Warning: Applying for a bank account and deciding not to go ahead affects your rating

izools

Gromitt wrote: »

Barclaycard also do this, in a fashion. Their pre-application checker leaves a soft search and gives you a good idea. If you then progress to the full application, you get the full search.

But, as shown on here multiple times, you can still get rejected!

Yep, Nationwide don't outsource the checker to a third party company who uses a different credit reference agency like Barclaycard does. Barclaycard's is rubbish, whereas Nationwide's actually works.

In Nationwide's case they've already done all their credit scoring on you before you submit the full application and only leave the full search as a "courtesy" to comply with the rules.

callum9999

izools wrote: »

The best way is Nationwide's way.

A soft search towards the end of the application providing a quote - an offer of APR and Limit based on an unrecorded enquiry against the applicants credit file.

A full search is then only left when the applicant agrees to the quote and completes the application.

Searches need to be made, and full searches need to have a negative impact on credit worthiness otherwise people deperate for credit would bankrupt the lenders by successfully applying for a dozen cards in one week.

The correct way forwards is wider acceptance and use of the "Unrecorded Enquiry" search and "Quote before apply" system a la Nationwide

Ah I completely forgot about that, yes it's much better. Though are the credit reference agencies happy about it? I don't get why other banks don't use it?

Gromitt wrote: »

Barclaycard also do this, in a fashion. Their pre-application checker leaves a soft search and gives you a good idea. If you then progress to the full application, you get the full search.

But, as shown on here multiple times, you can still get rejected!

That is absolutely useless! That said I had a 50-60% chance of getting a Barclaycard Initial (and no chance of anything else) and in the 2 weeks following it I got a Nationwide, Halifax Clarity and Tesco Credit Card - all instant approvals!

notts_phil

_Andy_ wrote: »

We're missing 'rip off', 'mis sold' and 'reclaim' here. Good start though. Also more "!"s are needed.

Definately couldnt agree with you more

callum9999

There is a difference between being wrong because you don't understand it (perfectly acceptable) and being wrong while ranting about how it's all someone else's fault and how they are being so evil.

When I first joined the site - I asked about things I didn't understand, not rant about them leaving everyone else to correct me. I have no idea how describing their post as a baseless rant (about the harshest thing I could see in my post?) constitutes "bullying" - it was a baseless rant. Especially amusing considering your picking on people for their spelling and financial situation...

Rupert_Bear

Hawthornman wrote: »

Unbelievable! Just discovered that applying for a bank account (First Direct special offer via MSE) and decided not to proceed (the overdraft offered wasnt as big as my current account) counts as a negative score against my credit rating with Experian.

First application FD offered me £2500 OD. Declined the offer, spoke to them about increasing it but was talked into trying it out FOC anyway. Re-applied using exactly the same details and the system offered me £1,700!

Thought I'de made a typing error so applied again within 10 minutes and the offer dropped to £1,100!

Was patronised by the telesales person as if I was supposed to know this. Experian doesnt seem to differentiate between an account rejected by the applicant and one rejected by the bank. I have been told it will take up to 6 months to clear and received no sympathy that this will now clearly affect any other applications I may make during this time.

After much fuss and refusing to hang up I was told they would delete the last two applications but can't do anything about the first.

Martin, there must be something you can do about this??????

I'm at a total loss to understand why you reapplied again and again.
FD had already advised the max they could offer you and but you declined. What on earth did you expect to happen by applying again.

I think under the circumstances FD were very good to delete 2 of the searches. Obviously they knew they were dealing with someone who was green.

No doubt you have learnt something from this experience.

izools

You've misunderstood and misinterpreted my post.

Searches don't reveal the amount of credit offered, that's right.

Only when the account data actually appears do third party creditors see the limits on accounts.

Current accounts show overdraft limits just the same as credit card accounts show credit limits, so what you've said is flawed information there.

Am I advertising credit? No. I'm explaining the subtelties of credit scoring because I know a great deal about it and understand said subtelties very well.

I'm in a very good position to be offering advice. Yes, I've been bankrupt. Well done, clever you for reading a signature.

Despite having been bankrupt I've had no trouble being accepted for credit in recent years. This is because a) I am extremely responsible with my accounts and b) I know full well precicely the best things to do to ensure I present the best possible level of credit worthiness given my circumstances and distant poor credit history.

How many other ex-bankrupts do you know who have been approved for a Nationwide current account & Credit card, HSBC current account & overdraft, and Zopa loan?

In fact, for that matter, how many people full stop do you know who have been approved for a Zopa loan? At under 10% APR?

I've reported your post for your abusive, irrational tone and incorrectly accusing me of providing false information when the only one doing so is you.