each card is paid of in full every month aprt from the Argos card which is £400 on a 0% buy now pay later deal. I wonder if somehow they have data about my past IVA/defaults even though it's not showing on report any longer.

As I've said I don't need credit but was testing the water after my defaults and IVA were no longer showing, it's worrying for a future mortgage application in a few years time though as that's what the credit building has been all about!