20% Acceptance Rate : Dioes that mean 80% will get a no, or a worse offer ?

memphis

Hi

I'm doing the soft search on my file which is on this site. I would be very grateful for any advice on the following :

1. The search on for example, Tesco's best rate said I only have a 20% chance of acceptance. Does that mean that I will get a flat-out no, or a far less attractive offer ?

2. If its a far less attractive offer, and I try on another card, am I at risk of lessening my credit score by trying elsewhere ?

Many thanks in advance !

zerog

You-kip wrote: »

Ignore the silly soft searches this site recommend!

IMO the only decent soft search quotation available is Nationwides try that.

If MSE's soft search says 20%, I think that's a definite no, whatever you think of its quality

mat5664

You-kip wrote: »

Ignore the silly soft searches this site recommend!

IMO the only decent soft search quotation available is Nationwides try that.

The Fluid soft search is also good, as I have found recently.

matttye

You-kip wrote: »

There's a reason for my answer and that is a poster the other week got 20% or 30% chance of acceptance for the Tesco credit card through MSE soft quote only to apply and be accepted.

The reason for this is MSE searches call credit where as Tesco searched the OP's Experian report so that points to the fact that the 20% this OP got isint exactly a definate no is it.

You know that by the law of probabilities, every fifth person who has a 20% chance should be accepted, right? And every third/fourth person (somewhere in the middle) who gets 30% should!

matttye

You-kip wrote: »

What the hell are you dwindling on about?

You said that the MSE estimate is rubbish because someone with a 20% chance got accepted by Tesco. I merely pointed out that if five people with a 20% chance applied, then one of them should be accepted. The odds aren't really low enough for you to come to that conclusion.

memphis

So thanks for the input, back to my original questions :

1. The search on for example, Tesco's best rate said I only have a 20% chance of acceptance. Does that mean that I will get a flat-out no, or a far less attractive offer ?

2. If its a far less attractive offer, and I try on another card, am I at risk of lessening my credit score by trying elsewhere ?

mat5664

memphis wrote: »

So thanks for the input, back to my original questions :

1. The search on for example, Tesco's best rate said I only have a 20% chance of acceptance. Does that mean that I will get a flat-out no, or a far less attractive offer ?

2. If its a far less attractive offer, and I try on another card, am I at risk of lessening my credit score by trying elsewhere ?

If it says 20% I really wouldn't bother, especially as Tesco will run a full credit check on you and therefore it will appear on your record.

If you have any concerns, you are better off applying for one of the cards where they will only do a soft search unless you are accepted - so Nationwide or Fluid.

memphis

thanks Matt