Eligability checker tool - wrong

Vikwa

Hi there, can anyone shed any light on this? I used your Eligability Checker Tool to check my eligability for the 15mth 0% interest on purchases credit cards. Then I applied for said card with my own bank of 14 yrs Natwest - which was scored at 90% liklihood of eligability - and they refused my application. How does that work? I also applied for a Santandar card but that is still processing via post. I guess if my own bank are now refusing me credit, they will too. After 2 mortgages, 4 previously paid credit cards (2 natwest ones) 3 previous loans (natwest ones) and two current accounts, I can only think that it's my overdraft which has given me bad credit. I have never paid late or had ccjs, but my overdraft of 5k has been on or near limit for 3 years. Once in the last 12 mths it went into unarranged overdraft. Can anyone advise if that is likely to be the cause of my refusal of credit? I got finance on a vehicle a few months back no problem. Thank you.

pharmo_2

90% does mean that 1 out of 10 people will be rejected!


Have you checked your credit files with Equifax, Experian and callcredit?

Gromitt

Check your credit report.

The tool can only do an inquiry check and give you an indication based on that, your bank will have different acceptance criteria (and may use your existing and previous accounts with them as part of the application)

rb10

Vikwa wrote: »

my overdraft of 5k has been on or near limit for 3 years. Once in the last 12 mths it went into unarranged overdraft. Can anyone advise if that is likely to be the cause of my refusal of credit?

That is highly likely to be the reason.

Overdrafts are designed for short-term lending, not to be lived in permanently.

Going over the limit will also go against you - it demonstrates that you cannot manage your finances within the terms and conditions that have been agreed.

As an aside, you are aware that Natwest could reduce or even completely remove your overdraft at any time?

Cash_Flow

pharmo wrote: »

90% does mean that 1 out of 10 people will be rejected!


Have you checked your credit files with Equifax, Experian and callcredit?

Care to explain?

Fruit_and_Nut_Case

pharmo wrote: »

90% does mean that 1 out of 10 people will be rejected!


Have you checked your credit files with Equifax, Experian and callcredit?

Cash_Flow wrote: »

Care to explain?

The three CRAs mentioned will probably have slightly different data on an individual. I guess that pharmo is indicating that it is therefore a good idea to check all three.

Cash_Flow

Fruit_and_Nut_Case wrote: »

The three CRAs mentioned will probably have slightly different data on an individual. I guess that pharmo is indicating that it is therefore a good idea to check all three.

pharmo wrote: »

90% does mean that 1 out of 10 people will be rejected!

I was questioning how 90% chance of being accepted equates to 1 out of every 10 applications being rejected?

Le_Pip

Cash_Flow wrote: »

I was questioning how 90% chance of being accepted equates to 1 out of every 10 applications being rejected?

90% chance of success means it is highly probable but not certain that something will happen. In this case if there's a 90% chance of success then, on average, 9 out of 10 applicants will get a card. Therefore 1 out of 10 will be denied.

CherlokHomes

Well I was less then 50% on the MSE eligibility checker for a Halifax card only to be accepted with a 4.2k limit.


Barclaycard eligibility said I was also not eligible for their cards yet I have 12.5k in credit limits with 2 of their platinum cards after applying later on.

Nationwide said I was a candidate for one of their cards when their quotation came back at 3.7k which I applied and was accepted.

Cash_Flow

Le_Pip wrote: »

90% chance of success means it is highly probable but not certain that something will happen. In this case if there's a 90% chance of success then, on average, 9 out of 10 applicants will get a card. Therefore 1 out of 10 will be denied.

I don't think this is correct.

Whilst the OP was declined with 90% chance of acceptance, if another 9 people apply with the same 90% chance of being accepted what's to stop 3 or 4 of those applications failing the credit check on the same basis as the OP?

fuzzything

Cash_Flow wrote: »

I don't think this is correct.

I would be interested to learn what you do think is correct :huh:

if another 9 people apply with the same 90% chance of being accepted what's to stop 3 or 4 of those applications failing the credit check on the same bases as the OP?

To properly test a statistic requires 1000's of applicants to apply with similar credit reports. Yes, the all the next 5, or even next 9 people could also be declined, but then 500 more people could be accepted all in a row.

The point is you are not guaranteed to be accepted if your chance of acceptance is 90%.