Using nationwide pre-application quote to monitor my credit file?

rodmace

Since nationwide makes soft search as their standard procedure for CC application, I am just thinking if I can simply use its quotation process to monitor my credit file on a monthly basis. It's FREE and it does not have any negative impact on my credit record.

For example, I can simply get through their pre-application process every month and see if I can be accepted and what kind of credit limit they can offer with what APR. In that case, I should be able to have a clear idea of my credit worthiness on a regular basis.

What do you say?

Farway

Why would you bother?

If OK first time, why would your credit worthiness change, unless you are living the high life on credit cards?

Seems a bit OCD to me

rodmace

Farway wrote: »

Why would you bother?

If OK first time, why would your credit worthiness change, unless you are living the high life on credit cards?

Seems a bit OCD to me

Is checking your credit file regularly suggested by many people here? Okay, check it on a monthly basis may be a bit over but at least you can use the pre-application quote as some sort of substitute to the statutory reports.

Instead of paying £2 to each CRA, you can use nationwide to check your file from both callcredit and equifax for free.

rb10

It's not a particularly accurate method of monitoring your credit file ... if, suddenly, one month, Nationwide quote you a lower APR than they have in the past, then it could be either because your circumstances have changed, or because Nationwide have changed their scoring requirements.

jonesMUFCforever

I also think that sooner or later their internal systems would pick up on it and block any further ''applications''.

alfred64

I tried this as an existing flexaccount holder and was offered a £500 limit at 19.9% but when I pressed to apply it still rejected me because of low experian score.

bluedove

I tried this as an existing flexaccount holder and was offered a £500 limit at 19.9% but when I pressed to apply it still rejected me because of low experian score.

Nationwide uses "two stage processes" for loan and credit card application, the first stage is "soft quote" basically what this means is that their system will generate a possible outcome based on the information supplied by the applicant.

This do not guarantee that the application will be approved simply because nationwide haven’t done a credit check on the applicant.

duggie1982

I just went for the soft search and was offered £2800 @ 15.9 apr so decided to continue. Went through ok and said will send the stuff out in the post so hopefully everything went ok

Cash_Flow

bluedove wrote: »

Nationwide uses "two stage processes" for loan and credit card application, the first stage is "soft quote" basically what this means is that their system will generate a possible outcome based on the information supplied by the applicant.

This do not guarantee that the application will be approved simply because nationwide haven’t done a credit check on the applicant.

What are you on about?

When you apply for a credit card with Nationwide they do a soft search on your credit file - They combine the the data from the CRA with the information given by the applicant and in return offer a Credit Limit and APR.

Yes they can still decline you if you accept but at this point they already know what your credit file contains.

izools

bluedove wrote: »

This do not guarantee that the application will be approved simply because nationwide haven’t done a credit check on the applicant.

Nope, that's wrong, they do a credit check on the applicant they just use a type of credit search called a "Soft Search" which isn't visible to any other creditors ergo doesn't affect the applicants credit score.

They will generate an APR of 24.4% with their loan quote tool if you'll fail the actual credit check and a limit of £500 and 19.9% APR with the credit card tool if you'll fail.

If you get offered anything above £500 on the limit or an APR of 15.9% instead of 19.9% on the £500 limit you stand a proper chance of approval

BTW, Nationwide use Experian for their applications and pre-applications, it's Barclaycard who use Equifax and occasionally Call Credit

bluedove

When you apply for a credit card with Nationwide they do a soft search on your credit file - They combine the the data from the CRA with the information given by the applicant and in return offer a Credit Limit and APR.

The first stage (soft quote) of the application process do not involve a credit check, rather nationwide will do an "Internal Credit scoring" using their system and it does not link to Experian hence won’t appear on any applicants credit file.