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Credit checks for loans credit card

kazybaby0141
Posts: 70 Forumite
in Loans
When banks do a credit check on you for finance, why is it sometimes it passes instantly & other times, hours or days, why is this.
Is a credit check done manually by a person, or is it a computer, who checks & what are they looking at & for.
Many Thanks
Is a credit check done manually by a person, or is it a computer, who checks & what are they looking at & for.
Many Thanks
0
Comments
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kazybaby0141 wrote: »When banks do a credit check on you for finance, why is it sometimes it passes instantly & other times, hours or days, why is this.
Is a credit check done manually by a person, or is it a computer, who checks & what are they looking at & for.
Many Thanks
I would imagine that some are done quicker than others because the borrower has applied for a loan that is within they affordability/ income debt ratio.
Could be the lender uses they're own scoring criteria which could take some decisions longer than others to be made.
Or sods law comes into it as below.0 -
Sods law probably applies.0
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