Want An Instant Decision? Read This First!

[Deleted User]

I just posted this on another thread but it struck me that it would be useful (and more likely to be seen) if it was stand alone.

A lot of people come onto the Credit Cards forum and ask about what it means when they apply for a card and they get a referral (when it says that they will contact you with a decision in a few days).

Credit reference agencies have 'opening hours' for enquiries from lenders. These are available on their websites (might be difficult to find so probably best to google them). Experian (the biggest UK CRA) say the following:

Experian's databases are updated on a daily basis to ensure our information is current and accurate. Whilst updates take place, our databases are taken offline.

Online database access for UK and European Reports

Monday - Saturday: 06:00 - midnight
Sunday: 09:00 - 18:00

This means is that if you apply for a credit card online outside of these hours then you are very unlikely to get an immediate response as the lender's system is unable to access your credit file. You will almost certainly get a referral that will have to be manually processed - i.e. a 7-10 day wait.

The only exception to this I can think of would be if you have a significant history with the lender and they score you based on internal records.

The long and short of it is that if you are in a hurry and want an immediate decision, ensure you apply while the CRA database is online!

Obviously even if you apply while the databases are open, you may still get a referral if you are borderline. In this case a human underwriter will manually review your application and credit file to make a decision and set a credit limit.

Hope this is of use!

aleph_0

Actually, I would strengthen your post to say during working hours. Many banks (e.g. virgin, see small print at bottom of page) only offer instant decisions during more restrictive times - I assume the times the underwriting dept is open. So it's best to apply weekdays during working hours, or otherwise before 8pm I'd guess.

ndeezy

Most credit check bureaux are live up until midnight but it depends if the card provider has access up to that point.

0000-0800 your application is probably going to be manually rekeyed once the service is back up the next next day.

However, even when the credit check is live there's a multitude of reasons why you could be referred. Could be as simple as entering incorrect details which you have to revalidate, confirmation of a phone number, the list is almost endless.

InsideInsurance

ndeezy wrote: »

0000-0800 your application is probably going to be manually rekeyed once the service is back up the next next day.

It would be crazy from an operational design to rekey all online applications done out of hours. Agree you wont get a live response but it will be a batch job that sweeps up the applications and presents them to the CRA at a later time.

You dont have rooms full of people rekeying data thats held electronically as its inefficient and introduces errors

iAMaLONDONER

Lazyloki wrote: »

I just posted this on another thread but it struck me that it would be useful (and more likely to be seen) if it was stand alone.

A lot of people come onto the Credit Cards forum and ask about what it means when they apply for a card and they get a referral (when it says that they will contact you with a decision in a few days).

Credit reference agencies have 'opening hours' for enquiries from lenders. These are available on their websites (might be difficult to find so probably best to google them). Experian (the biggest UK CRA) say the following:

Experian's databases are updated on a daily basis to ensure our information is current and accurate. Whilst updates take place, our databases are taken offline.

Online database access for UK and European Reports

Monday - Saturday: 06:00 - midnight
Sunday: 09:00 - 18:00

This means is that if you apply for a credit card online outside of these hours then you are very unlikely to get an immediate response as the lender's system is unable to access your credit file. You will almost certainly get a referral that will have to be manually processed - i.e. a 7-10 day wait.

The only exception to this I can think of would be if you have a significant history with the lender and they score you based on internal records.

The long and short of it is that if you are in a hurry and want an immediate decision, ensure you apply while the CRA database is online!

Obviously even if you apply while the databases are open, you may still get a referral if you are borderline. In this case a human underwriter will manually review your application and credit file to make a decision and set a credit limit.

Hope this is of use!

Thanks, this is useful

fallen121

Agree with the previous poster, this is very useful to know.

stclair

Experian also have an outage between 15.00 & 18.00 for maintence once a month on a Sunday.

Also as a regular user of Experian & Equifax I don't believe the theory is totally correct.