Nationwide credit card, decline or acceptance?

droiderm

How much would an internal score card differ for say , a credit card and a mortgage ?
Any different aspects taken into consideration for each ?
Assuming we are talking about one lender .
I appreciate any generic points you can give .

izools

Mortages tend to be more down to underwriting and criteria than scoring. They tend to be manually reviewed, scored, and underwritten more and more. When applying for a mortgage there may be a certain amount of automation to ensure you meet the basic criteria - e.g. you would get turned away straight away if you had severely adverse credit or far too much debt against income to borrow anywhere like what you'd requested.

I applied to Nationwide last year and they wouldn't even give me a decision in principle without doing a lot of manual underwriting, after which they gave me a DIP offering up to £137,000 but by that time YBS had already fully underwritten a mortgage, sent a surveyor out, and given me a full offer of mortgage! Too slow NW, maybe next time

In answer to your question, an internal score wouldn't likely impact a mortgage at all.

Credit card however is completely different. Some banks generate pre-approved offers for credit cards off the back of your account conduct alone, (Lloyds Banking Group). Others do weight your application positively for having a current account with them but still carry out a full credit search.

rb10

droiderm wrote: »

How much would an internal score card differ for say , a credit card and a mortgage ?
Any different aspects taken into consideration for each ?
Assuming we are talking about one lender .
I appreciate any generic points you can give .

Sorry, I can't give anything suitably generic! Izools's points above are valid though.

izools wrote: »

Some banks generate pre-approved offers for credit cards off the back of your account conduct alone, (Lloyds Banking Group).

When you have a credit product, the bank gets a monthly feed of your CRA data (including credit scores) automatically.

Where banks give a pre-approved offer, it'll be based on a combination of your account conduct and the CRA monthly feed.

When a pre-approved offer exists, some banks will still perform a credit check (to ensure nothing has changed since their last CRA update); others will not.

izools wrote: »

I applied to Nationwide last year and they wouldn't even give me a decision in principle without doing a lot of manual underwriting, after which they gave me a DIP offering up to £137,000 but by that time YBS had already fully underwritten a mortgage, sent a surveyor out, and given me a full offer of mortgage! Too slow NW, maybe next time

Somewhat off-topic, but Nationwide had significant delays to mortgage opening last summer ... it's reckoned to be due to volumes being higher than they could cope with, as they had pretty competitive rates at the time. It appears that's changed now and they've got back to normal turnaround times.

droiderm

Thanks again guys .
As earlier I applied for a nationwide current account then they immediately offered a credit card .
This was a few weeks after bankruptcy dropped off my credit file and the day after the last default dropped off .
I know they hadn't received the update from experian at that point . I know an upgrade of my basic bank account would have failed with them for that reason .

I will be applying for a mortgage with them soon , but don't expect any luck
I was just hoping that passing their credit scoring would go some way to being a good using .

It can't be manual in all cases as you can get an online decision with them ?
I am assuming that's based on some automation ?

Thanks again.

droiderm

izools wrote: »

Mortages tend to be more down to underwriting and criteria than scoring. They tend to be manually reviewed, scored, and underwritten more and more. When applying for a mortgage there may be a certain amount of automation to ensure you meet the basic criteria - e.g. you would get turned away straight away if you had severely adverse credit or far too much debt against income to borrow anywhere like what you'd requested.

I applied to Nationwide last year and they wouldn't even give me a decision in principle without doing a lot of manual underwriting, after which they gave me a DIP offering up to £137,000 but by that time YBS had already fully underwritten a mortgage, sent a surveyor out, and given me a full offer of mortgage! Too slow NW, maybe next time

In answer to your question, an internal score wouldn't likely impact a mortgage at all.

Credit card however is completely different. Some banks generate pre-approved offers for credit cards off the back of your account conduct alone, (Lloyds Banking Group). Others do weight your application positively for having a current account with them but still carry out a full credit search.

Well done on two mortgage offers .
Do I remember reading you were bankrupt ?
How much deposit did you have for nation wide ?

Hunterz1_2

Stupid branch manager, went in last friday for him to fax it over to nationwide, phoned up yesterday and today and they said they still haven't received the fax of my signature.

Stupid dozy, idiot. Going into the branch tomorrow because he is not in today. To say I am angry is an understatement.

Should of just signed it and posted it. I'll know what to do next time. :@

zerog

Hunterz1 wrote: »

Stupid branch manager, went in last friday for him to fax it over to nationwide, phoned up yesterday and today and they said they still haven't received the fax of my signature.

Stupid dozy, idiot. Going into the branch tomorrow because he is not in today. To say I am angry is an understatement.

Should of just signed it and posted it. I'll know what to do next time. :@

What did you need to fax? I haven't had any contact with a human since opening my card except when they decided to up my credit limit after 6 months and I had to phone to accept. I opened my current account in branch though.

BugsyBrowne

I agree with above I also didn't have to fax I just pressed submit filled in my banking passwords etc and my card slipped through the letter box a week later.

sfax

that is a good signature

BugsyBrowne

sfax wrote: »

that is a good signature

Cheers mate I keep trying to delete it but the MODS won't let me.