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Credit checks for loans credit card

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

Comments

  • DCFC79
    DCFC79 Posts: 40,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 28 August 2012 at 6:28PM
    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.
  • RichL74
    RichL74 Posts: 938 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    Sods law probably applies.
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