MSE soft check inaccurate

Cpu2007

Hi everyone

just wanted to let you know that for the past days I have used the MSE soft credit check to see what chances I have to get a credit card.

I found out that is quiete inaccurate so I thought I might just let you know.

I did a soft credit check for the santander 18% interest free cc and came back with 10% chances of getting the card(that's very low so I thought I won't apply for that card)

Then , today I thought I go to the branch and just give it a try even if it will affect my credit score,I'll try and ask them why I got rejected. I went there and got accepted straight away after they did the credit check.

I think there's too much disparity between the soft credit check score and reality in my case. If the soft credit check came back with 50-70% chances of getting the card,it would have been more appropriate.
10% makes me think that basically my chances are close to null.

YorkshireBoy

Do you bank with Santander...ie have a current account with them?

Cpu2007

I don't ,just went there and asked for the cc only(24 fee) and been told I got accepted... will receive the card withing 7 to 10 days.

MPH80

Well - 10% means there's a 1 in 10 chance of you getting it.

Two observations:

1) The eligibility checker will be make a whole bunch of assumptions and therefore those percentages could easily be well off - but it's there to give a guide

2) It's possible it's completely 100% right and you were just the 1 in 10.

I doubt number 2 is correct - but it's just a possibility.

M.

YorkshireBoy

Cpu2007 wrote: »

I don't ,just went there and asked for the cc only(24 fee) and been told I got accepted... will receive the card withing 7 to 10 days.

Sorry, when you said "18% interest free cc" I thought you were referring to their 18 months 0% on purchases card (which I now see is online only), not the 1-2-3 card with the purchases offer on it (and the annual fee).


Re the accuracy of the eligibility checker...since your application should be fresh in your memory, what additional information did you provide in branch over and above what you were able to enter in the checker?...I'm guessing a good bit more - and that's why you were successful.

The_Boss

Cpu2007 wrote: »

Then , today I thought I go to the branch and just give it a try even if it will affect my credit score,I'll try and ask them why I got rejected. I went there and got accepted straight away after they did the credit check.

You don't have a credit score. The reason they accepted you is because they scored the application data you provided to them, they added data from your credit file to the mix, and you fit their criteria. You gave them more detail than you would have with the 'soft' searcher.

As someone else said, the MSE soft searcher have you a 10% chance. Had it given you a 0% chance and you succeeded, then clearly it would be inaccurate.

Cpu2007

I know statistically it's not right to say that the result given by the soft checker are inaccurate as I might be the 10% but I'm just wondering whether such a disparity between the soft search result and the actual result it's acceptable.

Knowing that I have 10% chances,to me and many other users will mean that I should not waste my time on applying for real as the chances are very low.

The only extra information I provided were where I work(as this isn't asked in the soft search) and whether I have any debt etc

redcard

The_Boss wrote: »

You don't have a credit score. The reason they accepted you is because they scored the application data you provided to them, they added data from your credit file to the mix, and you fit their criteria. You gave them more detail than you would have with the 'soft' searcher.

As someone else said, the MSE soft searcher have you a 10% chance. Had it given you a 0% chance and you succeeded, then clearly it would be inaccurate.

The MSE soft search is about as accurate a tool as a credit score.

I don't really understand how you can say one is useful yet the other isn't.

agrinnall

Well as MSE does not issue credit cards it seems a bit pointless to place any reliance on the results of their check. If you want a card you have to apply to the issuer, they are the only ones who can possibly decide whether you get it or not.

YorkshireBoy

Cpu2007 wrote: »

The only extra information I provided were where I work(as this isn't asked in the soft search)

I can't believe you weren't asked a lot more than that. For example, in branch weren't you asked...


Home owner or tenant
Marital status
No of dependants
How long with employer
Time with bank
etc
etc


...none of which are asked on the eligibility checker.

and whether I have any debt etc

Neither should have to ask you that...being as they'll find out from the CRA search.

The_Boss

redcard wrote: »

The MSE soft search is about as accurate a tool as a credit score.

I don't really understand how you can say one is useful yet the other isn't.

I've not said it was helpful (I've never used it either), I just commented that it gave them a small chance, not zero chance and that therefore it wasn't proving the point that they were trying to make.