Different lending criteria very strange.

vinny_vimto

So in the last 5 weeks I've opened 3 balance transfer cards. A Barclays with 6k limit for 16 months, a Lloyds with a measley £1.2k limit for 24 months and now a fluid mbna with £5k limit for 26 months. Although the Lloyds was pre approved maybe explain the lower limit.

Now just before fluid application I did a pre eligibility checker for Nationwide and was offered 19.9 % at £500 which is a straight decline and in 4 years capital one never raised my limit past £200

Its strange how all the other lenders see me as an acceptable risk but Nationwide wouldn't touch me with a bargepole.

But the good point is all my debt is on 0% and I will be debt free by christmas 2015 :j

eskbanker

They're all different companies, why would they use identical criteria?

Nationwide may have been put off by the cumulative effect of multiple applications in a relatively short period, even though MBNA weren't.

vinny_vimto

Im aware all lenders have different lending criteria but at the end of the day affordability must rank high.

eskbanker

vinny_vimto wrote: »

Im aware all lenders have different lending criteria but at the end of the day affordability must rank high.

No doubt it is, but it'll be far from the only factor - the fact that Nationwide are a building society may mean they have a different view of risk from banks but of course we'll never know the real reason(s)!