Nationwide Soft-Search

BugsyBrowne

RichL74 wrote: »

It was when I did mine the same way.

droiderm wrote: »

Make sure your credit history is great before applying!
That applies to any lender!

Nationwide gives everyone a quote wether you're good for credit or bad but its common sense to only click the apply button if you have a good credit history.
Now if you've been quoted say 2k but you know there's missed payments on your account or adverse then it would be a bit thick of the applicant to apply.

I liked the nationwide tool as at least you know what limit you're getting.

droiderm

The limit is the only use of it.
If i knew my credit was great i would apply to the best lenders out there.
And wouldnt need nationwide to tell me that.
Even from a limit point of view i bet the other prime lenders won't differ too much.

so from a credit checking point of view it provides very little value.
Which is what i suspect most people want from it.

RichL74

But who in their right mind would use a soft search to judge their credit worthiness?

Its Like Mr X who knows he has a default, does a soft search (where they dont check for defaults) comes back with £3k and 9% APR and he thinks good stuff they dont know about my default then clicks apply, comes back as declined (because of the default) then all of a sudden Nationwide are at fault.

I'm only going to say it once more then that's it but you need to know everything that is or isn't on your credit report before clicking that apply now button.

droiderm

So what value does it actually add ?
Wait there i know the answer. Nothing

RichL74

The value that if your credit report is clean then the rate and the limit that it offers you on the soft search is what you will get when you click apply.

Sheriffsam

i was agreed in principle, is this the same as being accepted. They just want me to send them proof of address and id.

Gromitt

Sheriffsam wrote: »

i was agreed in principle, is this the same as being accepted. They just want me to send them proof of address and id.

I've got a mortgage agreed in principle. Doesn't mean I'll get it. So no. They may well refuse your application upon receipt of proof of address and id.

Sheriffsam

Gromitt wrote: »

I've got a mortgage agreed in principle. Doesn't mean I'll get it. So no. They may well refuse your application upon receipt of proof of address and id.

Yes but as you probably know, if you get an AIP on a mortgage, unless you have lied, you are likely to get what you have applied for. I would imagine then that it works the same way with credit cards? As long as you prove the ID then all is well. A credit search would have been done by the time they do get to this stage right?

Gromitt

Not necessarily. If you search this forum, you'll find people who have been rejected AFTER submitting the documents for the ID verification.

droiderm

I agree with you on the mortgage aip.
I would guess he will be ok in case of a credit card .