Nationwide Soft Search "offer"

pheonixrising21

Hi all,

I've just done a Nationwide "soft search" for their 15.9% APR card with 0% for 15 months. They came back with an APR of 19.9% and a credit limit of £1000.

Does this mean that I will likely be rejected if I complete the application? I've had a look on here and seen reference to 19.9% APR and £500 limit being a usual sign on rejection. Just wondered if seeing as I had been offered a higher credit limit whether I was still likely to be rejected given the higher APR.

Also, do Nationwide provide their own credit or do they use someone like MBNA? If its MBNA, then its useless to me anyway as I want to BT from an MBNA card.

BugsyBrowne

pheonixrising21 wrote: »

Hi all,

I've just done a Nationwide "soft search" for their 15.9% APR card with 0% for 15 months. They came back with an APR of 19.9% and a credit limit of £1000.

Does this mean that I will likely be rejected if I complete the application? I've had a look on here and seen reference to 19.9% APR and £500 limit being a usual sign on rejection. Just wondered if seeing as I had been offered a higher credit limit whether I was still likely to be rejected given the higher APR.

Also, do Nationwide provide their own credit or do they use someone like MBNA? If its MBNA, then its useless to me anyway as I want to BT from an MBNA card.

It doesn't look good if I am being honest especially getting 19.9% with only 1k credit limit.
But then again a member got the same the other week and was accepted.

CupcakeLisa

how do you do a soft search

BugsyBrowne

CupcakeLisa wrote: »

how do you do a soft search

Just go through the normal application which will quote you your CL and APR.

pheonixrising21

BugsyBrowne wrote: »

Just go through the normal application which will quote you your CL and APR.

You can then decide whether or not to continue with the application. if you do, they will do a full search which goes on your credit record in the normal way.

RichL74

I just applied doing it the above way, cancelled out after I got the quote - will that leave anything on my report at all?

Also, if its any consolation, they offered me 9.9% interest and a credit limit of £2800 - I dont know if that would be an automatic rejection or not if I were to continue?

pheonixrising21

BugsyBrowne wrote: »

It doesn't look good if I am being honest especially getting 19.9% with only 1k credit limit.
But then again a member got the same the other week and was accepted.

Sounds like its a borderline one. Think I will wait a while. Santander are in the process of removing some late payment markers and an arrangement to pay marker from my file (caused by their incompetence), so that should help alot. Will probably do another one once they are gone and see what that says.

Do you know if the other member still got the 0% BT deal? I assume the 19.9% is the "normal" APR for purchases and for after the 0% BT period?

simax

RichL74 wrote: »

I just applied doing it the above way, cancelled out after I got the quote - will that leave anything on my report at all?

Also, if its any consolation, they offered me 9.9% interest and a credit limit of £2800 - I dont know if that would be an automatic rejection or not if I were to continue?

Nothing that another lender would see.

Based on that APR and limit, you're pretty much accepted.

RichL74

Thanks - there is nothing on my credit report at all other than my up to date mobile phone and iPad contracts so if its a decline it'll be because there is not enough of a report on me.

EDIT** however cancelling out of the quote will it have a detrimental affect if I go back in an hour or so and decide to apply again and go through with the application in full, or do I have to leave it 2 or 3 months now?

Scarpacci

RichL74 wrote: »

EDIT** however cancelling out of the quote will it have a detrimental affect if I go back in an hour or so and decide to apply again and go through with the application in full, or do I have to leave it 2 or 3 months now?

No, I wouldn't have thought so. If you get another quote, you will just get another "administration review/quotation" search on your credit report - these are the kind that don't negatively affect your credit rating. So provided you only go through with it once, it shouldn't matter how many quotes you get.

The only negative in going back, I imagine, is you could theoretically not get the same offer again.

BugsyBrowne

pheonixrising21 wrote: »

Sounds like its a borderline one. Think I will wait a while. Santander are in the process of removing some late payment markers and an arrangement to pay marker from my file (caused by their incompetence), so that should help alot. Will probably do another one once they are gone and see what that says.

Do you know if the other member still got the 0% BT deal? I assume the 19.9% is the "normal" APR for purchases and for after the 0% BT period?

Pretty sure they did.