"We will need to do some final checks..."

lockheed

I just applied for a Tesco Credit Card and got quite a good deal, at 0% for 16/9 months for purchases/transfers (15.7% thereafter) and 4125 initial credit limit.

So I 'signed' the agreement online but after all was done, on the last 'Thank you' screen, I read something like:
"We will need to do some final checks on your application... blablabla. There may be some further documents we will need from you to complete it. We might be in touch within the next 5 working days."

Is this a standard message they send to everyone, or do they actually want to take a closer at this application in particular? How likely are they to try to contact me? I am abroad for the next two weeks and hoped to complete everything online.

Also, would it hurt my Tesco application if in the meantime I apply for another Credit Card (for Balance Transfers)?

Better_Off_1983

sometimes cards get approved straight away, sometimes they get an instant refusal.

It sounds like your application was referred.

I am not sure if the Tesco application will be affected with any new applications, however, it could have a negative affect on your credit rating because you are applying for 'loads' of credit in a short space of time. It will look like you are trying to borrow more than you can afford to pay back if that makes sense.

Th1984

When I got my Tesco CC a few years ago I got the same message and just had to send in 3 payslips to them. It may be that they just need a little more proof of income/residence than they can get from CR agency information.

guesswho2000

You say it gave you an initial credit limit? That sounds like an accept subject to whatever fraud checks they do.

lockheed

Would it affect those checks if in the meantime I apply for another card?

DavidT

I've had the same message. A couple of days later I got a letter asking for proof of my identity and of my address. I'm an accountant myself and we do the same thing for all new clients taken on as part of our standard anti-money laundering procedures. I guess you will get the same request.

What is interesting though is that when I took out a CC with the Post Office they made no such request. However I do know some firms offer online ID checking so it may just be a case of each company's individual ID checking procedures. In any event they are obliged to do some sort of ID check.

sfax

For reference, had a Tesco 22 month 0% BT card accepted immediately online a couple of weeks ago, so this isn't a standard message that everyone gets. I would wait until you know that you have the card because other lenders will see the search but won't see the new credit agreement for a few weeks

lockheed

Will they see the search immediately, though? Or after few days?

sfax

I think it's immediate assuming the same agency is searched by the second lender as it's information instantly accessible to the CRA rather than information that is delayed because the lender has to notify the CRA periodically. Tesco use Experian. No Tesco search appeared on my Equifax report

lockheed

How about Halifax or Nationwide?

sfax

lockheed wrote: »

How about Halifax or Nationwide?

Nationwide searched Experian but not Equifax, RBS searched Experian and Equifax so I assume Halifax will search both as well