Difference between soft and hard credit search.

The_Corrupt_Banker

I'm trying to make sense of why when I did Barclaycard's pre-application check it gave me a 90% chance of being accepted for an Initial card, yet got rejected when I made the application a few minutes later. I appreciate that when a lender does a full search they can see all the raw data in your file, but what do they see in a soft search? What is it they can't see in a soft search that suddenly scares them away when I do a full application?

You-kip

Soft searches are pathetic and shouldn't be about unless they use the same method as Nationwides soft quote where they actually check the CRA they are going to search on the hard search and give you quote based on this including APR.

Many silly soft quotes seach call credit.

rabbit_burrow

You-kip wrote: »

Soft searches are pathetic and shouldn't be about unless they use the same method as Nationwides soft quote where they actually check the CRA they are going to search on the hard search and give you quote based on this including APR.

Many silly soft quotes seach call credit.

Even the nationwide soft search is pretty pointless. I was quoted with an APR, but when I applied I received a message at the end saying it had been passed to their lending team. I got a letter a few days later with a decline.

Maestro.

The nationwide soft search may look at the correct CRA but it will never outright decline you which is downright mean. Only a tiny percentage of people who apply for credit probably look at MSE so most won't know that £500 @ 19.9 is a fail but do it anyway.

I think the reason for soft searches being hit and miss is most of them check Call Credit, where not all of your information will be held, which of course includes adverse information.

Personally I think it should be the law that every credit application comes with a full and accurate quotation search which stops people applying for credit they won't get.